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 <p class="is-style-lead">The cryptocurrency industry saw a significant increase in lobbying efforts in 2023, particularly aimed at influencing stablecoin regulations and legislative outcomes on Capitol Hill.</p>
 <p>Stablecoins, a crucial link between the crypto and traditional financial systems, gained significance due to their supposed backing by secure assets like dollars or treasuries. The push for federal <a rel="noopener noreferrer nofollow" title="regulation" href="https://thebittimes.com/tag/regulation.html">regulation</a> highlights the need for legitimacy within the asset class and sets the stage for potential widespread adoption.</p>
 <p>The Biden administration, along with both congressional Democrats and Republicans, has prioritized oversight of <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s. This bipartisan interest persists despite disagreements on other digital asset issues following the collapse of Sam Bankman-Fried’s FTX empire.</p>
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  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Coinbase urges U.S. lawmakers to bring clear stablecoin regulation as ‘cash is outdated’
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 <p>Lobbying efforts intensified, with Tether Operations Ltd. spending $760,000 during the first three quarters of 2023, making it the sixth-highest spender among crypto firms. Coinbase Global, the top spender overall, allocated a portion of its $2 million expenditure to <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s.</p>
 <p>The House Financial Services Committee emerged as a focal point for the stablecoin debate, with a bill advancing in July. Lobbying on stablecoin legislation saw a significant increase, with 161 reports and a 79% rise from the same period in 2022.</p>
 <p>Despite <a rel="noopener noreferrer nofollow" title="stablecoin" href="https://thebittimes.com/tag/stablecoin.html">stablecoin</a>s being at the forefront, the crypto industry’s <a rel="noopener noreferrer nofollow" title="lobbying" href="https://thebittimes.com/tag/lobbying.html">lobbying</a> efforts extended beyond, reaching a record $19.3 million in the first three quarters of 2023. The House Financial Services and House Agriculture Committees also progressed bills to clarify regulatory oversight, reflecting a broader industry focus.</p>
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  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> US House introduces draft of legislation for stablecoins
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-lobbying-surges-in-2023-amidst-stablecoin-regulation-push-tbt74329.html">https://thebittimes.com/crypto-lobbying-surges-in-2023-amidst-stablecoin-regulation-push-tbt74329.html</a></p>

Crypto lobbying surges in 2023 amidst stablecoin regulation push

TheBitTimes

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