New York is making an effort to become the United States’ cryptocurrency capital.
- Major cryptocurrency firms are hiring a group of lobbyists to influence that outcome.
- New filings disclosed that Digital Currency Group, Blockchain.com, and other crypto firms are spending more than $100,000 per month in a $1.5M Albany lobbying onslaught targeted at helping to influence rules governing the $2B crypto industry.
- Firms such as eToro, without operations in New York, are hiring employees in Albany because laws being written could influence legislation across the United States.
- New York hosts one of the world’s toughest financial regulators in the world and crypto companies are aware of the lessons learned by tech companies like Uber Technology Inc and Airbnb Inc over their tussle with New York regulators over the years.
New York lawmakers are publicly endorsing crypto technology as a way to promote an economy struggling from the pandemic and contracting Wall Street’s footprint.
BTC USD up +0.84%
Source: Bloomberg.
