United States Crypto Lobbyists Making Inroads at State Level – Report
cryptonews.comCrypto lobbyists are making breakthroughs with adoption-focused legislation at the state level in various parts of the USA – with federal regulation still lagging behind.
Per a report from the New York Times, in the Florida House in March, legislators “swiftly gave final approval” to a bill that makes it easier for residents to trade crypto, “eliminating a threat” from a law that had sought to “curb money laundering.”
The lobbyists’ efforts were evident when, the media outlet reported, “two House members stood up to thank crypto industry ‘stakeholders’ for teaming with state officials to write a draft of the bill.”
The New York Times stated that it had conducted a “review of state legislative proposals and interviews with legislators and their industry allies” and found that “similar teamwork” had yielded results in states such as Wyoming, North Carolina, Illinois, Mississippi, and Kentucky, with “at least 153 pieces of cryptocurrency-related legislation” pending in 40 states and Puerto Rico, per National Conference of State Legislatures data.
Not all of these have been “influenced by the crypto industry,” but the media outlet noted that “some bills have used industry-proposed language almost word for word,” with a bill pending in Illinois “lifting entire sentences from a draft provided by a lobbyist.”
The media outlet noted that “at least a dozen” crypto industry firms have hired lobbyists in the past 12 months, including heavyweights like the wallet provider Blockchain.com and the brokerage Paxos (PAX). Collectively, firms in the state have spent over USD 140,000 a month on their lobbying efforts.The contents of the bills include proposals to exclude crypto from securities laws that date back to the early 1930s, as well as
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