100 crypto lobbyists prepare for the fight of their lives as Congress resumes

cointelegraph.com:

Cryptocurrencies will be a hot topic as the United States Congress resumes and the battle lines are drawn between lawmakers for and against the fledgling financial industry.

But the Blockchain Association reports that more than 100 crypto industry advocates are fighting to help strike the right balance between protection and innovation.

The 118th U.S. Congress convened in Washington D.C. on Jan. 3. It’s scheduled to continue until Jan. 3, 2025, during the final two years of President Joe Biden’s first term.

The crypto industry is currently in the crosshairs following several high-profile meltdowns last year, the largest being the collapse of FTX in early November.

In a Twitter thread on Jan. 3, the Director of Government Relations at the Blockchain Association, Ron Hammond, highlighted the challenges and opportunities for Congress on the day it resumed.

1) This week in Congress and crypto: The first day of the 118th Congress has arrived! It is no secret, the crypto industry is in the crosshairs of Congress after the FTX fallout. This Congress presents challenges and opportunities though so here is the latest from the ground...

FTX founder Sam Bankman-Fried has gone from a political donation darling to public enemy number one on Capitol Hill. Hammond added:

The meltdown could initiate “once-in-a-decade legislation” and there are already solid regulatory framework submissions such as the Lummis-Gillibrand bill. The bipartisan bill addresses agency jurisdiction, stablecoin regulations, banking, crypto taxes, and interagency coordination.

Hammond said the first few months of Congress would focus on FTX though stablecoin regulation will also be a priority.

The battle lines will be split between pro-crypto Chair of House Financial