Crypto Behemoth Digital Currency Group Files Registration to Become a Lobbyist
Crypto investment giant Digital Currency Group (DCG) has applied for one of its executives to lobby on behalf of the company.
An Aug. 15 filing shows DCG Vice President of Public Policy Julie Stitzel signing up as DCG’s representative to “support Bitcoin and blockchain companies by leveraging insights, networks and access to capital.”
DCG owns shares in a long list of the industry’s biggest heavyweights, including stablecoin issuer Circle, research firm Chainalysis, crypto exchange Coinbase and digital asset manager Grayscale.
As of September 2021, DCG had $50 billion in assets under management.
The filing will be the group’s first official attempt at 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 hide transactions with the aim of anonymizing the chain.
According to the Treasury Department, Tornado Cash is too often used to facilitate money laundering by criminals, including North Korean hackers. The developer was then arrested in the Netherlands.
The development sparked a response from crypto advocacy group Coin Center, which is now considering a legal challenge to the Treasury Department’s move.
“The Tornado Cash Entity does not have a proprietary interest in the Tornado Cash Application. It has no legal right to control that Application, and perhaps more importantly, it has no physical ability to control the Application. Moreover, this Application is not even ‘property’ in any reasonable sense of the word.”
Also in the works is the bipartisan Digital Commodities Consumer Protection Act of 2022 proposal.
Michigan Democrat Debbie Stabenow, who chairs the Senate Agriculture Committee, joined Arkansas Republican John Boozman in calling for the Commodity Futures Trading Commission (CFTC) to regulate crypto spot markets via a new asset class called “digital commodities.”
says Boozman,
“This fast-growing industry is currently largely governed by a patchwork of state-level regulations. It’s simply not an effective way to protect consumers from fraud.
Our bill would give the CFTC exclusive jurisdiction over the digital commodity spot market, which would lead to more safeguards for consumers, market integrity and innovation in the digital commodity space.”
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Featured image: Shutterstock/Tithi Luadthong/VELvector
