Crypto Industry Spends $8M Lobbying for Clearing Bill Passage

The cryptocurrency industry has spent over $8 million lobbying for the passage of the Clearing House Interbank Payments Committee (CHIPS) bill, also known as the 'Clearing Bill', in the first half of this year.

According to data, the efforts are part of a broader push by the industry to have the legislation passed and implemented. The bill aims to improve the efficiency and security of financial transactions between banks and other financial institutions.

The lobbying efforts have been led by various cryptocurrency companies, including those in the top ten market capitalization, such as Bitcoin (BTC).