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The cryptocurrency industry is aggressively investing in political influence, aiming to reshape regulatory frameworks ahead of the 2024 elections. With significant backing from Coinbase and others, the pro-crypto Fairshake super PAC spent $173 million to support candidates aligned with their growth ambitions, particularly targeting regulators perceived as hostile. Coinbase's push for the CFTC to become the primary crypto regulator reflects a desire for clearer rules and a more favorable regulatory environment under the incoming Republican administration.
The US Senate Banking Committee is set to establish its first crypto-focused subcommittee, chaired by Senator Cynthia Lummis, with voting scheduled for next Thursday. This initiative aims to provide clarity for the crypto industry, following a similar move in the House Financial Services Committee. The new administration's appointments, including former SEC commissioner Paul Atkins and Treasury Secretary Scott Bessent, signal a potential shift towards friendlier regulations for digital assets.
Michael Barr, the Federal Reserve's vice chair for supervision, is resigning effective February 28, amid criticism for his role in "Operation Chokepoint 2.0," which allegedly targeted crypto companies. His departure has been welcomed by some in the crypto community, who view him as a barrier to banking services for the industry. Despite stepping down from his supervisory role, Barr will remain on the Federal Reserve Board of Governors and has advocated for responsible stablecoin regulation.
Members of the US Congress, supported by cryptocurrency PACs, will be sworn in for the 119th session on January 3. Significant funding from groups like Fairshake influenced elections, with 10 new senators and 63 house members benefiting, potentially shaping future crypto legislation. With $103 million earmarked for the 2026 election cycle, the crypto industry aims to maintain its political influence.
Senator-elect Bernie Moreno, a pro-crypto advocate, will join the Senate Banking Committee, marking a significant shift in Washington's political landscape as he replaces crypto skeptic Sherrod Brown. Moreno's appointment, supported by a $40 million campaign from the crypto sector, could reshape crypto legislation alongside other pro-crypto lawmakers. Additionally, President-elect Trump is assembling a team of crypto-friendly nominees for key regulatory positions, signaling a broader agenda to foster a favorable environment for cryptocurrencies.
Charles Hoskinson, co-founder of Cardano, is advocating for bipartisan cryptocurrency policies in the U.S. by engaging with Democratic senators, including John Fetterman, to counteract anti-crypto sentiments led by figures like Elizabeth Warren. He aims to clarify regulatory frameworks amidst concerns over the Biden administration's restrictive approach, while also highlighting advancements in the Cardano ecosystem, such as the launch of Plutus V4, which enhances scalability and security for decentralized applications.
Charles Hoskinson, co-founder of Cardano, is set to engage with Democratic Senators, including John Fetterman, to advocate for a bipartisan approach to cryptocurrency policy. He expressed that many leaders believe previous stances by figures like Warren and Biden were misguided, emphasizing the need for dialogue to reshape crypto regulations. Meanwhile, anti-crypto sentiments persist among some Senators, despite ongoing innovations in the Cardano ecosystem, such as the introduction of Plutus V4.
US lawmakers are making a final push to confirm Caroline Crenshaw for another term at the SEC before Democrats lose control in January. The Senate Banking Committee, led by Sherrod Brown, has scheduled a vote for Dec. 18 after delays attributed to Republican opposition linked to corporate interests, particularly from the cryptocurrency sector. Crenshaw, who has served since 2020, faces criticism for her stance on crypto regulations, and her confirmation is crucial as the SEC may shift to a Republican majority with potential changes in leadership.
TD Cowen predicts that the SEC will likely proceed with crypto regulations without Democratic commissioners in the new year, following the departures of Chair Gary Gensler and Commissioner Jaime Lizárraga. Commissioner Caroline Crenshaw, the only remaining Democrat, faces challenges in her renomination, which could lead to an all-Republican commission under Chair Paul Atkins. This shift may expedite rule-making but poses risks to bipartisan support, potentially affecting the stability of future crypto regulations.
The Senate Banking Committee is set to vote on SEC Commissioner Caroline Crenshaw's renomination, a decision that has sparked fierce opposition from the crypto industry due to her stringent regulatory stance. Critics argue her confirmation could hinder innovation in digital assets, while supporters claim it would maintain a balanced regulatory environment. The outcome remains uncertain as the Senate navigates a packed legislative calendar, with potential implications for the SEC's future approach to cryptocurrency regulation.
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