As crypto cash floods Washington, Congress eyes gentler regulations

[BootinUp]

Cryptocurrency companies and investors have spent at least $149 million over the past four years to thwart tough regulation, elect new allies to Congress and defeat lawmakers seen as potential threats, a campaign that culminated this week with a House vote to soften federal oversight of the embattled industry.

The wide array of financial backers include Coinbase and Ripple, which the U.S. government recently sued for allegedly violating federal rules meant to protect investors from harm. Even as they have come under withering scrutiny, these and other major crypto firms have fought not only to rebuff the charges but to remake the laws entirely, mounting an expensive lobbying effort that has left no part of Washington untouched.

The Senate has not said if it plans to consider the legislation this year. The White House this week said it “opposes” the proposal but did not explicitly threaten a veto. Other leading federal watchdogs have issued more dire pleas in recent days, warning that the House crypto bill could unleash new dangers for the economy.

“The crypto industry’s record of failures, frauds, and bankruptcies is not because we don’t have rules or because the rules are unclear,” SEC Chair Gary Gensler said in a statement. “It’s because many players in the crypto industry don’t play by the rules.”

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There is a list of Congress members that have received the largest campaign contributions.

Some of the lawmakers who helped craft and advance the House's newly passed legislation are the biggest recipients of industry donations, federal data show.

RECIPIENT LIFETIME CRYPTO DONATION
1 Rep. Ro Khanna (D-Calif.) $246,930
2 Sen. Kirsten Gillibrand (D-N.Y.) $235,276
3 Rep. Patrick T. McHenry (R-N.C.) $188,870
4 Rep. Tom Emmer (R-Minn.) $168,766
5 Rep. Ritchie Torres (D-N.Y) $153,255
6 Sen. Charles E. Schumer (D-N.Y.) $146,350
7 Sen. Ron Wyden (D-Ore.) $144,414
8 Sen. Kyrsten Sinema (I-Ariz.) $85,200
9 Sen. Tim Scott (R-S.C.) $83,845
10 Sen. Cynthia Lummis (R-Wyo.) $79,250
Table includes top 10 congressional recipients of donations from corporate PACs, individuals and investors tied to crypto.
Source: Opensecrets