Regulation
As Cryptocurrencies Flood Washington, Congress Considers Softer Regulations
Cryptocurrency companies and investors have spent at least $149 million over the past four years to thwart tough regulation, elect new allies to Congress and defeat lawmakers seen as potential threats, a campaign that peaked this week with a vote in the House to ease federal oversight of troubled countries. industry.
The wide range of backers includes Coinbase and Ripple, which the US government recently sued for allegedly violating federal rules meant to protect investors from harm. Even though they faced intense scrutiny, these and other major crypto companies fought not only to dismiss the accusations, but to completely redo the laws, launching a costly lobbying effort that left no part of Washington intact.