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BlockFi hires lobbyists to streamline talks with policymakers

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Renowned crypto lending platform BlockFi has hired lobbyists from Arnold & Porter Kaye Scholer LLP to work on regulatory and tax policy for financial service providers on digital assets, Reuters reports. reported.

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BlockFi has formed a five-member policy development team with Arnold & Porter. The team includes Arnold & Porter partner Mark Epley and Kevin O’Neill, chair of the law and public policy group at the law and lobbying firm.

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By acquiring the services of Arnold & Porter, BlockFi has become the latest crypto firm to hire lobbyists.

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Arnold & Porter will become BlockFi’s alter ego, helping the company negotiate industry interests with lawmakers, Epley said.

He pointed out that politicians are not interested in listening to individual players in the market, but lobbyists can help in such negotiations. Epley said that while Arnold & Porter has other clients interested in cryptocurrencies, it is not currently lobbying for any other company.

Stepping Up Efforts to Find Common Ground with Legislators

A spokesperson for BlockFi said:

BlockFi believes that appropriate regulation is the key to the success of the industry.

The spokesperson added that the company is committed to working with policymakers to help define the regulatory and tax environment for digital assets.

The news comes after BlockFi agreed to pay $100 million to the U.S. Securities and Exchange Commission (SEC) and 32 states after it failed to register its loan product. This fine set a record as the highest fine ever paid by a crypto firm. The SEC took $50 million of the $100 million.

In addition to BlockFi, several crypto companies are involved in lobbying. These include Coinbase, Ripple Labs, Blockchain Association, Stellar Development, Chamber of Digital Commerce, Coincenter, and Coinflip, just to name a few.

In 2021, crypto companies have spent a whopping $9 million on lobbying activities. Coinbase, Ripple Labs, and the Blockchain Association were the top donors, with Coinbase spending $1.5 million. Ripple Labs followed, spending $1.1 million. On the other hand, Blockchain Associated parted ways with $900,000.





Credit : cryptoslate.com

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