The lack of consensus among Democrats means it's unlikely Congress will act anytime soon to pass major legislation on the direction of regulation of the new market.

The clash can be explained in part by cryptocurrency’s growing influence in Washington and in members’ districts. The industry is amassing an army of lobbyists and recruiting former Democratic lawmakers and regulators to advance its cause. It comes as crypto startups have set up shop across the country, with state and local leaders seeking to become the home for the businesses and the jobs.

  • alyaza [they/she]@beehaw.orgM
    7·
    3 years ago

    leave it to politico to talk about “the left” and then mean people like ritchie torres, an ardent zionist and a person who has actually disappointed many of the progressives who elected him because he was supposed to be the “sane” alternative to a conservative democrat but himself does basically nothing progressive

    But a new generation of progressives — and a number of other senior Democrats — are embracing the startup industry. They’re arguing against regulations that could stifle what proponents say is a new avenue for financial inclusion and a breakthrough alternative to traditional banks.

    “The project of radically decentralizing the internet and finance strikes me as a profoundly progressive cause,” Rep. Ritchie Torres (D-N.Y.) said in an interview. “You should never define any technology by its worst uses. … There’s more to crypto than ransomware, just like there’s more to money than money laundering.”

    • pinknoise@lemmy.ml
      7·
      3 years ago

      There’s more to crypto than ransomware

      Yeah: gambling, drugs, weapons, money laundering and regular ransoms lol

    • DPUGT2@lemmy.ml
      2·
      3 years ago

      The trouble is that banks are a useful tool to control people. How can Democrats ever support anything that might undermine those banks? Crypto bad, KYC good!