Cryptocurrency Lobby Targets Anti-Regulation Contingent in Congress

The cryptocurrency industry is taking aim at lawmakers who have been skeptical of their operations. As reported by Bloomberg, the industry has raised a whopping $160 million to target vulnerable lawmakers, including Senator Jon Tester of Montana.

Tester, a Democrat and member of the Senate Banking Committee, has been vocal about his concerns regarding the lack of regulation in the cryptocurrency space. In 2022, he stated that cryptocurrency “hasn’t been able to pass the smell test” for him, citing the lack of government oversight and treasury backing. He also expressed concerns that regulating the industry could give it a sense of legitimacy it doesn’t deserve.

The cryptocurrency industry is seeking legitimacy through regulation.

Despite his initial reservations, Tester has recently voted in favor of the industry, joining Republicans to thwart a Securities and Exchange Commission advisory that would have required banks to record crypto assets held by customers as liabilities. This move has raised eyebrows, given the industry’s efforts to influence lawmakers.

The cryptocurrency industry’s political action committee, Fairshake, has already spent $10 million opposing Democratic Rep. Katie Porter’s Senate bid in California. It’s clear that the industry is willing to spend big to get its way.

Senator Jon Tester has been a target of the cryptocurrency industry’s lobbying efforts.

As the industry continues to grow, it’s essential to keep a close eye on its influence on lawmakers. With the midterm elections approaching, it’s crucial to understand the role that money plays in shaping policy.

The cryptocurrency industry’s influence on lawmakers is a growing concern.

In conclusion, the cryptocurrency industry’s efforts to influence lawmakers are a reminder that money can have a significant impact on policy. As the industry continues to grow, it’s essential to ensure that lawmakers are prioritizing the interests of their constituents, not just those of wealthy donors.