The campaign has fueled a lobbying bonanza on the part of digital asset startups, venture capitalists and consumer watchdogs
Cynthia Lummis, who’s enthralled the Bitcoin faithful with appearances at crypto festivals across the country, has been teasing the contents of her comprehensive digital currency regulation plan for much of this past year. | Marco Bello/Getty ImagesThe most highly anticipated legislation in the history of cryptocurrency is about to make its debut, after months of hype drummed up by Sens.
It’s already been the source of clashes between the industry’s growing set of trade associations backed by competing digital asset startups. Aides from both lawmakers’ offices say they’ve been swamped by incoming suggestions on how to approach everything from crypto exchange regulations to tax policy.
Crypto skeptics warn that the frenzy around the bill is part of an intensifying push by crypto firms to convince lawmakers to shield them from regulations that apply to traditional finance. “The challenge with creating any legislation on digital assets is, most if not everything is covered by existing law. The question then becomes, what are you trying to get by drafting this new legislation?” said Ty Gellasch, a former SEC official who is executive director of the investor advocacy group Healthy Markets. “The industry effort doesn’t seem focused on getting clarity, but rather getting loopholes.
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