An escalating lobbying conflict is unfolding in Washington as traditional banking entities and cryptocurrency companies vie for regulatory favor. The contention revolves around the Republican party’s initiative to implement new regulations for digital assets.
What Happened: The crypto industry has enjoyed several lobbying victories since President Donald Trump‘s return to office, including the first legislative revamp of digital asset regulations. With Republicans set to pass a second, more extensive bill to strengthen the crypto market, Wall Street factions are voicing their concerns.
Traditional financial institutions are apprehensive that some of the proposed crypto-friendly reforms could upend their business models and threaten financial stability.
According to a report by the Politico, …