The National Football League has been lobbying the SEC over blockchain technology

0
86


nfl commissioner roger goodell

Kirby Lee-USA TODAY Sports | Reuters

The National Football League lobbied the Securities and Exchange Commission on “issues related to blockchain technology” from July to December of last year, according to disclosure reports.

Records indicate the lobbying campaign marks the first time the NFL has attempted to influence the government agency that oversees financial securities. The league spent more than $600,000 lobbying both houses of Congress and various government agencies, including the SEC, during the second half of 2021, according to reports.

Beyond the SEC, the NFL lobbied the White House Office, the Justice Department and the Commerce Department. The NFL targeted those government entities for a wide range of issues, including “federal regulation of sports betting,” according to the documents.

The forms do not provide further details about the NFL’s lobbying efforts.

cryptocurrencies like bitcoin they are built on top of something known as a blockchain, which acts like a digital ledger that keeps track of all transactions of a particular token. This global online database is accessible to anyone with an Internet connection and is maintained by an international network of people who help verify blocks of transactions.

The NFL, led by commissioner Roger Goodell, is trying to determine if cryptocurrencies can be an integral part of the league’s business, experts say. the nfl currently receives about $10 billion in annual income.

At last year’s NFL owners meetings in New York, officials said CNBC that crypto-related deals are still being vetted.

The NFL has partnered with the National Football League Players Association and Dapper Labs to “create featured digital video NFTs (non-fungible tokens) exclusively for NFL fans,” according to the NFL. a september announcement. Numerous NFL stars have already become involved with crypto, including retired quarterback Tom Brady, Green Bay Packers quarterback Aaron Rodgers and Rams star wide receiver Odell Beckham Jr.

The SEC, chaired by Gary Gensler, has been trying to figure out how to regulate various forms of crypto.

For monthsGensler has promised to deliver a set of formal rules to oversee the crypto market. The head of the SEC has said that these guidelines would be designed with an eye toward protecting investors, but there are currently without explicit proposals.

In the absence of formal ground rules, Gensler has intervened on a case-by-case basis, defining what are registered securities and therefore under his jurisdiction. That sometimes includes certain crypto investments and platforms.

The agency, for example, has repeatedly refused to approve a bitcoin-based exchange-traded fund for concerns related to investor protection and the potential for fraudulent trading.

The NFL and SEC did not respond to requests for comment prior to publication.

CNBC Politics

Read more about CNBC’s political coverage:

Crypto is scheduled to be highly publicized during Sunday’s Super Bowl game between the Los Angeles Rams and Cincinnati Bengals. It is said that several cryptocurrency companies I have spent millions to promote your products.

The NFL lobbyists listed in the disclosure reports are two veterans of the Capitol.

Brendon Plack was hired by the league in 2019 to be its senior vice president for public policy and government affairs. Before assuming that role, he was chief of staff to then-Senate Majority Leader John Thune, RS.D.

The league’s second executive, Jonathan Nabavi, was hired in 2017 and is currently another leader in the NFL’s government affairs office, who once worked with Sen. Chuck Grassley, R-Iowa, when the lawmaker was chairman of the Committee. Senate Judiciary.

– CNBC’s Jabari Young contributed to this report.

.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here