The crypto industry's big Washington week
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Illustration: Natalie Peeples/Axios
The crypto world is having a breakthrough moment in Washington.
Why it matters: While the White House still seems highly skeptical of crypto, the legislature — and former President Trump — seem to be coming around.
- As an anonymous House staffer told Axios: "Congress let crypto out of the penalty box."
The big picture: The young industry, which has long been at odds with regulators, is making headway in its major campaign to turn crypto into a more mainstream financial asset.
- Two words sum up crypto's D.C. lobbying campaign: "regulatory clarity," which backers argue would give them more confidence to innovate, invest and operate.
Where it stands: Just in the past week...
- The SEC approved exchange-traded funds for ether on Thursday. (It OK'd bitcoin ETFs in January.)
- Trump announced he'd be accepting crypto for campaign donations.
- The House passed a major piece of legislation, called FIT21, seeking to clearly define the SEC's role in regulating crypto.
And last week, both houses of Congress voted to quash a crypto-related rule from the SEC.
Between the lines: Trump's comments at a Mar-a-Lago event for supporters who bought his NFTs earlier this month reignited crypto as a campaign issue.
- When asked about industry firms leaving the U.S., he replied: "I don't want that."
- He told crypto supporters they "better vote" for him because of the Biden administration's crackdown.
Yes, but: The White House has pushed back. President Biden has said he'll veto the resolution to overturn the SEC guidance (though he hasn't done so yet). He also issued a statement opposing FIT21.
