U.S. Crypto Lobbyists Face Scrutiny Over The Collapse Of TerraUSD

Share post:

The Blockchain Association and the Chamber of Digital Commerce claimed to have been reviewed and consulted by U.S. policymakers following the collapse of TerraUSD.

The two lobbying groups representing leading crypto companies said lawmakers were questioning the structure of the UST to see if its collapse was avoidable and whether other stablecoins could suffer the same fate.

“The one thing we’ve been cautioning to the Hill is that we don’t want to accidentally throw the baby out with the bathwater because stablecoins we think are a critical piece of the crypto ecosystem going forward,” said Kristin Smith, executive director of the Blockchain Association.

The need for better regulation forced crypto companies to invest $9 million in lobbying in 2021. But, despite efforts to influence better regulation, fear of tough regulation has led crypto-investors to sell the risky assets.

Lobbyists urged lawmakers not to crack down too hard on the range of stablecoins. As the cryptocurrency market soared to $3 trillion in November, the scrutiny of policymakers also increased.

The sources for this piece include an article in Reuters.

SUBSCRIBE NOW

Related articles

Anthropic’s AI Agents Take a Big Leap: Direct Computer Control

Anthropic has unveiled a groundbreaking capability for its Claude large language model: the ability to directly interact with...

AI Agents Could Surpass Humans as Primary App Users by 2030, Accenture Predicts

AI agents are poised to transform the way we interact with digital systems, potentially becoming the primary users...

Intel CEO Pat Gelsinger Retires Amid Record Losses and Ongoing Restructuring

Intel CEO Pat Gelsinger has announced his retirement effective December 1, marking the end of a challenging tenure...

Qualcomm Explores Potential Acquisition of Intel

In a shocking turn of events in the semiconductor industry, Qualcomm has, as reported in the New York...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways