Oh, the Irony! 😅
- In a twist of fate, the crypto industry’s struggle against an IRS rule has become a litmus test for future U.S. legislation, revealing a surprising ally in Congress.
- Recent votes show that the industry can count on support from Democrats when it comes to stablecoin and market-structure bills, proving that politics and crypto can mix like oil and water… or maybe vodka and pickle juice? 🍞🥒odka
U.S. crypto lobbyists, once the black sheep of the political family, now find themselves basking in the warm glow of unexpected affection from Congress. It’s a tale as old as time: once shunned, now embraced. Who knew the crypto industry had such charm? 😜
The industry, once treated like a pariah at the family reunion, now has friends in high places – the White House, U.S. financial agencies, and the halls of Congress. And it’s not just Republicans waving the white flag; Democrats are joining the crypto fan club too. Who needs bipartisan gridlock when you have blockchain? 🤝Blockchain Bros
Former President Joe Biden’s IRS tried to put a damper on DeFi projects, but the House and Senate came to the rescue, casting votes to kill the rule. It’s a David vs. Goliath story, except David brought a bazooka and Goliath forgot his glasses. 🕶💥
With over a third of Democrats in each chamber backing the crypto cause, it seems the industry won’t have to compromise as much as it thought. It’s like being invited to the cool kids’ table at lunch, but with fewer cliques and more cryptocurrency. 🍔🍟₿
Kristin Smith, CEO of the Blockchain Association, notes that the industry can now think more ambitiously about federal-level policy. It’s like going from playing defense in dodgeball to suddenly being the captain of the team. 🏆💪
Stablecoin governance is the next big thing on the agenda, with both the House and Senate versions inching closer to completion. Will crypto be the common ground in a sea of partisanship? Only time will tell if we’re witnessing the birth of Crypto-Partnership Island. 🌴🤝
The industry’s ultimate goal is clear regulations for U.S. crypto trading and transactions. It’s like trying to find the perfect pair of jeans – you want something that fits just right, but isn’t too tight or too loose. 🤔👖
Previous efforts like the FIT21 Act failed to make it past the Senate, but with a fresh slate of pro-crypto lawmakers, the future looks bright. It’s like a phoenix rising from the ashes, except the phoenix is wearing a crypto t-shirt and shades. 🔥👁️
How did crypto win the hearts and minds of Congress? By flooding the 2024 elections with industry-backed support. It’s a classic case of “you scratch my back, I’ll scratch yours,” but with more blockchain and fewer literal scratches. 🤚💼
The main players behind the crypto political action committee are Coinbase, a16z, and Ripple Labs, with others like Jump Crypto and Uniswap Labs chipping in. It’s like a crypto Avengers team-up, minus the spandex and plus the lobbying. 🦸♂️🦸♀️
Josh Vlasto, a spokesman for Fairshake, credits the strategy for the recent IRS votes, ignoring politicians’ other views and party affiliations to focus solely on crypto bills. It’s like playing chess, but instead of pawns and rooks, you have Bitcoin and Ethereum. 📊♟
With the rise of voter interest in cryptocurrencies, groups like Stand With Crypto are tapping into the crypto-interested segment of the population. It’s a match made in heaven, or at least in the blockchain. 🤝🌈
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2025-03-13 18:11