TETHER ADDS DEM LOBBYING SUPPORT: Crypto giant Tether is among the many financial interests that have tried but failed to get a landmark crypto bill through Congress and to President Donald Trump’s desk — in part because of resistance from Democrats. Hoping for a better result as the bill comes up for a vote in the Senate, the El Salvador-based issuer of the top stablecoin in the world is boosting its Democratic representation on K Street.
— Tether, known as a “crypto darling” on the right, has brought on four lobbying firms so far this year, including Miller Strategies, Ridgeline Advocacy Group and Jucundus Business Services — additions that made its roster of hired guns overwhelmingly Republican.
— Cue a Democratic newcomer. Lilette Advisors, the firm started last year by alumni of former President Joe Biden, began working for Tether on the GOP-led GENIUS Act beginning on May 6, according to a disclosure filing. Ankit Desai, who worked for Biden during his time in the Senate, is listed as the sole lobbyist on the account.
— Days earlier, a group of pro-crypto Democrats abruptly announced their opposition to the bill, which would create the first federal regulatory framework for cryptocurrencies like stablecoins, which are pegged to the dollar.
— Despite bipartisan support for the measure coming out of the Senate Banking Committee, top Democrats including Senate Minority Leader Chuck Schumer raised a number of concerns — including its treatment of foreign issuers like Tether, which does not currently serve U.S. customers.
— After tanking a procedural vote on the measure, Democrats won stronger anti-money laundering and foreign issuer provisions in the bill, leading several holdouts to vote to advance the amended version last week. It’s set to come up for a final vote after the Memorial Day recess.
MORE NEW BUSINESS: Prescription-drug discount provider GoodRx has resumed lobbying Washington and added a new outside lobbying shop. Gary Kline, who joined GoodRx in April to lead its D.C. office, registered this week as the platform’s first in-house lobbyist since 2023, according to disclosure filings.
— GoodRx has also hired Continental Strategy’s Tim Costa and Chris Miles to “advocate and facilitate meetings regarding digital platforms and healthcare costs” as the company gets into online over-the-counter drug sales.
— “‘Abruptly ending the energy tax credits would threaten America’s energy independence and the reliability of our grid,’ Tesla Energy, the company’s solar and battery division, wrote on X.”
— The division, which James writes “has has seen faster growth and higher profits than its vehicle business in recent years,” urged senators to include “sensible wind down” of residential solar and clean electricity investment credits from the Inflation Reduction Act in their changes to the House-passed reconciliation bill.
— Musk, who said this week he’s withdrawing from his role at DOGE, has previously supported ending all government subsidies — even arguing that Tesla would actually see a boost from the end of EV incentives. He “later amplified [Tesla Energy’s] message on his personal X account, along with a post from another user that said ‘slashing solar energy credits is unjust.'”
MORE LAYOFFS AT PURPLE: Brand reputation and public affairs firm Purple Strategies announced another round of layoffs this morning, just months after laying off 10 percent of its staff.
— “Political disruption, business uncertainty, financial pressures, and new rules of influence are reshaping the world,” Kristen Morgante, Purple’s managing partner and COO, said in a post on LinkedIn, writing that social media and artificial intelligence have “democratized” the “ability to challenge power,” prompting the need for an overhaul of the firm.
— Morgante said that Purple will be sharing “new developments,” including new partnerships and predictive data capabilities, but noted that “the very difficult part of this transformation is that it involves parting ways with several of our team members.”
— The latest cuts did not come as a huge surprise to some in the firm, one person familiar with the matter told PI. In February, the firm laid off 18 staffers from its content, creative, media planning and buying teams, in what leaders said was meant to better position the company to compete in Washington.
— But the changes foreshadowed as a result of those cuts didn’t materialize, while new business slowed, according to the person. It’s not clear how many employees were affected by the most recent cuts. Morgante did not respond to a request for comment.
ICYMI — REMITTANCE TAX TRIGGERS FINTECH PUSHBACK: “Industry groups representing fintechs, payment businesses and banks are dialing up their public opposition” to a provision in the House-passed reconciliation bill that would slap a new tax on remittances sent abroad by non-U.S. citizens, per POLITICO’s Sam Sutton.
— “On its face, the measure raises revenue from immigrants who send money out of the country. Trump has suggested he’d like to ‘shut down’ the outward flow of funds sent by undocumented immigrants, and top Republicans like GOP Policy Committee Chair Kevin Hern of Oklahoma have identified those transactions as a way to boost funding for national security projects.”
— In a letter to top congressional tax writers this week, the American Fintech Council argued the language “would have a ‘disproportionate impact on already-marginalized communities seeking to contribute to the U.S. economy’ and expressed concerns about how it’s inconsistent with existing state-level regulations,” Sam reports.
— It “represents an escalation in industry-level pushback to the controversial remittance tax. Many Wall Street and financial industry groups have refrained from airing their specific grievances with Trump’s legislative agenda, but the AFC’s missive suggests that opposition to major components of the bill will grow in the coming weeks as Senate lawmakers plan substantial revisions to the legislation passed by House Republicans.”
— In another letter objecting to the provision sent Wednesday, AFC was joined by six other trade groups including another fintech lobby, the Financial Technology Association, and the Electronic Transactions Association, whose members include JPMorgan Chase and Visa.
— Lisa Costello is retiring from her role as vice president of political affairs at the National Multifamily Housing Council after 11 years with the trade group.
— Kevin Barstow has joined O’Melveny as a partner in the health care practice and congressional investigations team. He was most recently senior counsel and assistant to Biden and is an HHS, Commerce Department, House Energy and Commerce and Senate Aging Committee alum.
— Andy Slavitt will be co-chair of the Health Care Payment Learning and Action Network Executive Forum. Slavitt was acting CMS administrator during the Obama administration and a senior adviser on the Biden White House’s Covid response team.
— Emmy Ruiz is joining Somos Votantes as senior adviser. She previously was senior adviser to the president and director of the office of political strategy and outreach in the Biden White House.
— NewDEAL is adding Natasha Dabrowski as chief of staff, Christian Hall as press secretary and Alex Chanen as leader services manager.
— Vedant Patel is now a senior vice president in SKDK’s public affairs practice. He previously was principal deputy spokesperson at the State Department.
— Melanie Fonder Kaye has joined the National League of Cities as senior executive and director of digital engagement, marketing and communications. She previously was deputy assistant to the secretary of Defense for strategic engagement and is a Jill Biden alum.
New England Democratic Victory Fund (New Hampshire Democratic Party, Rhode Island Democratic State Committee, Maine Democratic Party, Vermont Democratic Party, Massachusetts Democratic State Committee – Fed Fund, Connecticut Democratic State Central Committee)
The Next 50 Victory Committee (The Next 50 PAC, The Next 50 Enterprise Fund, The Next 50 Alumni PAC)
None.
Bradley Arant Boult Cummings LLP: Montgomery Airport Authority
Catalyst Global Strategies, LLC: The Roosevelt Group (On Behalf Of Air Tractor Inc.)
Collective Strategies & Communications (Formerly Collective Communications LLC): Flash Forest Inc.
Continental Strategy, LLC: Goodrx, Inc.
Corcoran & Associates, Inc. Dba Corcoran Partners: Mutualink, Inc.
Cornerstone Government Affairs, Inc.: Georgia Hospital Association, Inc.
Elevate Government Affairs, LLC: Atomic Machines, Inc.
Elevate Government Affairs, LLC: Cirrus Design Corporation
Elevate Government Affairs, LLC: Spokane Airport Board
Fgs Global (US) LLC (Fka Fgh Holdings LLC): Ccf Community Initiatives Fund
Mcguirewoods Consulting (A Subsidiary Of Mcguirewoods LLP): African American Alliance Of Cdfi Ceos
Mercury Public Affairs, LLC: The Kinetic Group Operations LLC
Mindset Advocacy, LLC: Century Aluminum
Mr. Robert Francis Mcdonnell: Tri-City Properties, L.L.C.
Ridge Path Strategies: Business Software Alliance, Inc.
S2R, LLC: Stillwater Mining Co. (D/B/A Sibanye-Stillwater)
Thorn Run Partners: Moore Nanotechnology Systems
Williamson Law + Policy Pllc: Coalition For The USe Of Safe And Efficient Refrigerants
Winning Strategies Washington: Integrity House
Eqv Strategic: Boehringer Ingelheim Animal Health USa Inc.
