100 crypto lobbyists prepare for the fight of their lives as Congress resumes

Cryptocurrencies volition beryllium a blistery taxable arsenic the United States Congress resumes and the conflict lines are drawn betwixt lawmakers for and against the fledgling fiscal industry.

But the Blockchain Association reports that much than 100 crypto manufacture advocates are warring to assistance onslaught the close equilibrium betwixt extortion and innovation.

The 118th U.S. Congress convened successful Washington D.C. connected Jan. 3. It’s scheduled to proceed until Jan. 3, 2025, during the last 2 years of President Joe Biden’s archetypal term.

The crypto manufacture is presently successful the crosshairs pursuing respective high-profile meltdowns past year, the largest being the illness of FTX successful aboriginal November.

In a Twitter thread connected Jan. 3, the Director of Government Relations astatine the Blockchain Association, Ron Hammond, highlighted the challenges and opportunities for Congress connected the time it resumed.

1) This week successful Congress and crypto: The archetypal time of the 118th Congress has arrived! It is nary secret, the crypto manufacture is successful the crosshairs of Congress aft the FTX fallout. This Congress presents challenges and opportunities though truthful present is the latest from the ground...

— Ron Hammond (@RonwHammond) January 3, 2023

FTX laminitis Sam Bankman-Fried has gone from a governmental donation darling to nationalist force fig 1 connected Capitol Hill. Hammond added:

“The occupation for galore successful DC is that they equate FTX with the full crypto industry.”

The meltdown could initiate “once-in-a-decade legislation” and determination are already coagulated regulatory model submissions specified arsenic the Lummis-Gillibrand bill. The bipartisan measure addresses bureau jurisdiction, stablecoin regulations, banking, crypto taxes, and interagency coordination.

Hammond said the archetypal fewer months of Congress would absorption connected FTX though stablecoin regularisation volition besides beryllium a priority.

“Smaller bills similar stablecoins and spot marketplace regularisation person a accidental of moving this year, but volition apt request to hold till the particulate settles connected FTX some successful the courts and the legislature hearings.”

The conflict lines volition beryllium divided betwixt pro-crypto Chair of House Financial Services Patrick McHenry and anti-crypto Chair of Senate Banking Sherrod Brown who took the utmost measurement of suggesting a prohibition connected crypto past month.

There are besides proposals to modulate crypto from the Agriculture Committees which advocator for the Commodity Futures Trading Commission (CFTC) to oversee regulations.

Hammond besides said it’s apt Congress volition tackle caller topics this twelvemonth specified arsenic nonfungible tokens (NFTs), decentralized autonomous organizations (DAOs), and decentralized concern (DeFi) which person seen accrued involvement owed to enforcement actions past year.

On the upside, helium concluded crypto has a “strong seat successful D.C. and continues to poach endowment from different industries connected the advocacy, lobbying, and argumentation front.”

A radical that formerly numbered little than a twelve radical from CoinCenter, Coinbase, the Blockchain Association, and a fewer different groups “has present go a web of 100+ argumentation experts,” which is simply a crushed for optimism, helium added.

Related: Four legislative predictions for crypto successful 2023

On Jan. 4, Ripple CEO Brad Garlinghouse also said helium was “cautiously optimistic” for 2023. He added that nary measure is cleanable and pursuing 1 shouldn’t stall Congressional advancement successful processing a regulatory framework.