Crypto lobbying hits fever pitch as Bitcoin’s favorite senator finishes bill – By Sam Sutton (Politico) / June 6, 2022
The contents of the bill will likely shed light on who holds sway in the ever-expanding universe of crypto lobbying.
The most highly anticipated legislation in the history of cryptocurrency is about to make its debut, after months of hype drummed up by Sens. Cynthia Lummis and Kirsten Gillibrand.
Lummis, the first-term Wyoming Republican who’s enthralled the Bitcoin faithful with appearances at crypto festivals across the country, has been teasing the contents of her comprehensive digital currency regulation plan in a series of podcast appearances, industry gatherings and high-profile media appearances for much of the past year. Gillibrand, a New York Democrat, hopped on the hype train as a co-author in March, giving the effort a new sheen of bipartisanship.
The campaign has fueled a lobbying bonanza on the part of digital asset startups, venture capitalists and consumer watchdogs. They want to put their stamp on a sweeping bill that Hill aides and industry insiders believe will set the tone for how Congress writes the rules for crypto in the coming years, even if it likely stands no chance of becoming law in the form that Lummis and Gillibrand plan to release Tuesday.
“This is the starting point for discussions about what the law should look like,” said Miles Jennings, crypto general counsel and head of decentralization at Andreessen Horowitz, the Silicon Valley venture firm that’s a major investor and lobbying force in the world of digital assets. “I think that is one of the reasons we’re excited about it.”
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