Crypto Gloss

Crypto Lobbying

Cryptocurrency lobbying has become one of the fastest-growing segments of Washington’s political influence industry. From near-zero in 2018, crypto companies and trade groups spent over $140 million on US lobbying and political contributions in the 2023–2024 election cycle — more than the oil and gas industry in the same period. The industry’s political surge was driven by the threat of SEC enforcement under Gary Gensler and Congressional battles over landmark digital asset legislation.

Key Organizations

The following sections cover this in detail.

Blockchain Association

Coin Center

Stand With Crypto Alliance (Coinbase-backed)

Fairshake PAC

Major Legislative Battles

The following sections cover this in detail.

FIT21 Act (2024)

Stablecoin Legislation

The Gary Gensler Years (2021–2024)

2024 Election Impact

The 2024 US presidential election was widely called the first “crypto election”:

  • Fairshake PAC targeted crypto-hostile representatives in primaries — several were defeated
  • Trump campaigned explicitly on making the US a “crypto capital” and pledged to fire Gensler (who later resigned)
  • Over $135 million in crypto political contributions were documented — the highest ever for any single-industry group in a cycle
  • Both major party platforms included crypto-relevant planks for the first time

International Lobbying

Crypto lobbying isn’t solely a US phenomenon:

  • EU: Lobby efforts by Coinbase, Binance, and Circle shaped MiCA’s final form
  • UK: CryptoUK trade body engages with FCA and Treasury on digital asset regulation
  • UAE: Industry has lobbied for VARA’s permissive framework

Related Terms

Sources

  1. Opensecrets.org (2024). “Crypto Industry: Lobbying Data 2023–2024 Cycle.” Center for Responsive Politics.
  1. Blockchain Association Annual Report (2023).
  1. Orcutt, M. (2024). “How Crypto Became a Major Political Force.” MIT Technology Review.
  1. Coin Center (2022). “OFAC’s Sanctions Against Tornado Cash Are Overreaching.” Policy Analysis.
  1. Schiller, B. (2024). “Crypto Spent Big to Elect Pro-Crypto Politicians. It Worked.” Wired.