Crypto Industry Boosted Lobbying to Pass Coveted Stablecoin Bill

Crypto companies and advocates of digital assets boosted their lobbying this year to ensure passage of landmark legislation, delivering the nascent industry its first major policy victory in Washington.

The firms reported spending $6.9 million in the second quarter, congressional disclosures show, a 21% increase over their outlays in the previous three months. The expanded spending came as Congress advanced industry-backed bills, including stablecoin legislation that President Donald Trump signed into law last Friday.

During the run-up to the bill’s passage by the House of Representatives — during what Trump dubbed “crypto week” — Bitcoin roared to record highs, breaching ...