BlockFi lobbies to overturn record fine by SEC

Crypto lender BlockFi is the latest company in the crypto industry to hire lobbyists.

Earlier this year, BlockFi was fined a record $100 million by the US Securities and Exchange Commission and state authorities to resolve regulatory charges.

BlockFi has engaged a five-person policy team with law and lobbying firm Arnold & Porter Kaye Scholer.

The team includes partner Mark Epley and legislative and public policy practice group chair Kevin O’Neill.

The Crypto industry has been a growth sector for lobbying, with the industry spending $9 million on lobbying in 2021, per Reuters.

SEC Chair Gary Gensler said in February that the $100 million settlement made it “clear that crypto markets must comply with time-tested securities laws.”