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How an emboldened crypto industry is trying to cement political influence

The cryptocurrency industry, after experiencing significant growth and subsequent regulatory scrutiny, is actively working to expand its political influence in Washington. Following a market peak in 2021 and subsequent downturn, crypto firms have ramped up lobbying efforts, spending millions to influence policy. This includes hiring former members of Congress and high-profile lobbyists, contributing to political campaigns, and engaging in grassroots efforts to sway public and political opinion. The industry's push comes at a time when regulatory bodies like the SEC are cracking down on crypto exchanges, and as Congress considers legislation that could define the future of digital currencies in the U.S. The crypto sector's strategy involves not only direct lobbying but also fostering relationships with both parties, aiming to secure a regulatory environment that supports innovation while addressing concerns about fraud, investor protection, and financial stability.

Read the Full PBS Article at:
[ https://www.pbs.org/newshour/politics/how-an-emboldened-crypto-industry-is-trying-to-cement-political-influence ]