Crypto enters primary season with wins at Ohio

This bodes well for cryptocurrency startups that are increasingly flexing their muscles around Washington and the campaign trail. This shows that policymakers on both sides of the aisle are increasingly viewing businesses and digital currency users as an important constituency.

Vance, a Donald Trump-endorsed venture capitalist, positioned himself as a digital currency ally during his campaign as he called for big tech companies to be broken up. He criticized a provision of last year’s Biden infrastructure law which imposed tax reporting requirements on crypto businesses and declared crypto was taking off in part because of concerns that governments could cut off individuals’ access to banking services “if you have the wrong policy”.

Mandel, a self-proclaimed bitcoin maximalist, also called the digital currency a safeguard against federal government power. Republican state Sen. Matt Dolan, another GOP primary candidate, was also a supporter, after guiding the bill’s language to allow Ohio businesses to keep records using of blockchains.

Ryan won the Democratic nomination after co-sponsoring legislation with probably the future president of the financial services of the Chamber Patrick McHenry (RN.C.) that would attempt to reduce the crypto tax reporting provision of the Infrastructure Act of 2021.

“We need to strike a balance between consumer protection and reasonable oversight while simultaneously providing these technologies and companies with the necessary space they need to grow, innovate and democratize the financial industry,” Ryan told about the bill, calling the legislation necessary. step to bring offshore crypto firms into the good graces of US regulators.

Ryan’s position is notable along with other senior Democrats such as Sens. Elizabeth Warren (D-Mass.) and Sherrod Brown (D-Ohio) criticize crypto as a growing financial risk.

Ryan’s progressive opponent, Morgan Harper, a former senior advisor to the Consumer Financial Protection Bureau, also struck a pro-crypto tone during her campaign.

Harper has leaned heavily into these positions with appearances in industry-friendly publications and podcasts where she has touted the asset class’s potential as a way to boost access to financial services among communities under -represented.

“One of the biggest problems in our society is too much centralized power in too few hands, which produces anti-competitive effects that entrench incumbents and prevent innovation,” she told Bitcoin Magazine, adding that it “primarily focuses on Bitcoin and its potential to disintermediate banks”. and serve as a store of value.




Politico

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