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.
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!