The crypto industry has shattered all previous records for lobbying in 2024, dramatically impacting the U.S. presidential elections. As President-elect Donald Trump begins his second term, it’s clear that the influence of cryptocurrency has become a powerful player in American politics. Throughout key battleground states, crypto lobbyists heavily invested, especially in Ohio where Republican Bernie Moreno successfully dethroned Democrat Sherrod Brown.
Moreno’s victory came at a staggering cost of $40 million, a price tag supported by the crypto lobby to oust a prominent crypto skeptic who previously chaired the Senate Banking Committee. This win signals a significant shift in the political landscape, as the crypto lobby aims to remove obstacles and promote a more favorable regulatory environment.
Kristin Smith, the CEO of the Blockchain Association, expressed optimism, stating, “2024 marked a turning point for the industry in Washington, D.C. The crypto advocate is engaged, the crypto voter is real, and the industry is organized and mature.” This sentiment is echoed by many within the industry, who recognize the financial growth that has positioned them to exert greater influence than in previous years.
According to lobbying watchdogs, the crypto sector invested over $133 million this election cycle, a staggering increase from less than $3 million in the previous cycle. This major investment underscores the growth and mainstream acceptance of cryptocurrency within the political realm.
Part of this increased lobbying effort is attributed to rising public awareness and engagement with crypto issues in political discourse. As candidates, including Trump and Robert F. Kennedy Jr., began to embrace pro-crypto stances, lobbyists seized the opportunity to ensure supportive individuals were positioned in office.
The need for a unified approach to regulate cryptocurrency is paramount, as Vincent Wang, CFO of FLock.io, highlighted the need to resolve ongoing jurisdictional disputes between agencies like the SEC and FTC. As legislative efforts continue, industry leaders recognize that effectively communicating their needs is essential for shaping a future where crypto can thrive.
Despite the challenges posed by negative public perception following events such as the FTX collapse, many industry voices believe that proactive representation and a focus on building bipartisan support can restore trust in the sector. With a new wave of crypto-friendly legislators, there is great hope that innovative regulations can promote both growth and credibility within the industry.
As the 2024 elections conclude, there is renewed optimism that a regulatory framework tailored specifically for cryptocurrency will allow the industry to recover from previous damage and embrace a future filled with potential.
