States Rushing to Grant Legislative Wishes of Crypto Companies to Attract Jobs

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According to the New York Times, cryptocurrency executives and lobbyists are working across the country with state lawmakers to write favorable legislation in the absence of federal regulations.

 Many states, eager to attract the jobs they think the industry will bring, are rushing to grant the legislative wishes of the crypto companies.

  • The article cited new money-transmission legislation in Florida as just the latest example of crypto industry officials working side-by-side with legislators to craft industry-friendly measures.
  • Some consumer advocates are worried that an accommodative attitude on the part of the states will lead to regulations without adequate protection from crypto scams and risky practices.
  • More than 150 pieces of crypto-related legislation are currently pending before state legislatures and Puerto Rico, the Times said, citing an analysis by the National Conference of State Legislatures. In some cases, legislators have used industry-suggested language almost verbatim.
  • In New York, the industry is spending more than $140,000 per month, the Times said, state records show.
  • While the article is notable for its overview of the growing power of the crypto industry at the state level, its publication, coming less than a month after the Times published a sophisticated and well done introduction to cryptocurrencies, it also speaks to the mainstreaming of cryptocurrency in the U.S. and a growing interest of traditional media in covering it.

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