(Bloomberg) About a dozen crypto firms that include Blockchain.co and Digital Currency Group are spending in excess of $100,000 per month to lobby for favorable digital asset rules in New York city.
The lobbying is part of efforts to make New York a “crypto capital,” with the firms said to eye up to $1.5 million for the objective.
Crypto firms, including those that do not operate in New York, believe that the laws formulated in the city could influence other rules in the US.
The move by the crypto firms is also seen to wither regulatory impasse in the city since New York has some of the toughest regulators in the world. The firms are mindful of the regulatory tussles that have hit tech firms such as Uber Inc and Airbnb in the city.
Blockchain.com chief business officer has emphasized the need for crypto firms’ representation in the city. He says among crypto bills in the US that Blockchain is tracking, around 96 of them were introduced this year.
Crypto firms say the rule lobbying can be equated to a pre-emptive strike, as they want to be involved as regulations develop.
The move happens when New York continues to embrace crypto technology even as the state leads others in seeking rules around digital assets.
BTCUSD is up +1.21%.
