As the political consumption of the crypto industry pays

At the end of the three-hour hearing Last month, Senator Ruben Gallego, Democrat Arizona, was struck with a group of republicans in a warm disputed discussion. He voted to improve the Genius Act, an account supported by the Kruptocurnancy Industry.

“It is clear that digital property is here to stay,” Mr. Gallego said After the hearing of the Senate Banking Board. Interrupt from the top democrat board, he called the statement “step in the right direction.”

Voting, 18 to 6, was only preliminary, improving laws that will require permission from full Senate. But in the crypt the world was celebrated as a moment of revenge.

Г. Gallego is part of more and more influential cohort in Congress: users of the industry industry users. During the narrow Senate Racing last year, it was aided by $ 10 million from Super Pacs who financed three large crypts companies, including digital change of COINBASE currency. Cash ads that have been financed by which promoted Mr. Gallogo military service and support for execution of the border.

Now he and dozens of other legislator who support Super Pacs take steps in Congress to improve the priorities of the crypto, submit a series of long-awaited victories in the extensive history of fraud and volatility industry.

In the Senate, these legislators were throwing support behind the Genius ACT, which would rub the way companies are issued StablecoinsDigital currency designed to maintain a price of $ 1. And in both chambersthey voted to abolish in order to make the ruling bidet required CRIPTO companies to report certain tax information about internal revenues.

An industry that spends a million dollars to influence the Congress, it is difficult to be unusual. But Cript’s political machine pointed out for the scope of its consumption – and the speed of results.

The industry replied Glee. Consumption is already “carrying fruit,” said Josh Vlasto, a spokesman for FAIRSHAKE, a super PAC that has worked with two associated PACS to support pro-cripto congress candidates. “This is a total change in the sea regarding the way Congress approaches this industry.”

Crypto legislation progresses equally when American regulators return a long-time campaign for implementation. Since the Inauguration of President Trump, Securities Commission and Exchange discarded Lawsuits against main cryptian companies like Konažas and Kraken, raising a legal cloud over the industry. Investor in Criptou, G. Trump signed the executive order last month, referring to creation National CRIPTO Reserve – State Stock contains BitCoin and other digital currencies.

Stablecoin legislation is ready to use Mr. Trump business interests. At the crypto conference in March, he said Stablecoins would “expand the dominance of the US dollar” and called for the legislation of “habitual feeling”. A few days later, the financial world freedom, the Cripto company that his family helped, announced To start selling stablecoin named USD1.

The bill in Stablecoin could go to the Senati floor for voting in the coming weeks – the alarm of some democrats claiming that Congress gives industry and Mr. Trump exactly what they want.

The Cripto industry “spent a lot of money, and many of our members are users,” said the representative Maxins of California, a top democrat at the home financial services. “Many of them may have not taken time to really examine what we do.”

Г. Gallego was not a sponsor of genius genius and said it requires precise adjustment. (Full name is the leading and establishing national innovation for American Stablecoins act.) But he also defended the account, saying it includes consumer protection.

“Senator Gallego believes that it is important to sit at the table and work with colleagues on both sides” “Jacques Petit, his spokesman, said the priority of Senator to ensure that there are proper wardrobes.”

In the interview, Senator Kirsten Gillibrand, New York Democrats, which was a sponsor of Genius ACT, said CRIPTO consumption affected legislation.

“If you have made your decisions about what you are based on who gives you the most money, you would not succeed as a member of Congress,” said Mrs. Gillibrand, who did not fund Crypto Super Pacs.

During the form and the industry, the industry hired expensive lobbyists to push federal legislation without making many times. Campaign 2024. There was a turning point.

CRIPTO Manager and political strategists Fairshake formed and two associated Super PacsDefend American affairs and protect progress, which has spent over $ 130 million to influence weighted congress races across the country. Consumption was mainly funded by Coinbase, digital business business RIPL and the capital at risk company andreeshen chorowitz, which funded more than 100 crypto start-up.

Candidates supported by Super Pacs won 53 out of 58 races. In Ohio, the American jobs spent $ 40 million to support Bernie Moreno, the republican crypto entrepreneur who entered Sherrod Brown, a democratic chairman of the banking committee and open crypto critics. Protect progress has spent $ 10 million to help Elissa Slown, Democrat, will be conquered by Senoselo in Michigan. And another $ 10 million from Super Pacs amplifier is Mr. Gallega, who spoke favorably About the cryptou in the past.

Since then, the industry has set to turn those election victories in legislation. Managers in companies like a tavern, rickets and binance, giant exchange Mixed criminal charges With the American government 2023. They descended on Washington, meet with legislators and posed in photographs at the St. Capitol’s steps.

Their first priority is the collection of the law on determining the rules for Stablecoins. The second legislation is the “market structure” that would ensure that most cryptocurries are not subject to execution laws, which conducted cutting during binin’s years.

Many legislators encouraged Crippto Super Pacs set to improve those goals. Г. Moreno, Mr. Gallego and Senator Jim Banks, Indian Republican who supported PACS, served in the Senate Board. Mr. Gallego is also the highest Democrats on the new Senate Podcommitte dedicated to crypto.

The draft account for the crypto market is still in the works. But a group of Senators, including SCOTTA Senators, South Carolina, who chairs the banking committee, introduced Genius law in February.

In a way, companies that issue stableCOINS are similar to banners. Coins should support the property that the issuer is holding in reserves: if the company sells millions of stablecoin, it should have a million dollars in the vault somewhere that customers could use coins at any time.

But over the years, the CRIPTO companies were examined because they did not maintain sufficient reserves. At the same time, stablecoins became a useful criminal tool that want to move money across borders.

Theoretically, Genius ACT deals with these problems with distorted stable publishers. But in February, coalition of consumer groups called Draft law “List of wishes of the crypto industry, not an adequate regulatory regime.” They claimed that the law requirements were too loose and would create great risks for customers.

Even some crypto enthusiasts expressed reserves. The provision in Genius ACT will allow foreign companies to go out about some of its requests.

When the bill has progressed from the Banking Committee of Senate, four Democrats other than Mr. Gallega, none of which has received the support of FAIRSHAKE, and for that, together with Mr. Moreno, Mr. Banks and 11 Republicans who did not support CRIPTO PACS.

A similar account, stable act was introduced In the house last month, encouraging the Democrats to raise the concern that new rules could use the crypto business of Mr. Trump.

“The president of the United States should not use the power to create a job office that will rich,” said Ms. Waters in the interview.

But after the Marathon 3. April, the House Financial Services Committee voted 32 to 17 to move an account in a totally larger.

The Chairman of this Committee is representative French Brdo, Republican Arkansas – a longtime generalcorder, co-sponsor of the Law on Stablecoin and user of $ 100,000 in consumption by FAIRSHAKE.