Crypto Is Important In Lobbying the US’ Fintech Industry
Like many industries in this world, fintech requires some laws and bills to coordinate the working prosses and other possible issues. Crypto has become a big “headache” in the world of fintech, thus, it needs proper regulation to solve any appeared trouble. About forty US companies are very enthusiastic in pushing for crypto laws. News portal Roll Call reports that they have even tried to influence the situation by lobbying for Bitcoin and blockchain-related causes in the first quarter of 2019. These companies, including Coinbase, Square, MasterCard, and Ripple, have spent approximately $42 million to influence policymaking. This sum of money is spent only on Q1 of 2019. The biggest contributor is considered to be the US Chamber of Commerce. It has spent $16.3 million for policymaking, though its focus mainly remained in the fintech. As for Mastercard, it has spent $720,000 for pushing its causes, which included digital currency-related issues as well. Coinbase, in its turn, has spent $50,000, their main priority is policies in areas like the Banking Secrecy Act. Cryptocurrency advocacy group Coin Center is the biggest crypto contributor, it has spent $140,000 for both in-house lobbying and outside lobbying. Kristin Smith, director at Blockchain Association, told Roll Call:
“That’s probably been our biggest focus. And it will continue to be our biggest focus for the next couple of months.”
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