Isn’t it ironic how the media is suddenly cozying up to the cryptocurrency sector after spending years labeling it as the Wild West of finance? Now, with $131 million in political contributions this election cycle, the crypto industry has successfully positioned itself as a major player in Washington, and all signs point to an even friendlier Capitol Hill under Donald Trump’s administration.
Let’s cut through the noise. The crypto lobby’s game plan is clear: replace the SEC chair Gary Gensler—whose aggressive oversight infuriated crypto CEOs—with someone who won’t stand in the way of their plans. Industry insiders are also pushing for Congress to establish a regulatory framework that brings digital currencies into the mainstream financial system. They’re doing this not for altruistic reasons but because they know their survival depends on it.
It’s working. The election delivered a Congress stacked with pro-crypto lawmakers—274 in the House and 20 in the Senate, according to Stand with Crypto. Bipartisan spending ensured wins across the board, including Democrat senators like Elissa Slotkin in Michigan and Ruben Gallego in Arizona. It’s no coincidence that crypto’s bipartisan strategy is yielding results, a mere two years after the FTX scandal left the industry scrambling to recover its reputation.
With Trump’s win, Bitcoin prices surged, signaling market optimism for pro-crypto policies. And why wouldn’t they? Trump has transformed from a crypto skeptic to an enthusiast, even dabbling in NFTs and launching a cryptocurrency venture, World Liberty Financial. It’s not just rhetoric either. Trump has vowed to oust Gensler and establish the U.S. as the “crypto capital of the planet.”
But it’s not just the Trump team that’s rallying behind digital assets. Heavyweights like Elon Musk and venture capital titans Marc Andreessen and Ben Horowitz are funneling millions into pro-crypto super PACs. Musk, tapped to lead Trump’s Department of Government Efficiency, even offered a tongue-in-cheek nod to Dogecoin with the department’s abbreviation, DOGE.
And let’s not forget the Winklevoss twins, who each shelled out $250,000 to Trump’s PAC and donated another million in Bitcoin. Clearly, crypto’s backers are betting big on Trump’s administration shaping a regulatory landscape favorable to their ambitions.
The crypto industry insists it’s not trying to skirt regulation but seeks clarity to innovate without fear of arbitrary enforcement. Colin McLaren, from the Cedar Innovation Foundation, underscored this, saying builders need clear rules to succeed. However, critics like Robert Weissman of Public Citizen argue the industry’s influence campaign could leave consumers vulnerable, with legislation shifting oversight from the SEC to the more lenient Commodities Futures Trading Commission.
It’s hard to ignore how crypto PACs have already influenced policy discussions. Earlier this year, their $10 million spend targeting Democrat Rep. Katie Porter—an ally of crypto skeptic Sen. Elizabeth Warren—helped derail her Senate primary. Meanwhile, $40 million went to back Republican Bernie Moreno in Ohio, who ousted a Democrat calling for stricter regulations.
This isn’t a short-term strategy. With $78 million already in the war chest for the 2026 midterms, the crypto industry is making it clear they’re here to stay. Coinbase’s policy chief, Kara Calvert, stated plainly, “We have to invest year after year.” Translation? This isn’t just about 2024; it’s about cementing crypto as a permanent powerhouse in Washington.
Critics can scoff, but the numbers don’t lie. With over 52 million Americans holding digital assets, crypto is no fringe industry. It’s a juggernaut reshaping politics and economics, whether the media likes it or not. The question now is not whether crypto will thrive under Trump but how far it can push its agenda.
Buckle up, Washington. Crypto isn’t just knocking on the door; it’s already inside, rearranging the furniture.