At the end of three hours Hearing Last month, Sen. Reuben Gallego, a Democrat from Arizona, sided with a group of Republicans amid a heavily contested debate. He voted to advance the Genius Act, a bill backed by the cryptocurrency industry.
“It’s clear that digital assets will stay,” Gallego said. I said After a hearing of the Senate Banking Committee. Breaking past the top Democrats on the committee, he called the bill “a step in the right direction.”
The 18-6 votes were preliminary and advanced a bill that required approval from the Senate as a whole. But in the crypto world, it was celebrated as a moment of proof.
Gallego is part of the Congress’s increasingly influential cohort. He is a large beneficiary of the crypto industry. In last year’s tight Senate race, he supported $10 million from Super PACS, funded by three large crypto companies, including the Coinbase Digital Currency Exchange. Money funded an ad promoting Gallego military service and support Border enforcement.
Now, he and dozens of other lawmakers supported by Super PACS are taking steps to advance crypto priorities in Congress, passing the industry a series of long-awaited victories with an extensive history of fraud and volatility.
Source: www.nytimes.com