The lobbyists of Crypto of the United States observed with emotion in recent days while a couple of votes consolidated what they expected: Congress is on their side.
The industry that struggled with the status of Paria only three years ago has stales allies now in the White House and within the financial agencies of the United States, and recent votes in the Senate and the House of Representatives in a rule of the Internal Revenue Service show that their support among legislators is deep. Many Democrats joined the reliable Republican allies of the sector about those votes that cryptography defenders suggest that they may not have to give up the negotiations about the legislation that matters even more.
Just before leaving office, the IRS of former President Joe Biden put a final seal in a rule to pursue decentralized finance projects (DEFI) as runners that would have to make the full range of tax reports for users. The Chamber and the Senate cast votes during the past week by virtue of the Congress Review Law to kill that rule, and both votes happened by mass margins, thanks to 19 Democrats in the Senate and 76 in the House of Representatives that reached the policy of the administration of their party.
With more than a third of the Democrats on board in each camera, there are few reasons to suspect that these Democrats would not be positively inclined to support other cryptography issues.
“For years, we have been playing defense, trying to protect the hostile regulators industry and trust commitments that, in many cases, weakened the final legislative product,” said Kristin Smith, CEO of the Blockchain Association that advocates the Pro-Crypto policy in Washington. “But now we can think a little more expansively about what is possible at the federal level.”
The digital asset bill that is closer to completion is the effort to govern American Stablcoin issues. With a version of the House of Representatives that once again obtains in the Committee this week and the version of the Senate that is directed towards a possible firm by the Senate Banking Committee, the two cameras can soon be voting on the finished legislation. In an extreme partisan period, cryptography could be one of the few issues to defend the common land.
As the details sneak, an industry that could have ever been pressed in aggressive controls in money laundering systems to maintain the support of some Democrats could afford to advance without giving in, which is notifying cryptographs.
However, the largest prize in the industry is future legislation that somehow will establish a clear system of regulations for trade and Cryptocurrency transactions of the United States, and for companies and projects that handle the needs of people’s digital assets. If Congress approves said bill on the operation of cryptography markets, eliminates any legal clumsiness of federal agencies trying to adapt to the laws existing to the sector, and would deny the need to seek answers in court.
Legislators are trying to develop previous efforts, especially financial innovation and technology for the Law of the 21st Century (FIT21), which approved the Chamber in the last session, but not in the Senate. While a replacement effort may be further than Stablecoins, when he begins to move through this congress, he could have a significantly easier path than his predecessor.
Even the same day, legislators were preparing for the best partisan exercise when President Donald Trump prepared to make his recent speech against Congress, the parties made their great bipartisan presentation in the Senate. That “rare and fleeting” cooperation of Congress should allow legislators to focus on real politics, said Smith.
How did Crypto here?
The Congress was flooded with new allies after the 2024 elections, in which Fireshake’s Political Action Committee backed by the industry spent about $ 139 million to help pro-Crypto legislators of both parties were elected. However, potentially so important in the current legislative negotiations, it is the fact that the Super Pac is already at $ 116 million (and grows) to do the same next year. As legislators address their votes this year, they will know that a pro-Crypto vote has a good possibility of giving rise to campaign dollars, and a vote of the opposition will probably result in the expenses to be aimed at extinguishing their political careers.
The main sources of money behind Fireshake are Coinbase, A16z and Ripple Labs, with other sponsors, including Jump Crypto and Unisswap Labs. The CEO of Coinbase, Brian Armstrong, said in an interview outside the Crypto of the White House last week that his company will continue to support Fairshake, who said “did an incredible job.”
“Our supporters in this industry are deeply committed to this political strategy,” said Josh Vlasto, Fireshake spokesman, in an interview with Coindesk. “We are seeing it in action now, and we will move on.”
He said that the IRS votes were “a direct result of that strategy”, which ignored the other opinions and affiliations of the politicians’ party to focus only on whether they would boost cryptography invoices.
“There is a huge political benefit in support for the growth and intelligent regulation of the industry,” Vlasto said.
Even before the recent elections, Fit21 had obtained great democratic support in the Chamber, and a separate effort to try to get rid of a Crypto accounting policy of the Securities and Securities Commission saw an important bipartisan support in both cameras. The industry was already moving forward.
Then, the course of the last cycle of elections of Congress saw a clear increase in the experience of voters with cryptocurrencies and a growing interest that regulates space. Groups such as the support backed by Coinbase with cryptography have tried to take advantage of that crypto-intent segment of the population.
“This is how we obtained this prrorypto congress that we have seen,” Armstrong said.
