Interests Fragmenting as Crypto Field Expands
Over the past few months, Libra, Facebook’s prospective global digital currency, has stolen much of the spotlight across many areas of the cryptosphere. The field of blockchain lobbying was no exception: From Mark Zuckerberg smooth-talking powerful officials into supporting his global initiative to an expansion of the impressive roster of corporate lobbyists summoned to advocate for it, Libra has been dominating the recent coverage of government–crypto industry relationships.
Meanwhile, these much-publicized efforts undertaken by the social media giant are only the tip of the iceberg that is blockchain lobbying. Making the industry’s voice heard on the Capitol Hill requires daily, systematic work and immense resources, even though much of it occurs behind closed doors and rarely makes headlines.
Given that the majority of crypto businesses operate in the highly regulated sphere of finance, as well as being the overall arcane character of the digital asset field, staying in touch with lawmakers is indeed vital. As the blockchain industry matures, so too does its specialized lobbying scene, and compared to just months ago, it has undergone some noticeable changes.
The latest wave of popular interest in blockchain-related lobbying occurred last spring when the congressional disclosures indicated sizeable growth of both the number of lobbyists and the funds spent on their work in the first quarter of 2019 compared to the last quarter of the previous year. Even mainstream media took notice of the dynamics, with Politico calling it the “blockchain lobbying boomlet.”
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Published at Thu, 24 Oct 2019 03:19:48 +0000
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