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Crypto Industry's Growing Sway in Shaping US States' Laws: NY Times
The article, the second deep dive into crypto by the newspaper in the last month, highlights mainstream media's increased coverage of the space.
Updated May 11, 2023, 4:12 p.m. Published Apr 11, 2022, 1:27 a.m.
Crypto executives and lobbyists, in the absence of federal regulations, are working with state lawmakers across the country to craft favorable legislation, the New York Times reported.
- 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, quoting state records.
- 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, 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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