The relationship between cryptocurrency and Washington is rapidly evolving, with the industry playing a more active role in U.S. politics, marking a shift from outsider status to an increasingly influential presence at the federal level. In this week's "Byte Insights" program, we explore how lobbying, political spending, and access are reshaping the presence of cryptocurrency on Capitol Hill, and what this might mean for decentralization, market competition, and future policies.
Recently, President Biden's pardon of Binance co-founder Changpeng Zhao catalyzed this discussion, raising questions about whether the expanding political footprint of cryptocurrency is driving outcomes. While some industry insiders describe the case as government overreach, critics point to lobbying pressure and high-level relationships as evidence of influence expansion.
Against this backdrop, cryptocurrency advocacy in Washington has accelerated sharply. According to data shared with Cointelegraph, lobbying expenditures by cryptocurrency-related entities have surged significantly since 2021.
"I would say we really saw a significant leap starting in 2021," said Brendan Glavin, Director of Insights at OpenSecrets. "Before that, the industry… never spent more than $2.5 million in a year, and then it jumped to $8.5 million in 2021." Glavin noted that it has continued to grow exponentially since then.
Glavin pointed out that this pattern reflects the trajectory of other emerging industries gaining regulatory attention.
This engagement is no longer limited to traditional lobbying. In the 2024 election cycle, cryptocurrency groups have adopted a campaign-focused strategy.
"What cryptocurrency interest groups are doing in 2024 is saying, we’re not going to donate to candidates… Our main focus will be to form our own super political action committee," Glavin said. According to OpenSecrets data, the largest cryptocurrency political action committee, Fairshake, raised over $260 million and spent $195.8 million in the 2023-24 election cycle.
New developments suggest that this trend may accelerate. In addition to political action committees, stablecoin issuer Tether is considering establishing a U.S. entity capable of making direct political donations ahead of the 2026 midterm elections.
Meanwhile, Bloomberg reports that the industry has amassed approximately $263 million in expected political capital for this election cycle, rivaling traditional powerhouses like oil giants.
This activity has raised concerns about concentrated influence, especially when well-funded participants gain access opportunities that smaller builders may lack.
"You create a situation where existing participants… will only concentrate their control because they have the ability to hire staff or have their voices heard," Glavin warned.
Related: Trump defends the pardon of CZ: Doesn’t know the crypto executive, but his sons are "involved"
Original: “Cryptocurrency Industry Gains Political Footing in Washington as Lobbying Surges”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
