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Politico
a day ago
- Business
- Politico
Crypto lobbyists blanket the Hill
With Daniel Lippman LIFE'S SWEET FOR THE CRYPTO LOBBY: Crypto lobbyists are mounting a full-court press in Washington ahead of a pivotal week for the industry. On Monday, the House will return from its July Fourth recess for what's been dubbed 'Crypto Week,' during which GOP leadership hopes to tee up votes on the Senate-passed stablecoin bill, a more sweeping market structure measure, and a bill to block the Fed from creating a central bank digital currency. — House passage of the Senate's GENIUS Act, which would stand up a U.S. regulatory framework for cryptocurrencies pegged to the value of the dollar, would deliver major crypto legislation to the Oval Office for the first time ever. And passing the CLARITY Act — which would divvy up oversight of the digital asset market among various financial regulators — would represent the next step toward an even bigger payoff for the industry's hundreds of millions in political spending over the last few years. — So it's no surprise crypto groups are pulling out all the stops. If you were near the Hill or the National Mall today, you might have seen a mass marketing activation by the crypto exchange Coinbase featuring branded vending machines doling out more than 5,000 customized chocolate bars to 'create a sugar rush for crypto across the Capitol,' Coinbase vice president of U.S. policy Kara Calvert said in a statement. — The machines on the mall and at Columbus Circle and North Capitol Street are meant to be a literal sweetener in Coinbase's attempt to get the House to package the stablecoin and market structure bills together (a strategy that diverges from that of the rest of the crypto lobby and the White House). And starting this weekend, the chocolate bars will also be available at certain Compass Coffee shops around town. — 'Stablecoins and market structure are sweeter together,' said Calvert. 'We don't currently have laws on the books protecting crypto consumers - we wouldn't want that for our chocolate, and we don't want it for our crypto.' — Coinbase's chocolate bar gimmick follows a six-figure ad buy launched earlier this week that included ads in the Washington Post and Wall Street Journal, on bus stops and billboards around D.C. and across social media calling for lawmakers to support the GENIUS Act and CLARITY Act. — Other crypto power players are taking a more subtle approach. In a letter to House leadership today, the heads of three of the industry's top lobbying groups came together to laud the 'inclusive and collaborative effort' on the crypto bills from lawmakers in both parties. — The bipartisan approach 'underscores the seriousness with which Congress is approaching these complex issues to preserve U.S. leadership in responsible innovation and regulatory clarity,' leaders from the Blockchain Association, Crypto Council for Innovation and Digital Chamber wrote, calling for the Senate to bring market structure legislation to the floor 'as soon as possible.' — Blockchain Association spokesperson Curtis Kincaid told PI that the association has been busy engaging the Hill and stressing the stakes of next week. 'I think missing this opportunity is a reverse Sputnik, and would drive innovation abroad rather than letting it thrive at home,' he said in an email. — One Coinbase-backed advocacy group is already looking ahead. On Wednesday — the day after House leadership hopes to have passed its crypto bills — Stand With Crypto is flying in local chapter presidents to take the lobbying blitz to the Senate. — The fly-in will focus on urging senators from Georgia, New Jersey, New Mexico, Nevada and Minnesota to support the market structure bill, which hasn't elicited as much bipartisan support due in part to concerns over President Donald Trump's various crypto business ventures. TGIF and welcome to PI. Send lobbying tips: Add me on Signal at caitlinoprysko.17, email me at coprysko@ and be sure to follow me on X: @caitlinoprysko. FLATTERY GETS YOU EVERYWHERE: 'Praising his golf game. Nominating him for the Nobel Peace Prize. Calling him 'daddy.' International politicians coming face-to-face with President Donald Trump have leaned into a new tactic for currying favor during his second term,' POLITICO's Nicole Marcus writes. — 'The nominations and praise for the president aren't coincidental, especially after Trump triggered global leaders' agita through much of his first term. Foreign heads of state have learned that one of, if not the best ways to secure U.S. good fortune in the Trump era is to stroke its leader's ego.' — 'There's a long history of international adulation being a key part of diplomacy; it is customary for foreign dignitaries to exchange gifts after meeting with their international counterparts.' — But the gushing over Trump has hit a new level, and 'was on full display this week, when African leaders at the White House said Wednesday that Trump 'deserves' a Nobel Peace Prize. Israeli and Pakistani leaders took it one step further, each nominating the president for the 2026 prize.' WARNING SHOTS FIRED: 'Gail Slater, who heads the Justice Department's antitrust division, on Thursday warned against increasing wireless consolidation in a U.S. market dominated by AT&T, Verizon and T-Mobile,' per POLITICO's John Hendel. — 'The warning came in a broader statement explaining DOJ's sign-off of a deal allowing T-Mobile to acquire wireless operations of UScellular, a regional carrier, for $4.4 billion.' Even as she defended that decision, Slater cautioned that 'we stand at a pivotal moment for the wireless industry,' which she described as being under the control of an 'oligopoly' in the Big 3 carriers. — 'Slater's warning comes as the GOP recently handed wireless carriers a major win in the party's recently signed reconciliation law. That legislation included a spectrum deal directing the government to free up 800 megahertz of spectrum for the wireless industry, a set of provisions expected to raise $85 billion over the next 10 years.' TREASURY'S HAHN TO DO COMMS CONSULTING: Julia Hahn is leaving the Treasury Department where she has been assistant secretary for public affairs. Hahn, who served all four years in the first Trump administration, plans to start her own communications consulting firm. — White House press secretary Karoline Leavitt said in a statement to PI Hahn has been 'a fierce advocate for President Trump's America First agenda,' and Treasury Secretary Scott Bessent said in a statement he was grateful for her 'unwavering dedication and exceptional service.' OPENAI GOES AFTER MUSK: 'OpenAI is asking California's political finance watchdog to investigate a nonprofit that challenged its multi-billion-dollar business plans, alleging violations of state lobbying laws and again raising questions about the group's connections to rival Elon Musk,' POLITICO's Chase DiFeliciantonio and Christine Mui report. — 'The complaint to the California Fair Political Practices Commission, first obtained by POLITICO, accuses the Coalition for AI Nonprofit Integrity of likely fronting a fake leader and failing to report lobbying payments related to a now-gutted state bill that would have potentially prevented the ChatGPT maker from converting to a for-profit entity.' — 'It's the latest escalation in OpenAI's scrutiny of the group, amid a simultaneous court battle with Musk — a former business partner — over the company's plans to restructure to raise more money, which the tech billionaire argues goes against its original nonprofit mission to serve the public good.' HOW THAT MET COAL BREAK SNUCK IN OBBB: West Virginia Sen. Jim Justice was a key advocate for language in the One Big Beautiful Bill Act that would extend a lucrative tax credit to a sector of the fossil fuel industry with which his family has financial ties. The Republican denies that his support for the provision had anything to do with potential personal gains. — Under the reconciliation law, 'companies angling to dig up metallurgical coal used for making steel — including those tied to Justice's family — are eligible for the advanced manufacturing production credit, known as 45X, first established in the inflation Reduction Act of 2022 to boost domestic production of energy components and critical minerals,' E&E News' Hannah Northey and Amelia Davidson report. — Justice and fellow West Virginia Republican Shelley Moore Capito spearheaded the push, which benefits a company now owned by Justice's son, according to Hannah and Amelia. — 'William O'Grady, Justice's communications director, said that congressional leadership worked to get the provision into the bill 'because it was a priority of the President,' not because of any personal benefit to Justice,' who had been holding out his support for the bill late in the process over its cuts to Medicaid. — ''This tax credit will keep metallurgical coal miners employed and is right in line with the President's EO designating coal as a critical earth mineral,' O'Grady said. 'The perception that this coal tax credit was pushed to benefit the Senator is an empty condemnation by people who really just don't like the bill all together,' he added.' Jobs report — Liam Goodwin is joining the Flex Association as director of policy. He was previously at The Hawthorn Group. — Cody Tucker is joining Milne, Weiner & Shofe Global Strategies as senior vice president. He was most recently vice president of federal affairs at the Wine & Spirits Wholesalers of America, which he will continue to represent at MWS. — William Shelby has joined AxAdvocacy as a government relations associate. He previously was an intern for former Rep. Mike Waltz (R-Fla.) and former Sen. Richard Shelby (R-Ala.). — Eileen Braden has been named the new head of U.S. government relations at JPMorgan Chase, where she'll be tasked with leading the integration of the bank's federal and state government relations. Braden joined JPMorgan in 2017 and previously led the bank's state and local government relations team. — M&T Bank Corp. has named Sam Mayper as a senior vice president of federal government relations. Mayper was previously a vice president at the Independent Community Bankers of America. — Evan Wolff is now a partner at Akin and co-head of its cybersecurity, privacy and data protection practice. He previously was a partner at Crowell & Moring. — Nick Weinstein is joining Cygnal as a pollster and principal. He previously was political director at the Republican Attorneys General Association and is a Daniel Cameron and Tom Reed alum. New Joint Fundraisers Silver and Shore Victory Fund (MITTEN PAC, Sen. Catherine Cortez Masto) Whitesides, Tran, Min JFA (Reps. George Whitesides, Derek Tran, Dave Min) New PACs Blue Ribbon PAC (Super PAC) Majority Democrats PAC (Hybrid PAC) Middle 60 PAC (Hybrid PAC)Acg Advocacy: Civicactions, Inc. Acg Advocacy: Lactalis Acg Advocacy: Vassar College Acorn Consulting: International Franchise Association Actum I, LLC: Housing For US Adams And Reese, LLP: Louisiana Endowment For The Humanities Adams And Reese, LLP: Ube C1 Chemicals America Amanda Kadilak: American Horse Council Ballard Partners: Dr. Jonathan Walker Bass Public Affairs: Mantra Ventures Limited Bgr Government Affairs: Alibaba Group Holding Limited Bgr Government Affairs: Intersystems Public Sector Corporation Bgr Government Affairs: Regeneron Pharmaceuticals, Inc. Bgr Government Affairs: Sur Holdings Bgr Government Affairs: The Depository Trust & Clearing Corporation Bgr Government Affairs: Universal Navigation Inc. Boundary Stone Partners: Impulse Labs, Inc. Breakaway: Bipartisan Policy Center Action Breakaway: Mr. Cooper Brownstein Hyatt Farber Schreck, LLP: Sunrun Inc. Buchanan Ingersoll & Rooney Pc: Middle East Forum Capitol Hill Consulting Group: Communications Eaton Corporation Capitol Hill Consulting Group: Johnson Controls International Cornerstone Government Affairs, Inc.: Allied Universal Security Services LLC Covington & Burling LLP: Xona Space Systems, Inc. Craig Jeffries: Homestyle Direct Craig Jeffries: US Urology Partners David L. Horne, LLC: Arnall Golden Gregory (For Cms) Faegre Drinker Biddle & Reath LLP: Curepsp, Inc. Fahmy Hudome International, Inc: Acuity International Fahmy Hudome International, Inc: Human Rights And Democracy Foundation Fahmy Hudome International, Inc: Orion Power Fahmy Hudome International, Inc: The Population Council Fahmy Hudome International, Inc: Veratis Limited Fahmy Hudome International, Inc: Wellspring Capital Group H.A. Cumber & Company, Inc.: Prologis, L.P. Harbinger Strategies, LLC: Petsmart LLC Iqom Strategic Advisors, LLC: Amphenol Corporation Jgb & Associates, LLC: Cornerstone Government Affairs Obo Allied Universal Security Services LLC Liberty Partners Group, LLC: Honest Health Marshall & Popp, LLC: Bridgebio Pharma Mayer Brown LLP: Ouraring Inc. Mehlman Consulting, Inc.: Cdw Corporation Mehlman Consulting, Inc.: The Research Foundation For The State Of New York Michael Best Strategies LLC: Nielsen Kellerman National Security Action: National Security Action Porter Group, LLC: United Cerebral Palsy Powers Pyles Sutter & Verville, P.C.: Service Coordination, Inc. The Halcrow Group LLC: Mtsi Troutman Stategies (Fka Troutman Pepper Strategies, LLC): Oracle America, Inc. Tsg Advocates Dc, LLC: Cigent Technology, Inc. (Formerly Known As Brett Hansen) Westmoreland160, LLC: Ravian New Lobbying Terminations Acg Advocacy: Jonathan Rose Companies Acg Advocacy: League Of Women Voters Of The United States Acg Advocacy: News Corporation Acg Advocacy: Solestiss Acorn Consulting: Tallgrass Barker Leavitt, Pllc (Ska Mr. James C. Barker): Beach Cities Health District Barker Leavitt, Pllc (Ska Mr. James C. Barker): Spread The Word Nevada Bgr Government Affairs: Care Action Now, Inc. Bgr Government Affairs: Nassau Health System Corp. Dentons US LLP: Skincure Oncology, LLC Exigent Government Relations: Tennessee Farmers Mutual Insurance Company Hart Health Strategies: Association Of Women In Rheumatology Heterodox Academy: Heterodox Academy Holland & Knight LLP: Inupiat Community Of The Arctic Slope Holland & Knight LLP: Northern Ponca Housing Authority Holland & Knight LLP: Ponca Tribe Of Nebraska Kinetic Solutions Group: Carbon Sink LLC Live Oak Strategies: Newsmax Mayer Brown LLP: US Chamber Of Commerce Mehlman Consulting, Inc.: Nomi Health, Inc. Monument Strategies, LLC: Hyosung Americas Strategic Health Care: Hackensack Meridian Health Strategic Marketing Innovations: 3D Glass Solutions, Inc. The Duberstein Group Inc.: Mastercard
The Hill
5 days ago
- Business
- The Hill
Coinbase launches ad campaign urging Congress to pass crypto market structure bill
Coinbase is launching a six-figure ad campaign urging Congress to pass legislation that would establish rules for regulation of the crypto market, as the House prepares to take up several crypto bills next week. The crypto exchange is placing print ads in the Washington Post and Wall Street Journal, as well as paid video ads on X and Facebook, calling on lawmakers to act on crypto legislation and pass the Digital Asset Market Clarity Act, also known as the CLARITY Act. '1in 3 small businesses use crypto. That number doubled in the last year. Still think this is just a phase?' one of the Coinbase ads says. 'America voted pro-crypto. It's time for Congress to act.' Coinbase is also placing ads at bus stops and billboards across Washington and will have a digital billboard truck driving throughout the city. It is trying to activate users in its app as well, providing them with a tool to reach out to their lawmakers. 'Consumer protections are sacred at Coinbase – that's what this campaign is about,' Kara Calvert, Coinbase vice president of U.S. policy, said in a statement. 'The CLARITY Act would enshrine a regulatory framework to protect crypto consumers into law, so that American customers, businesses and innovators alike can build and trade safely,' she added. 'Now is the time, and crypto voters are watching.' The House is poised to take up several crypto bills next week, in what leadership is calling 'crypto week.' This includes the CLARITY Act, in addition to the GENIUS Act and an anti-central bank digital currency bill. The GENIUS Act, which seeks to create a regulatory framework for stablecoins, passed the Senate last month. President Trump has urged the House to quickly pass a 'clean' bill and get it to his desk. The president's comments appear to have stymied an effort to formally tie the stablecoin bill to broader market structure legislation. However, the House still seems keen to move both measures at the same time. The CLARITY Act, which advanced out of the House Financial Services Committee and House Agriculture Committee last month, aims to divvy up oversight of the crypto market between two financial regulators — the Securities and Exchange Commission and the Commodity Futures Trading Commission. The White House and GOP leadership initially said they hoped to pass both stablecoin and market structure legislation by August. However, Senate Banking Chair Tim Scott (R-S.C.), Sen. Cynthia Lummis (R-Wyo.) and Bo Hines, executive director of Trump's Council of Advisors on Digital Assets, offered up a new timeline for market structure legislation late last month, aiming to pass a bill by the end of September.
Bloomberg
18-06-2025
- Business
- Bloomberg
GENIUS ACT Passes Senate Vote
Key stablecoin legislation passed with flying colors in the US Senate. The 68-30 vote on the widely followed GENIUS ACT marks a major win for issuers of the dollar pegged cryptocurrency, aiming to make it more mainstream. The bill is the first of its kind to pass the senate and would establish a firmer, regulatory environment for stablecoin if it passes the house. Coinbase VP of US Policy Kara Calvert has more on the story. (Source: Bloomberg)
CNBC
20-05-2025
- Business
- CNBC
Senate advances GENIUS Act stablecoin regulation bill on bipartisan vote: CNBC Crypto World
On today's episode of CNBC Crypto World, the Senate advanced the GENIUS Act stablecoin regulation bill on a bipartisan vote. Plus, JPMorgan CEO Jamie Dimon, a known crypto skeptic, said clients of the bank can now buy bitcoin. And, Kara Calvert, VP of U.S. policy for Coinbase, explains what the latest development involving the Senate's GENIUS Act means for the crypto firm and the industry as a whole.
Yahoo
09-05-2025
- Business
- Yahoo
Crypto industry brushes off failed stablecoin vote
The crypto industry is brushing off a failed vote on a stablecoin bill in the Senate, underscoring recent progress and the hope that this isn't the end of the line for crypto legislation. Democrats on Thursday blocked the Senate from moving forward with consideration of the GENIUS Act, which would create a regulatory framework for payment stablecoins. The bill was voted down 48-49, falling short of the 60 votes required to bring it closer to final passage. The vote was split almost entirely along party lines, after bipartisan support for the legislation fell apart last week. 'It's going to live to fight another day,' Kara Calvert, vice president of U.S. policy at Coinbase, told The Hill. 'Would I have liked to see the vote pass? Absolutely. Would that have made the day better? Absolutely. But I didn't walk away thinking this bill is going to die or this issue is going away,' she added. A contingent of crypto-friendly Democrats pulled support for the GENIUS Act after Senate leadership moved to expedite a vote on the legislation last week. The Democratic senators, several of whom voted to advance the bill out of the Senate Banking Committee in March, argued that Republicans had cut off negotiations prematurely. They said they still had concerns about provisions on anti-money laundering, national security and a handful of other issues and could not support the current version of the bill. The two sides engaged in several frantic days of negotiations and appeared to be nearing a deal Thursday morning ahead of the vote. However, several Democrats said they had yet to see new bill text. Sen. Ruben Gallego (Ariz.), the top Democrat on the Senate Banking Subcommittee on Digital Assets, asked to delay the vote until Monday to give senators more time. However, his request was rejected, and Democrats voted down the bill. Senate Majority Leader John Thune (R-S.D.), who lambasted Democrats for blocking the bill, ultimately changed his vote to no Thursday in a procedural move that allows him to bring the measure up again. Cody Carbone, CEO of crypto advocacy group The Digital Chamber, described Thursday's vote as a 'setback' but argued it is 'far from a defeat,' noting that leadership left open the door to reconsider the bill. 'Last-minute negotiations prove the momentum is real, and that lawmakers on both sides understand the urgency,' Carbone said in a statement. 'The Digital Chamber will keep working with Republicans and Democrats alike to get this across the finish line,' he added. 'Stablecoin legislation isn't a partisan issue, it's an economic and national security imperative. America can't afford to sit on the sidelines.' The Blockchain Association's Kristin Smith similarly said the crypto industry group was disappointed in the vote but was 'encouraged by the bipartisan engagement.' 'We urge that this debate continue in earnest and that our elected officials are reminded that the fundamental nature of stablecoin technology is both pro-consumer, providing access to 21st century financial technology, and pro-American, strengthening the global hegemony of the U.S. dollar,' she said in a statement. Crypto legislation has gained new momentum under the Trump administration and Republican leadership in Congress, with the president and GOP lawmakers making stablecoin and market structure legislation a key priority. Stablecoin legislation appeared to be sailing along prior to last week's partisan dispute. The GENIUS Act passed out of the Senate Banking Committee in March, while its House companion, the STABLE Act, advanced out of the House Financial Services Committee in April. However, President Trump's own crypto ventures also appear to be throwing a wrench in his legislative priorities. The president and his family have continued to grow their crypto portfolio in recent months, with their crypto venture World Liberty Financial announcing last week that its new stablecoin would be used to complete a $2 billion transaction between Emirati firm MGX and crypto exchange Binance. The announcement, along with Trump's other recent moves in the crypto space, have prompted concerns from Democrats that the president is attempting to profit off his office and opening up the U.S. government to foreign influence. It also provided new fuel for opponents of the GENIUS Act in the Senate, while prompting Democrats to walk out of a hearing on market structure legislation in the House earlier this week. The Bitcoin Policy Institute pushed back on some of Democrats' concerns with the stablecoin bill Thursday, arguing it contains strong anti-money laundering provisions and suggesting conflict of interest concerns could be addressed in follow-up legislation. 'Recent political opposition to the GENIUS Act is misplaced, as it contains robust anti-money laundering measures applicable to both domestic and foreign issuers, and any concerns regarding governmental conflicts or oversight are best handled in separate, targeted legislation rather than obstructing broadly beneficial and otherwise uncontroversial policy,' Zack Shapiro, the institute's head of policy, said in a statement. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
