Crypto Industry Helps Write, and Pass, Its Own Agenda in State Capitols
Shortly afterward, the House voted unanimously to pass the measure. The Senate followed, sending the bill to Gov. Ron DeSantis for his signature after 75 seconds of deliberations.
Florida’s warm embrace of the cryptocurrency agenda is just the tip of an aggressive industry-led push to position states as crypto-friendly beachheads. Across the nation, crypto executives and lobbyists are helping to draft bills to benefit the fast-growing industry, then pushing lawmakers to adopt these made-to-order laws, before moving rapidly to profit from the legislative victories.
art and music.
Many states are racing to satisfy the wish lists from crypto companies and their lobbyists, betting that the industry can generate new jobs. But some consumer advocates worry that this aim-to-please effort could leave investors and businesses more vulnerable to the scams and risky practices that have plagued crypto’s early growth.
In Florida, the new money-transmission legislation emerged from a monthslong collaboration between Representative Vance Aloupis Jr., a Republican of South Miami, and Samuel Armes, who is starting a cryptocurrency investment firm, Tortuga Venture Fund.
“Vance has been an incredible asset to the blockchain and crypto community,” Mr. Armes said.
Similar teamwork has been on display in Wyoming, North Carolina, Illinois, Mississippi, Kentucky and other states, according to a New York Times review of state legislative proposals and interviews with legislators and their industry allies.
At least 153 pieces of cryptocurrency-related legislation were pending this year in 40 states and Puerto Rico, according to an analysis by the National Conference of State Legislatures. While it was unclear how many were influenced by the crypto industry, some bills have used industry-proposed language almost word for word. One bill pending in Illinois lifted entire sentences from a draft provided by a lobbyist.
In New York, at least a dozen industry players have hired lobbyists over the last year — including Blockchain.com, a crypto exchange, and Paxos, which is trying to set up a national crypto bank — collectively spending more than $140,000 a month, state records show.
The state proposals include bills to exempt cryptocurrency from securities laws intended to protect investors from fraud. Other legislation, such as in Florida, would exclude certain cryptocurrency transactions from money-transmission laws enacted to curb money laundering. Some would take even more radical steps, as in Arizona, where one legislator wants to declare Bitcoin legal tender so it can be accepted to pay off debts.
Shortly afterward, the House voted unanimously to pass the measure. The Senate followed, sending the bill to Gov. Ron DeSantis for his signature after 75 seconds of deliberations.
Florida’s warm embrace of the cryptocurrency agenda is just the tip of an aggressive industry-led push to position states as crypto-friendly beachheads. Across the nation, crypto executives and lobbyists are helping to draft bills to benefit the fast-growing industry, then pushing lawmakers to adopt these made-to-order laws, before moving rapidly to profit from the legislative victories.
art and music.
Many states are racing to satisfy the wish lists from crypto companies and their lobbyists, betting that the industry can generate new jobs. But some consumer advocates worry that this aim-to-please effort could leave investors and businesses more vulnerable to the scams and risky practices that have plagued crypto’s early growth.
In Florida, the new money-transmission legislation emerged from a monthslong collaboration between Representative Vance Aloupis Jr., a Republican of South Miami, and Samuel Armes, who is starting a cryptocurrency investment firm, Tortuga Venture Fund.
“Vance has been an incredible asset to the blockchain and crypto community,” Mr. Armes said.
Similar teamwork has been on display in Wyoming, North Carolina, Illinois, Mississippi, Kentucky and other states, according to a New York Times review of state legislative proposals and interviews with legislators and their industry allies.
At least 153 pieces of cryptocurrency-related legislation were pending this year in 40 states and Puerto Rico, according to an analysis by the National Conference of State Legislatures. While it was unclear how many were influenced by the crypto industry, some bills have used industry-proposed language almost word for word. One bill pending in Illinois lifted entire sentences from a draft provided by a lobbyist.
In New York, at least a dozen industry players have hired lobbyists over the last year — including Blockchain.com, a crypto exchange, and Paxos, which is trying to set up a national crypto bank — collectively spending more than $140,000 a month, state records show.
The state proposals include bills to exempt cryptocurrency from securities laws intended to protect investors from fraud. Other legislation, such as in Florida, would exclude certain cryptocurrency transactions from money-transmission laws enacted to curb money laundering. Some would take even more radical steps, as in Arizona, where one legislator wants to declare Bitcoin legal tender so it can be accepted to pay off debts.
