The crypto industry is making a significant push in Washington, with major players like Coinbase, Circle, and venture capital firm a16z investing nearly $80 million. This lobbying effort is aimed at influencing U.S. crypto policy before the 2024 elections, particularly in light of negative attitudes towards digital assets on Capitol Hill. This move is crucial as the U.S. Securities and Exchange Commission (SEC) prepares to decide on several Bitcoin ETF applications starting January 10, 2024. The influx of funds comes at a critical juncture, following incidents that have put cryptocurrencies in a delicate political position, such as Binance’s alleged involvement in terrorist funding and the conviction of FTX’s former CEO, Sam Bankman-Fried. The industry faces the challenge of losing a key ally, Senator Patrick McHenry, in the upcoming elections. Increased lobbying aims to secure new pro-crypto political support, with potential implications for retail trading legality and the broader acceptance of digital assets.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities
