A group of crypto entrepreneurs, including Coinbase (NASDAQ:COIN) CEO Brian Armstrong, have descended on Washington D.C. to lobby for clearer regulation of the cryptocurrency industry. Advocates were in town for the "Stand with Crypto Day" and a House Financial Services Committee hearing where SEC Chair Gary Gensler addressed industry concerns.
The advocates, including Marlon Williams of Atlanta Blockchain Center and Nina Blankenship and Lisa Francoeur from Crypto Tutors LLC, aimed to counter negative perceptions of the industry and highlight its diverse workforce. Their campaign was bolstered by findings from the Web3 Diversity Conference and a Pew Research survey.
A key topic of discussion was stablecoin regulation, particularly Circle's USDC. Dante Disparte, representing Circle, advocated for a bipartisan bill to address issues related to stablecoins. The House Financial Service Committee advanced this bill on Tuesday, urging the Democratic Senate and the Biden White House to back the effort despite potential political hurdles.
The crypto community's lobbying efforts come at a critical juncture as Congress considers new legislation that could shape the future of digital currencies in the United States. The bipartisan support sought by these advocates could be instrumental in navigating any political challenges that lie ahead.
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