Stablecoin push unleashes flood of crypto lobbying cash in US Congress

Lobbying over new guardrails for crypto stablecoins jumped for most of 2023, part of an overall surge in the industry’s spending to sway legislative outcomes on Capitol Hill.

The stakes around stablecoins are high because the tokens, which are supposed to be backed by safe and highly liquid assets like dollars or Treasuries, serve as the bridge between crypto and the traditional financial system. Federal regulation would lend legitimacy to the asset class that could lead to broader adoption.