The debate underscores the degree to which policymakers are starting from scratch in trying to determine how to fit the emerging technology into a financial regulatory structure dating back nearly a century. The Biden administration last montha sweeping review of the government’s approach to crypto, mandating reports on everything from its implications for financial stability to its national security risks.
As the industry faces intensifying scrutiny in Washington, it is racing to build a lobbying and political machine capable of influencing the outcome, quadrupling its lobbying spending from $2.2 million in 2018 to $9 million in 2021, according to a report by Public Citizen.The sector has trained much of new muscle on the debate over its federal oversight. On Thursday, crypto industry groups applauded the latest bill.
Former senator Cory Gardner , now chief strategist of political affairs at the Crypto Council for Innovation, said legislation that “promotes sound crypto policy and creates a new atmosphere of opportunity without stifling innovation is a step forward.” But Todd Phillips, director of financial regulation and corporate governance at the liberal think tank Center for American Progress, said that while he had not yet read the bill, he is skeptical that shifting oversight wouldn’t result less stringent enforcement.
“I will say, legislation to give authority over most of the crypto market to the CFTC would likely be deregulatory and would make the applicable law weaker than it currently is,” he said. “Even if existing law isn’t being enforced.”
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