lobbying

According to Crypto In America, the U.S. CLARITY Act has entered a critical negotiation period this week, and whether it will receive the long-awaited committee review in April or be postponed until May will depend on recent progress. The Senate Banking Committee will focus on the confirmation hearing of Federal Reserve Chair nominee Kevin Walsh at the beginning of the week. After that, the committee must decide by Friday whether to notify the review of the bill in order to hold a vote in the week of April 27.The banking group represented by the North Carolina Bankers Association is lobbying against the stablecoin yield restriction provisions in the bill, urging members to call Senator Thom Tillis's office to request amendments. It is reported that industry groups are also reaching out to other committee members.After more than two months of negotiations, crypto companies and banks reached a compromise at the end of last month, which the crypto industry is generally satisfied with. However, after the White House Council of Economic Advisers report downplayed the risks of stablecoin yields to the banking system, calls for amendments from the banking side have intensified.Patrick Witt, Executive Director of the White House Crypto Council, criticized banks on the X platform for "further lobbying out of greed or ignorance." Senator Tillis proposed holding an in-person "crypto carnival" meeting, but this may extend the timeline. He emphasized that there are still issues to negotiate but expressed optimism about scheduling the review in the coming weeks.In addition to yield issues, the bill also needs to address ethical and DeFi-related provisions. This week's progress will determine the fate of the bill, and the market is highly attentive.

According to Cointelegraph, Texas-based apparel company Beba and the crypto lobbying organization DeFi Education Fund have voluntarily withdrawn their lawsuit against the U.S. SEC filed in 2024.The lawsuit challenged the SEC's regulatory approach to airdrops, accusing it of implementing digital asset enforcement policies without a formal rulemaking process, in violation of the Administrative Procedure Act. The voluntary dismissal document referenced the work of the SEC's crypto task force and multiple speeches by Commissioner Hester Peirce last year, where Peirce suggested that airdropped tokens do not qualify as securities and mentioned that the SEC is considering establishing an exemption framework for airdrops, as well as the White House's January encouragement for the SEC to create a "safe harbor" for specific airdrops.DeFi Education Fund stated that, given the work of the SEC's crypto task force and recent speeches indicating that the commission's stance on free airdrops may be shifting, it is no longer necessary to continue the lawsuit. The dismissal is without prejudice, preserving the right to refile in the future.

Data shows that lobbying groups related to the cryptocurrency industry have invested approximately $271 million to influence the 2026 U.S. elections, mainly for political activities such as advertising. Among them, the super PAC FairShake is one of the main sources of funding, with donors including Coinbase, Ripple, Uniswap Labs, and venture capital firm Andreessen Horowitz.The data also indicates that about 40% of the related funds are directed towards Republican candidates, about 3% towards Democratic candidates, and the remainder supports independent candidates. Industry insiders say that as the 2026 U.S. midterm elections approach, lobbying activities in the cryptocurrency industry are expected to continue to increase.

According to market news, the American Bankers Association has listed "preventing stablecoins from generating yields" as its top lobbying goal for 2026. The association believes that interest-bearing stablecoins could become an alternative to bank deposits, potentially leading to the outflow of trillions of dollars from the traditional banking system, thereby weakening banks' lending capabilities and jeopardizing their core role in the financial system.In response, Circle CEO Jeremy Allaire countered at the Davos Forum that concerns about stablecoin yields affecting bank deposits are "completely absurd," pointing out that yields can enhance user stickiness and that in the future, stablecoins will become a necessary payment system for AI agents to conduct large-scale transactions. Opponents argue that this move aims to protect bank interests, restrict financial technology innovation, and put the dollar at a disadvantage in the competition with China's digital yuan.

According to Bloomberg, Coinbase CEO Brian Armstrong met with lawmakers on Capitol Hill to lobby primarily against potential restrictions on stablecoin rewards.Armstrong stated that banking lobbyists are attempting to restrict stablecoin rewards through legislation, which would hinder the crypto industry's ability to compete for funding with banks. He believes that Americans should have the right to earn higher returns on their funds, while banks are concerned that they would be forced to raise deposit rates for customers as a result.Previously, Armstrong opposed a draft bill on digital asset market structure that was set to be reviewed by the Senate committee, after which committee chairman Tim Scott announced a delay in action on the bill. The compromise provisions in the draft originally prohibited the payment of deposit yields but allowed for other forms such as trading rewards. However, senators are expected to vote on an amendment that would comprehensively ban stablecoin rewards, with the outcome still unclear.

ChainCatcher news, OpenAI has requested California's political finance regulators to investigate a nonprofit organization that challenges its billion-dollar business plan, accusing it of violating state lobbying laws, and once again raising questions about the organization's relationship with Musk.The complaint submitted to the California Fair Political Practices Commission (FPPC) alleges that the "Coalition for AI Nonprofit Integrity" may have fabricated the identity of its leaders and failed to report lobbying expenditures related to a now-weakened state bill that could prevent the ChatGPT maker from transitioning into a for-profit entity. This is the latest escalation of OpenAI's pressure on the organization.Meanwhile, OpenAI is also engaged in a legal battle with Musk. Musk, who was a business partner of OpenAI, opposes the company's restructuring plan for funding, believing it deviates from its original nonprofit mission of "serving the public good." CANI spokesperson Becky Warren stated in an email that her organization had not received the complaint as of Thursday. (Jinshi)

ChainCatcher news, the Coinbase crypto lobbying group Stand With Crypto, along with several crypto companies, has released a joint letter urging U.S. House representatives to quickly pass the CLARITY Act during next week's meeting to clarify the regulatory framework for the crypto industry. "We know that some are trying to politicize crypto legislation, but crypto technology is profoundly reshaping the global economy. If the U.S. does not quickly implement friendly policies to support blockchain technology, it may fall behind other countries."

ChainCatcher news, according to the Financial Times, the Indian cryptocurrency industry is actively lobbying the government to reduce the 30% capital gains tax and 1% transaction tax implemented since 2022.Currently, the high tax burden has led to over 90% of crypto transactions flowing overseas. With Trump likely to return to the White House and publicly support digital assets, the Indian government's attitude towards the crypto industry is becoming more lenient. The frequency of communication between the industry and policymakers has increased from once every six months to monthly or even weekly.Accounting firm Grant Thornton expects the Indian crypto market size to grow from the current $2.5 billion to over $15 billion by 2035.

ChainCatcher message, a user asked Zhao Changpeng: "Has the Wall Street Journal (WSJ) asked you for money to stop defaming you?"Zhao Changpeng responded: "They haven't asked me for money to stop defamation, but I've heard they take money to smear us. There are rumors that a large venture capital firm that invested in a certain cryptocurrency exchange in the U.S. is heavily lobbying against 'Binance helping the U.S. become the cryptocurrency capital.' They have spent millions of dollars on 'lobbying activities.' This is a sign of fear of competition."

According to ChainCatcher, as reported by The Block, Bank of America is actively lobbying for regulations on stablecoin issuance that favor banks rather than tech companies. Currently, there is a high-stakes power struggle between traditional banks, tech giants, and cryptocurrency companies like Tether.According to insiders, Bank of America is primarily lobbying lawmakers through industry organizations such as the Bank Policy Institute and the American Bankers Association to establish rules that benefit mature banks in issuing stablecoins, while restricting large tech companies (non-banks) like Amazon and Meta from issuing dollar-backed crypto tokens.

ChainCatcher news, Riot Platforms Vice President of Research Pierre Rochard pointed out that the biggest obstacle to the Bitcoin Strategic Reserve (SBR) plan does not come from the Federal Reserve, the Treasury, banks, or Elizabeth Warren, but from Ripple/XRP. Ripple is spending millions of dollars on lobbying efforts to try to obstruct the advancement of the U.S. Bitcoin Strategic Reserve (SBR) plan.Ripple CEO Brad Garlinghouse countered that the company's actions are actually increasing the likelihood of implementing a strategic reserve that includes Bitcoin, aligning with Trump's campaign promise to support American businesses and technology. Pierre questioned whether Garlinghouse himself genuinely holds XRP, implying that he is only selling the tokens. Pierre also pointed out that Ripple had previously targeted the Bitcoin mining industry during the Biden administration using similar tactics, aiming to promote a CBDC based on its platform.

ChainCatcher news, the blockchain associations from eight states in the United States have announced the establishment of the North American Blockchain Association (NABA), which aims to provide cohesive cryptocurrency policy recommendations to the federal government.Members include the Texas Blockchain Council, Alabama Blockchain Alliance, California Blockchain Advocacy Coalition, Florida Blockchain Business Association, Ohio Blockchain Council, Pennsylvania Blockchain Alliance, Virginia Blockchain Council, and the Washington Technology Industry Association Cascadia Blockchain Council.Lee Bratcher, Chairman of the Texas Blockchain Council and a board member of NABA, stated that each state association is independent and retains its agency, but can collaborate with other states when necessary.

ChainCatcher news, the American cryptocurrency lobbying group (Blockchain Association) stated on social media that a lawsuit has been filed against the new "broker" related regulations enacted by the IRS and the Treasury Department.The IRS and the Treasury Department have exceeded their statutory authority by expanding the definition of "broker" to include providers at the front end of DeFi transactions, even though they do not execute trades. This not only infringes on the privacy rights of individuals using decentralized technology but also pushes emerging technologies overseas.

ChainCatcher news, a16z partner Chris Dixon posted on social media, "Today we donated over $23 million in additional funding to Fairshake and its affiliated political action committees (PACs) for the 2026 midterm election cycle.Regardless of what happens on election day, we are taking a long-term approach to policy efforts.Our contribution to Fairshake is just one important part of achieving our ultimate goal of establishing clear laws to regulate the crypto industry while protecting consumers and allowing entrepreneurs to innovate with confidence.Many industries come to Washington asking for regulatory rollbacks, while we are here asking for the establishment of regulations."

ChainCatcher news reports that, according to a study by Social Capital Markets, lobbying expenditures in the U.S. cryptocurrency industry have surged since 2017, increasing by 1386% over the past seven years, with nearly 60% of the spending (about $79 million out of $132 million) occurring in the last two years.Coinbase's spending on lobbying the U.S. government for specific policy actions favorable to its agenda has increased by 3475%, rising from $80,000 in 2017 to $2.9 million in 2023. About 74% of Coinbase's lobbying expenditures occurred in the last two years (2022 and 2023).Binance.US's cryptocurrency lobbying expenditures increased from $160,000 in 2021 to $1.2 million in 2023, a growth of 656.3%; while Ripple's spending increased by 1780% from 2017 to 2023, rising from $50,000 to $940,000.The increase in lobbying expenditures coincides with the U.S. Securities and Exchange Commission (SEC) initiating multiple enforcement actions against several industry companies, including Coinbase and Ripple.The report notes that BlackRock is the most well-known U.S. company lobbying for a Bitcoin ETF.As the world's largest asset management company, BlackRock has leveraged its immense influence and resources to push for the approval of a spot Bitcoin ETF in January 2024, particularly through its lobbying efforts for the iShares Bitcoin Trust (IBIT).

ChainCatcher news, according to the report "Social Capital Market", Coinbase has increased its lobbying expenditure by 3,475% over the past seven years. The cryptocurrency exchange's spending rose from $80,000 in 2017 to $2.86 million in 2023.Ripple Labs also increased its lobbying expenditure from $50,000 to $940,000 during the same period, a growth of 1,780%. Binance.US's lobbying expenditure grew by 656%, reaching $1.2 million in 2023. Tether, Uniswap, and Block Inc. also spent $1.2 million, $280,000, and $1.7 million on lobbying in 2023, respectively.The total lobbying expenditure of the entire cryptocurrency industry has increased by 1,386% since 2017.

ChainCatcher News, the American cryptocurrency lobbying group Blockchain Association has submitted an amicus brief to the U.S. Court of Appeals for the Tenth Circuit in support of Custodia Bank's lawsuit against the Federal Reserve.The Chief Legal Officer of the Blockchain Association stated, "The Federal Reserve claims that digital assets pose safety and soundness issues, which protects large existing banks and makes it harder for industry participants to find banking partners. This puts customers in a bind. And Custodia has become a victim of this scheme.Most importantly, the Federal Reserve's master account provides a safety net for banks and their customers. Lack of access to this system harms the interests of millions of law-abiding Americans participating in the digital asset economy.We hope the Tenth Circuit will make the right decision."