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Embattled by a U.S. Securities and Exchange Commission (SEC) crackdown, crypto companies are making a renewed push on Capitol Hill to drum up support for legislation they hope will rein in the agency and provide regulatory clarity for the industry.
The Blockchain Association, Chamber of Digital Commerce, Crypto Council for Innovation, and Coinbase Global are among the groups knocking on doors in Congress to build bipartisan support for a draft bill ahead of a key vote in coming weeks, said half a dozen executives and lobbyists.
There's no easy answer for cryptocurrency regulation, as lawmakers, the SEC and the industry weigh in on the debate with differing opinions.
Some lawmakers and industry players are worried that the U.S. is falling behind other countries when it comes to regulating digital assets.
ALSO: CoinDesk market analyst Glenn Williams writes that a decrease in the number of bitcoin addresses with a balance of more than 1,000 bitcoins suggests that large, institutional investors are reluctant to add to their coffers.