The digital chamber’s advisory board is replete with former federal regulators, including a former member of Congress and a recent chairman of the Commodity Futures Trading Commission. J. Christopher Giancarlo, Who was Appointed to the Board of Directors of BlockFi, a financial services company trying to link cryptocurrencies to traditional wealth managers.
Lobbying disclosure records show that at least 65 contracts as of early 2021 will cover industry issues such as: digital currency, Cryptocurrency or BlockchainSome of the biggest spendings on lobbying are Ripple, Coinbase – the largest cryptocurrency exchange in the US – and trading groups like the Blockchain Association.
The lobbying outbreak is one of several recent signs across the country that the industry is gaining a greater presence in the economy. FTX, the cryptocurrency trading company, is spending $ 135 million to back that up Naming rights for the home arena the Miami Heat.
The billionaire Elon Musk, who hosted “Saturday Night Live” This weekend was asked Dogecoin, a Shiba Inu dog face cryptocurrency created as a joke but recently released increased in value. “It’s the future of the currency. It’s an unstoppable financial instrument that is going to take over the world, “Musk said before adding,” Yeah, it’s a rush. ” The Dogecoin price fell nearly 35 percent in the hours after the show aired.
With the industry hiring new government officials, there are already allegations of conflicts of interest begin to emerge.
Jay Clayton, who was chairman of the SEC through December, is now a paid consultant to the hedge fund One River Digital Asset Management, what invests hundreds of millions in bitcoin and Ether, two cryptocurrencies, for its customers. Mr. Clayton declined to comment.