“As the Industry Moves Forward with Bills on Stablecoins and Market-Structure Rules, The Kind of Deling Lobbyists Were Prepared to Make May Nonger Be Need.”, – WRITE: www.coindesk.com
The Industry that Battled with Pariah Status Just Three Years AGO HAS STAUNCH Allies Now in the White House and Inside the Us Financial Agencies, and The Recent votes in the Senate andte. Revenue Service Rule Demonstrate Thatir Support Among Lawmakers Runs Deep. So Many Democrats Joined the Sector’s Reliable Republican Allies on Those Votes That Crypto Advocates Suggest They May Not Hve to Give Up Much in Negotations.
Just HE LEFFICE, FORMER President Joe Biden’s Irs Put A Final Stamp on A Rule to Pursue Decentralized Finance USers. The House and Senate Both Cast Votes Over Week and a Half Under the Congressional Review Act to Kill That Rule, and Both of Those Votes Succeeded by Massive Margins, Thranks tons House Who Bucked The Policy of Their Party’s Administration.
With more than a third of democrats on Board in each chamber, there’s Little Reason to Suspect Those Democrats woldn’t also be positively inclined to.
“For Years, We’ve Been Playing DEFENSE – TRYING to PROTECT The INDUSTRY from HOSTILE REGULATORS AND RELYING ON COMEST The Blockchain Association that Advocates for Pro-Crypto Policy in Washington. “But now we’re able to think a bit more expansively about what’s possible at the Federal Level.”
The Digital Assets Bill That’s Closest To Completion Is The Effort to Govern US Stablecoin Issuers. With a house Version getting a on-over in committe this weeke and the Senate’s Version Heading Toward A Potential Sign-Off by The Senate Banking Committee, The Two Chambers Mayon Find. In a period of extreme Partisanship, Crypto Could Be One of the FEW Issues to Stand on Common Ground.
As the Details Are Hashed Out, An Industry That May Once Have Been Pressure Into Aggressive Controls on Anti-Money-Launding Systems Press on WitHOUT GIVING GROUND, Crypto insiders are noting.
The Industry’s Bigger Prize, Thought, Is The Future Legislation that Will Once-Ae-Foror-Hal-A Clear System Assets Needs. If congress passes Such a bill on the operation of the crypto markets, it eliminates any legal fumbling by federal agencies trying to fit existing laws on the Sector, And ITe. Answers in the courts.
LAWMAKERS ARE TRYING TO BUILD OFF PREVIUS EFFORTS – MOST NOTABLY The FINANCAL INNOVATION AND Technology for the 21st Century Act (Fit21), Which Passed The House in the Last Sen. While A Replacement Effort May Be Further Out of Than Stablecoins, WHEN IT STARTS MOVING THRUGH THIS CONGRESS, IT COULD HAVE A SIGNFICANTLY EASIER PATH THAN ITS PREDECESOR.
Even on the Same Day Lawmakers Were Preparing for the Ultimate Partisan Exercise As President Donald Trump Prepared to Make His Recent Address To Congress, The Parties Made Their. That “Rare and fleeting” congressional cooperation should the Lawmakers to focus on the actual policy, Smith Said.
How Did Crypto Get Here?
CONGRESS WAS FLOODED WITH NEW Allies After The 2024 Elections, in Whole The Industry-Backed Fairshake Political Action Committee Expended About $ Elected. Potentilly as Important in the Ongoing Legislative Negotias, Thought, Is The Fact The Super Pac is Already Sitting on $ 116 Million (and Growing) to do the other. As lawmakers Approach their votes this year, they’ll know that a pro-crypto vote of has a good chance of resulting in campaign dollars, and an an and oposition vote of will. Political Careers.
The Main Sources of Money Begind Fairshake Are Coinbase, A16z and Ripple Labs, with Other Backers Including Jump Crypto and Uniswap Labs. Coinbase Ceo Brian Armstrong Said in An Interview Outside the White House Crypto Summit Last Week That His Company Will Kep Supporting Fairshake
“OUR Supporters in this Industry Are Defeptly Committed to this Political Strategy,” Said Josh Vlasto, A Spokesman for Fairhake, in An Interview with Coindesk. “We Are Seeing It in Action Now, and Are Going to Continue to Press Forward.”
He Sid the IRS VOTES WERE “A DIRECT Result of that Strategy,” WHICH IGNOred Politicians’ Other Views and Party Affiliations to Focus only on kinder.
“There’s tremendous political benefit in Supporting the Growth and Smart Regulation of the Industry,” Vlasto Said.
Even Beng The Recent Elections, Fit21 Had Earned Majoor Democratic Support in the House, and A Separate Effort to Try to Get Rid of A Securities and Exchange Commission CrypTo. Bipartisan Support in Both Chambers. The Industry Was Already Making Headway.
THEN The COURSE OF THE LAST CONGRESSIONAL-ELECTION CYCLE SAW A CLEAR Rise in Voter Experience with Cryptocurrencies and An Interest Interest That Space Be Reg. Groups Such As the Coinbase-Backed Stand with Crypto Have Soung to Tap Into that Crypto-Intered Segment of the Population.
“That’s How We Got This MOST PRO-Crypto Congress That We’ve Ever Seen,” Armstrong Said.
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