- These lobbyists are weighing in on how lawmakers should regulate this emerging technology.
- They say the challenging part of their job is educating lawmakers on what cryptocurrency is.
- They’re also watching the infrastructure bill, which could include provisions on digital currencies.
Congress is becoming increasingly interested in cryptocurrency, and lawmakers are weighing how best to regulate this emerging market.
This is where crypto-lobbyists come in.
Cryptocurrency lobbying interests have collectively spent $2.4 million this year, in part to rally against elements of the bipartisan Senate infrastructure bill, according to the nonpartisan research organization Open Secrets.
A big showdown came in August, when digital-currency advocates and lobbyists fought against a tax-reporting regulation in the bill that would require businesses facilitating digital-currency transactions who are defined as “brokers” to submit their transactions to the Internal Revenue Service.
Even though their efforts ultimately failed, the effort signaled that cryptocurrency interests are willing to spend hard cash to fight for their cause. Digital-currency advocates and lobbyists say that their work in Washington, DC, is only beginning.
Meet 12 lobbyists who are shaping the cryptocurrency discourse on Capitol Hill: