Lobbying disclosure records show that at least 65 contracts as of early 2021 addressed industry matters such as digital currency, cryptocurrency or blockchain, up from about 20 in 2019. Max Baucus, the Democratic former chairman of the Senate Finance Committee, and Jim Messina, a former top Obama adviser, also have recently been named to senior industry posts. Christopher Giancarlo, who was named to the board of BlockFi, a financial services company that tries to link cryptocurrencies with traditional wealth managers. The board of advisers at the digital chamber is stuffed with former federal regulators, including a former member of Congress and a recent chairman of the Commodity Futures Trading Commission, J. Ripple is just one of a long list of cryptocurrency companies scrambling for influence in Washington as the Biden administration begins setting policy that could shape the course of a potentially revolutionary industry that is rapidly moving into the mainstream and drawing intensifying attention from financial regulators, law enforcement officials and lawmakers. And to defend itself against the S.E.C., it hired Mary Jo White, a former chairwoman of the commission during the Obama administration. Trump to help it develop strategy in Washington. It has retained a consulting firm staffed with former aides to both Hillary Clinton and former President Donald J. Ripple has hired two lobbying firms in the past three months.
The company, Ripple Labs, has enlisted lobbyists, lawyers and other well-connected advocates to make its case to the Securities and Exchange Commission and beyond in one of the first big legal battles over what limits and requirements the government should set for trading and using digital currency.
SCRUTINY CRYPTOCURRENCY GROWS TURNS STREET CRACK
Clayton declined to comment.WASHINGTON - When federal regulators late last year accused one of the world’s most popular cryptocurrency platforms of illegally selling $1.38 billion worth of digital money to investors, it was a pivotal moment in efforts to crack down on a fast-growing market - and in the still-nascent industry’s willingness to dive deeply into the Washington influence game. chairman until December, is now a paid adviser to the hedge fund One River Digital Asset Management, which invests hundreds of millions in Bitcoin and Ether, two cryptocurrencies, for its clients. With the industry’s hires of recent government officials, claims of conflicts of interest are already starting to emerge. Musk said, before adding, “Yeah, it’s a hustle.” The price of Dogecoin plunged nearly 35 percent in the hours after the show aired. It’s an unstoppable financial vehicle that’s going to take over the world,” Mr. The billionaire Elon Musk, who hosted “Saturday Night Live” this weekend, was asked about Dogecoin, a cryptocurrency featuring the face of a Shiba Inu dog that was created as a joke but has recently surged in value. FTX, the cryptocurrency trading firm, is spending $135 million to secure the naming rights to the home arena of the Miami Heat.
The lobbying burst is one of several recent signs nationwide that the industry is becoming a bigger presence in the economy. Some of the biggest spenders on lobbying include Ripple, Coinbase - the largest cryptocurrency exchange in the United States - and trade groups like the Blockchain Association.
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