Congress Considers Relaxing Regulations as Crypto Cash Pours into Washington
Over the past four years, cryptocurrency companies and investors have collectively spent at least $149 million to resist stringent regulation, support friendly lawmakers in Congress, and defeat those who pose a threat to their interests. This concerted effort reached a climax this week with a House vote to relax federal oversight of the embattled industry.
Key financial supporters include industry giants like Coinbase and Ripple, both of which are currently facing legal action from the U.S. government for alleged violations of investor protection regulations. Despite facing intense scrutiny, these and other major players in the crypto space have not only fought the charges but have also worked to fundamentally reshape existing laws through an expensive lobbying campaign that has left no corner of Washington untouched.
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