Overview
Politico Pro quoted Lisa Zarlenga in an October 27 article titled "Crypto Lobbying Surges," exploring the rush of money from cryptocurrency firms and trade groups flowing into lobbyist groups as the industry worked to fend off legislative threats and signals of regulatory headwinds from the Biden administration.
The increase in spending has coincided with an aggressive lobbying fight over a provision in the bipartisan infrastructure bill that would force cryptocurrency exchanges and other firms to report transaction information to the IRS.
When asked about whether industry leaders expect this heightened spending to wane anytime soon, Zarlenga told Politico, crypto is "still a very young industry, but they were able to gather force pretty quickly" in response to the tax reporting provisions. She added, "I don't necessarily see that changing," noting that many crypto startups are starting to "formalize" their government affairs structures more.
The full article can be read at Politico Pro (subscription required).
