FINANCIAL

With Eye On 2021 Law, Crypto Industry To ‘Engage’ With Congress In 2022

Caitlin Reilly
CQ-Roll Call

WWR Article Summary (tl;dr) As Caitlin Reilly reports, “The cryptocurrency industry plans to spend next year building on 2021’s record political engagement to lobby Congress and regulators for clarity around tax reporting, stablecoins and asset classes.”

CQ-Roll Call

Representatives from advocacy groups said cryptocurrency reporting requirements in the bipartisan infrastructure package this year were a wake-up call for many in the industry.

“I definitely think this was a threshold moment that has been a catalyst for changing the way that the cryptocurrency industry has engaged in Washington,” said Kristin Smith, executive director of the Blockchain Association. “I think that crypto received the message that they need to constructively engage in Washington, and they’re taking it seriously.”

The association this month said in 2021 it more than doubled, to 65, a membership comprising cryptocurrency firms, investors, exchanges and infrastructure companies.

The wider cryptocurrency ecosystem saw the same trend. Many crypto companies hired outside lobbying firms and beefed up in-house government relations staff in the wake of the infrastructure law, Smith said, adding that she expects the momentum to build in 2022.

“We’re going to continue to see that ramp up over the next six or so months, probably, but I think it’s going to be a much different game next year,” she said in an interview. “I’ve never been more excited for the prospects of getting good policy outcomes.”

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