Regulation Battle – This venture capital firm focused on cryptocurrencies wants to get more directly involved in lobbying, thus following the path of the companies in which it has invested.
The lobbying name of the Digital Currency Group
He has already backed renowned crypto companies by injecting them with significant liquidity. The company now wants to help players in the sector “by leveraging knowledge, network and access to capital”.
This is revealed by the documentation of August 15 Julie Stitzelwho is vice president of public policy at venture capital firm Digital Currency Group, will lead the company’s lobbying efforts.
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Political pressure: insourcing after outsourcing
Although Digital Currency Group’s most recent filings show $120,000 quarterly in lobbying, this official listing of Julie Stitzel as a lobbyist for the company is actually the company’s first steps, directlyin this domain.
The budget, which had been spent on lobbying until then, was used to pay outside vendors, the Klein Johnson Group and Capitol Counsel, who contracted with the company around the time it began issuing infrastructure bills in the United States. threw the crypto industry into turmoilsummer and autumn last year.
Crypto Industry: Lobbying Knows No Bear Market
Digital Currency Group did not say in the filing how much it will spend on lobbying in the future. The venture capital firm could step up its efforts, however, as giants in its portfolio, such as Coinbase, FTX, Ripple, Silvergate and Chainalysis, are making significant investments in this area.
Weighing policy decisions remains a priority for crypto companies right now. In fact they are increased their spending on lobbying despite bear markets. According to a study by The Block media, companies in the sector increased their budget in this area by about 17 percent in the second quarter of this year. Compared to the previous period, expenditures increased from $5,772,408 to $6,751,500.
Crypto companies in the United States have resorted to lobbying to oppose the stablecoin regulation. The regulatory battle in this field is far from over. The crypto industry must already prepare to launch an offensive on other sensitive topics.
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