Crypto companies are lobbying Congress for support on a proposed bill that would provide regulatory clarity for the industry and limit the power of the SEC. The bill, drafted by Republican chairs of the House Financial Services and Agriculture committees, would define when a cryptocurrency is a security or a commodity and expand the Commodity Futures Trading Commission's oversight.

Although Democrats are skeptical, crypto lobbyists are hopeful they can persuade other Democrats on the committees to support the bill. The industry is also taking steps to repair recent setbacks, including spending $6 million on federal lobbying and running a grassroots campaign to encourage crypto users to contact lawmakers.