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US crypto industry lobby spending on track for new record in 2023

Economic Times

Economic Times · 1y ago

US crypto industry lobby spending on track for new record in 2023

The cryptocurrency industry is set to break its federal lobbying spending record in 2023, with firms spending $18.96 million in the first three quarters. This follows a year of scandals and reputational damage for the industry, which prompted companies to engage in lobbying efforts to advance favorable legislation and repair their image. Coinbase led the pack, spending $2.16 million, followed by Foris DAX, the Blockchain Association, and Binance Holdings. The industry is also aiming to combat regulatory scrutiny, push for the approval of a spot bitcoin exchange-traded fund, and advance friendly legislation.

Related News

Asia emerges as a promising haven amid the crypto winter

Startup News FYI

Startup News FYI · 1y ago

Asia emerges as a promising haven amid the crypto winter

The Asian crypto industry is thriving despite a crypto "winter" in the US. The recent Token2049 crypto conference in Singapore saw a record turnout, highlighting the growing enthusiasm and adoption of cryptocurrencies in Asia. With the US government cracking down on crypto companies, many projects are shifting their focus to Asia. The region's favorable policies, such as Hong Kong legalizing retail crypto trading and Singapore clarifying stablecoin regulations, have attracted web3 startups and investors. Asian markets offer growth opportunities and a more stable regulatory environment for crypto ventures.

Donald Trump signs bill to nullify expanded IRS crypto broker rule

Economic Times

Economic Times · 4m ago

Donald Trump signs bill to nullify expanded IRS crypto broker rule

US President Donald Trump signed a bill nullifying the IRS's revised rule that expanded the broker definition to include decentralized cryptocurrency exchanges. The IRS update, from the end of the Biden administration, aimed to encompass DeFi exchanges under new crypto tax reporting guidelines. The Congressional Review Act allowed Congress to reverse this rule. The crypto industry argued that DeFi platforms couldn't comply as they lack intermediaries to track user identities, unlike centralized exchanges.

Big Tech rebuffs US consumer watchdog plans to supervise digital wallets

Economic Times

Economic Times · 1y ago

Big Tech rebuffs US consumer watchdog plans to supervise digital wallets

The Computer & Communications Industry Association (CCIA), a major tech lobby group that includes Amazon, Facebook, and Twitter, has criticized the US Consumer Financial Protection Bureau's (CFPB) proposed supervision of tech giants like Apple and Google in the digital wallets and payment apps space. The CCIA argues that such regulations could stifle innovation and hinder new startups in the industry. The CFPB's proposal aims to subject these companies to similar supervision as banks, necessitating compliance with laws on consumer safeguards, privacy protections, and executive conduct.

Euro rebounds as French bonds stabilize; bitcoin jumps past $100,000

Livemint

Livemint · 8m ago

Euro rebounds as French bonds stabilize; bitcoin jumps past $100,000

The euro rallied as French government bonds stabilized following the collapse of France's government. Bitcoin hit a record high of $103,649 on expectations of a crypto-friendly regulatory environment under President-elect Donald Trump. The dollar dropped after higher-than-expected US jobless claims. The focus is now on the US nonfarm payrolls report, which is anticipated to show 200,000 jobs added in November. The euro was on track for a weekly loss, its fourth in the last five weeks, and the European Central Bank is expected to cut interest rates. The Japanese yen rose on speculation about a potential interest rate hike by the Bank of Japan. The South Korean won dipped slightly after market stabilization funds were activated following political unrest. The dollar index fell after weak US jobless claims data.

iPhone budgeting apps can now automatically import your Apple Card and Cash transactions

The Verge

The Verge · 1y ago

iPhone budgeting apps can now automatically import your Apple Card and Cash transactions

Apple is introducing a new feature with its iOS 17.4 update that allows users of Apple Card, Apple Cash, and Savings with Apple Card to track their balances and transactions more easily. This new feature is achieved through integration with third-party budgeting apps using Apple's FinanceKit API. YNAB, Monarch, and Copilot have already implemented support for this feature, enabling automatic import of transactions into their respective apps. While this feature is currently only available in the US, it offers a convenient way for users to manage their finances and track their spending.

Binance, SEC request pause in legal battle as Trump's crypto policy takes shape

Economic Times

Economic Times · 6m ago

Binance, SEC request pause in legal battle as Trump's crypto policy takes shape

Binance and the US SEC have requested a 60-day pause on the lawsuit against Binance, influenced by a new task force on crypto regulations. This pause indicates a shift towards a more crypto-friendly approach under President Trump's administration. The SEC had previously sued Binance over accusations related to trading volumes and customer funds. The task force, led by Commissioner Hester Peirce, aims to improve the regulatory climate for the crypto industry.

Computer chip group SEMI says EU needs assertive industrial policy

Economic Times

Economic Times · 9m ago

Computer chip group SEMI says EU needs assertive industrial policy

SEMI Europe, an industry group, called for the European Commission to adopt recommendations made by Mario Draghi and launch a European Chips Act 2.0 to bolster Europe's competitiveness against the US and China. The group supports the centralised EU budget proposed by Draghi, along with a fast-track approval process for high-tech projects and increased spending to strengthen the European semiconductor ecosystem. As the US and China impose export restrictions on chip technology, SEMI Europe urges the EU to make quick decisions on its own export policy to protect strategic interests and assert a strong global presence.

Somerset Indus Capital onboards another offshore LP for third India fund

VCCircle

VCCircle · 6m ago

Somerset Indus Capital onboards another offshore LP for third India fund

Somerset Indus Capital Partners, a private equity firm specializing in healthcare investments, has secured a new offshore limited partner for its third investment fund. This development follows the firm's previous success in attracting the US International Development Finance Corporation as an investor. Somerset has a track record of supporting companies like Genworks, Apex Hospitals, and Sterling Hospitals. The new partnership aims to enhance its investment capabilities in the healthcare sector.

Elon Musk’s new hire has an impossible job

Livemint

Livemint · 11m ago

Elon Musk’s new hire has an impossible job

Angela Zepeda, former CMO of Hyundai, has been appointed as the new global head of marketing for X, the social media platform owned by Elon Musk. Zepeda's task is to rehabilitate X's reputation and attract advertisers and users back to the platform, with many major advertisers having departed or reduced spending due to concerns about controversial content. Zepeda has a close relationship with X CEO Linda Yaccarino, and her successful track record at Hyundai, including brand overhauls and celebrity endorsements, could prove valuable for X's repositioning efforts.

Crypto ransom attack payments hit record $1 billion in 2023

Reuters · 1y ago

Crypto ransom attack payments hit record $1 billion in 2023

Crypto-related ransom attack payments reached a record $1 billion in 2023, almost doubling from the previous year, according to blockchain analytics firm Chainalysis. Scammers targeted institutions for ransom, accumulating $1.1 billion compared to $567 million in 2022. However, losses from other crypto-based crimes, including scamming and hacking, decreased. The rise in payments can be attributed to new players entering the market, attracted by high profits and low barriers to entry. "Big game hunting" has become a dominant strategy, with a majority of ransom revenue coming from payments of $1 million or more.

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