Crypto Behemoth Digital Currency Group Files Lobbyist Registration

Crypto Behemoth Digital Currency Group Files Lobbyist Registration

Crypto investment giant Digital Currency Group (DCG) has asked one of its executives to lobby on behalf of the company.

An Aug. 15 filing shows DCG VP of Public Policy Julie Stitzel signing on as a DCG representative to “support Bitcoin and blockchain companies leveraging insights, network, and access to capital.”

DCG owns shares in a long list of the industry’s biggest heavyweights, including stablecoin issuer Circle, analytics firm Chainalysis, cryptocurrency exchange Coinbase and digital asset manager Grayscale.

As of September 2021, DCG had $50 billion in assets under management.

The registration will be the group’s first official foray into lobbying and comes as the crypto industry clashes with regulators on several pressing issues.

Last week, the US Treasury Department banned US citizens from using Tornado Cash, a popular coin-mixing service designed to obfuscate transactions in order to maintain anonymity on-chain.

According to the Treasury, Tornado Cash is too often used to facilitate money laundering by criminals, including North Korean hackers. Its developer was subsequently arrested in the Netherlands.

The events triggered a response from cryptocurrency advocacy group Coin Center, which is now considering challenging the Treasury Department’s move in court.

“The Tornado Cash Entity does not have an ownership interest in the Tornado Cash Application. You do not have any legal right to control that Application and, perhaps more importantly, you do not have the physical ability to control that Application. Furthermore, that app isn’t even ‘owned’ in any reasonable sense of the word.”

Work is also underway on the bipartisan proposal for the Digital Commodities Consumer Protection Act of 2022.

Michigan Democrat Debbie Stabenow, who chairs the Senate Agriculture Committee, joined Arkansas Republican John Boozman in allowing the Commodity Futures Trading Commission (CFTC) to regulate crypto spot markets through a new class of assets called “digital commodities”.

Boozman says,

“This fast-growing industry is currently largely governed by a patchwork of regulations at the state level. That is simply not an effective way to protect consumers from fraud.

Our bill will empower the CFTC with exclusive jurisdiction over the digital goods spot market, leading to more consumer safeguards, market integrity, and innovation in the digital goods space.”

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Featured Image: Shutterstock/Tithi Luadthong/VELvector

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