Crypto companies gave 20 $ 5 million in Senate lobbying

Crypto companies have spent $ 5 million lobbying the Senate so they can secure their positions in Washington, with the top 3 spending as much as we did in the first three quarters of the year. More in today’s crypto news.

According to a report by The Economics, crypto companies spent $ 5 million lobbying the U.S. Senate in the first nine months of 2021, and half of that was spent in the first three quarters, quadrupling over the same period a year ago.

Coinbase is one of the biggest backers of the cause, spending $ 625,000 in the third quarter, while Jack Dorsey’s Square has spent more than $ 1.7 million since last April.

Top executives from Coinbase, FTX, Circle and others appeared before members of Congress to advocate the growing importance of cryptocurrencies and regulation in a five-hour hearing. Some in Washington are starting to hold crypto themselves, like Cynthia Lummis, a Wyoming senator who holds between $ 100,000 and $ 250,000 in BTC, and four other Republicans who also hold investments in the cryptocurrency, e-money.

Such a crypto rollout could mean a change of heart in Washington, but regulations paint a very different picture. Joe Biden approved a $ 1.2 trillion infrastructure bill that includes crypto services like Binance and Coinbase in the legal definition of a broker, that is, company. Indian regulators, for example, have a tough relationship with the industry.

As early as 2018, the Reserve Bank of India issued a ban on banks trading cryptocurrencies. However, it was overturned by the country’s Supreme Court in March this year. However, the RBI insists that they are anti-crypto. Turkey’s central bank also bans crypto payments, although the country has some of the largest crypto usage practices in the world. Three payment firms in China have reiterated their support for the 2017 ban on financial intuition on handling cryptocurrencies. Recently, China also launched crackdown on crypto mining operations in the country.

Given that the recent German coalition government expects cryptocurrencies to play an important role in technological and economic development, as the EU is also drafting a regulatory framework for cryptocurrencies, it seems that the two Western superstars EU and US are taking a different approach to crypto and it seems like everything lobbying has to work.