Lobbying from the cryptocurrency industry and cryptocurrency advocates in the US Congress is booming. According to a report published on Tuesday by Public Citizen, the number of cryptocurrency-related lobbyists has grown from 115 in 2018 to 320 in 2021, while the number of representatives of the cryptocurrency industry itself has jumped from 47 to 157 during this time.
In February, that chorus was joined by the somewhat unorthodox Lobby3, “a project to fund effective political advocacy and educate lawmakers about the positive potential of Web3,” which is the brainchild of former US presidential candidate and New York City Mayor Andrew Young. The lobby is structured as a DAO with membership tokens available in three levels at a price of 0.07 ETH, 1 ETH and 40 ETH.
As the end of the March 10 token issuance draws near, Yang spoke to The Defiant about the lobby and Web3’s potential as a vehicle for social good.
“There is maturation and evolution going on,” Yang said. “I think most people at Web3 probably enjoyed the lack of regulatory scrutiny, but we need to know that the ship has sailed. People are currently getting letters from the Securities and Exchange Commission.”
The challenge now is to “prevent ill-conceived or overly loaded rules in the not-too-distant future,” Yang said. Specifically, he talked about the need for regulation to balance risk management and value creation, and said that ideally, crypto would not be regulated by the SEC, but by a new agency yet to be created.
One of the more concrete moves Yang mentioned was to co-host Blockchain 101 with a cryptocurrency forum “which we hope will bring together dozens” of members of Congress.
Yang has made Universal Basic Income, or UBI, the bar in his presidential campaign, and he said that “in my experience, 85% of people in [криптовалютном] community are in favor of one version or another of the BBD” because they “avoided this mindset”. scarcity and have achieved a sense of growth and abundance, and they want that for more people.” He pointed to GoodDollar and similar projects as examples of ongoing efforts to achieve UBI with cryptocurrency.
Lobby3 will also seek to create pilot programs to demonstrate the potential of Web3, which Yang defined as “all blockchain-based technologies, primarily NFTs and cryptocurrencies.” The lobby hoped to “create springboards” to expand financial inclusion “for certain communities, and then highlight how useful it was.” Yang did not provide specific examples of this process.