Issue 99 - They’ve bought themselves a Congress
Citation Needed by Molly White • • business
Key Points:
- Coinbase withdrew support for the Senate’s crypto market structure bill due to concerns over restrictions on tokenized stocks, stablecoin rewards, burdensome defi requirements, and excessive SEC authority, leading Senate Banking Chair Tim Scott to cancel the markup hearing.
- The crypto industry has demonstrated significant influence over Congress, spending over $130 million in the 2024 election cycle and forming a "tripartisan" political wing, with lawmakers prioritizing industry demands over consumer protections and financial system stability.
- Stablecoin yield incentives remain a major point of contention, with banks opposing them due to fears of deposit flight, while crypto firms like Coinbase aggressively lobby to preserve these rewards, threatening political consequences for opposing senators.
- Regulatory shifts include the appointment of Michael Selig as CFTC
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