US Crypto Industry Faces Pushback on Implementation of Crypto-Friendly Legislation

The US crypto firms visited Capitol Hill to push their industry-friendly regulations however, this may face pushback due to the federal budget and Senate crackdown on money laundering through crypto. 

Crypto companies in the US are working hard to issue advanced industry-friendly laws to benefit users and crypto exchange platform owners. The cryptocurrency industry visited Washington to push these regulations and communicate with the authorities. Many crypto industry members meet lawmakers as a part of their campaign to address revolutionary rules. But the lawmakers are busy averting a government shutdown, and with other essential bills that must be approved by this year, including the Farm Bill and the National Defence Authorisation Act (NDAA), the crypto industry may struggle to be heard. 

Crypto advocates hope to persuade Congress to enact two significant legislation passed by the House Financial Services Committee in July that would help clarify which financial regulations apply to the sector. General counsel and chief compliance officer at Bitwise, Katherine Dowling, stated, “There’s a mind-boggling number of competing areas, but we need to keep pounding the table.” 

The crypto industry also creates a non-profit organisation “Stand with Crypto,” to empower crypto users, builders, and supporters. They posted on Twitter, “Policymakers across the globe are making decisions about the future of crypto. Their choices will determine how, when, and where YOU can build, buy, sell, and use crypto, and it’s critical that they get it right. That’s why advocating for pro-crypto policy and making your voice heard is so important.” 

In Washington, cryptocurrency businesses have been developing crypto-friendly regulations to fight against increasing regulatory scrutiny, particularly from the Securities Exchange Commission (SEC), which claims the sector has been breaking the law and sued various crypto exchange platforms accused of non-compliance with AML. 

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