Crypto industry seeks to build momentum after losing Senate fight

Cryptocurrency leaders say that even though they failed to change language related to the regulation of their industry in the Senate’s bipartisan infrastructure bill, the heated floor fight over it underscores their growing power in Washington.

They’re gearing up to use that momentum to push back on the bill in the House and take the lead on future cryptocurrency rules.

“I think we were an unexpected force to be reckoned with,” said Kristin Smith, executive director of the BlockChain Association.

The industry group, along with crypto companies and digital rights advocacy groups, created a joint front to push back on a provision in the bill that they argued included an overly broad definition of “broker” that would sweep in regulations for software developers and so-called miners.

“We were able to sort of work outside of some of our traditional allies and build a bigger coalition, and one that we think, despite not getting it across the finish line in the end, was actually pretty effective,” Smith said.