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Considering its latest move of filing an LDA, Digital Currency Group could be doing more lobbying in the coming times.
Crypto investment firm, Digital Currency Group (DCG) has handpicked one of its top executives, Julie Stitzel to be its lobbyist with the Federal Government of the United States. This follows after the firm filed the lobby in line with the Disclosure Act of 1995 on Monday. According to the filing, Stitzel, who is the group’s vice president of public policy, will lead DCG’s cause in the times leading up to the 2022 midterm elections.
Digital Currency Group Looks to Make Customer Interest a Priority
With over 150 crypto firms under its umbrella, DCG has clarified its business in the Disclosure Act. It says it deals with Bitcoin and other blockchain-based companies. However, the group also clarified the exact method of involvement in the business. That is, by offering support, whether in the form of capital or providing insights and network access.
Stitzel recently joined DCG, May precisely, after serving as Head of Bitcoin Policy at CashApp. So, the move might be an indicator that DCG is looking to do more lobbying in the times ahead. Not to mention that her vast experience will also be pivotal to DCG’s bidding.
Routinely, lobbyists represent the bridge between lawmakers or government and their customer base. And they are usually required to report their firm’s business activities on an annual basis. But this is usually done in a way that represents the best interest of their customers. Essentially, this means that their role may include applying pressure on lawmakers to pass laws that are favourable to clients.
Meanwhile, one of the largest branches of Digital Currency Group – Grayscale, is also at loggerhead with the US Securities and Exchange Commission (SEC). In June, Grayscale sued the SEC over the regulator’s disapproval of its spot bitcoin exchange-traded fund (ETF). Although the case is still in court and a final decision is yet to be reached, Grayscale has been beefing up its team of legal representatives.