Crypto Firms Eye Washington Lobbyists

During the 2024 election, the cryptocurrency industry staked a massive wager on political lobbying.

The bet paid off handsomely: Three super PACs funded by crypto entrepreneurs and venture capitalists spent $133 million to elect politicians who supported the cryptocurrency industry.

Using the funds, President Donald Trump went from being a sceptic to a Bitcoin advocate, and Ohio Senator Sherrod Brown, a longtime Democrat, was ousted from the Senate.

Crypto candidates from the two main parties won every one of the 48 down-ballot contests.

Coinbase has already stated that it will donate $25 million to Fairshake, a PAC that backs candidates who are pro-crypto, in preparation for the election in two years.

Those involved in crypto's political strategy are thinking in terms of years, not months. Fairshake will be very much involved even into the 2026 campaign.

Beyond the long-term planning, now, with the new Trump administration showing support for digital assets, more and more crypto companies are looking to hire powerful lobbyists or policy experts to help them shape policy in Washington.

Companies and organizations engage in lobbying when they want to have an impact on government policymaking. Lobbyists are paid to have political connections and influence in order to advance their clients' cause.

Lobbying, although some may find morally questionable, is really an essential aspect of government practice since it is a completely legal procedure that is even allowed by US law.

On the other hand, lobbying is still seen by some as an undesirable aspect of contemporary policymaking since it grants powerful organizations and corporations a say in government that average citizens do not.

Lobbying continues unabated across all industries and sectors as firms strive to influence politics in their favour, regardless of public concerns.

So, industries using new tech like blockchain and cryptocurrencies often have to lobby to get into the American market and establish themselves in the economy as a whole.

A change in a sector that has traditionally avoided Washington is the need for employees with knowledge of government relations and policy.

The crypto business has never been more important to remain in the loop with politicians and the executive branch since the election of pro-crypto President Donald Trump.

Every company, ranging from startups to well-established ones, is striving to maintain a competitive edge.

Uniswap, Jump Trading, Kraken, IOHK, and Solana Foundation are among the crypto companies that have recently shown interest in recruiting influential lobbyists or policy specialists.

Specifically, several cryptocurrency firms are on the lookout for candidates who can use their connections to Trump and lawmakers on Capitol Hill to their advantage.

One of the most well-known Bitcoin mining companies, Riot Platforms, is looking to hire a director and a manager of public policy to work under Brian Morgenstern, the current head of public policy in Washington.

This comes when numerous Bitcoin companies are attempting to gain favour with Trump and his administration by contributing to his campaigns and conducting meetings at Mar-a-Lago.

This prompted numerous corporations that were less engaged in the campaign to hastily participate.

Galaxy Digital Holdings and Uniswap Labs were among the industry's first Crypto Ball sponsors in Washington, D.C., earlier this year; both companies largely donated to Democratic politicians in November.

Crypto honchos networked with notable attendees, including Congressional staff members and David Sacks, the White House's newly appointed advisor on artificial intelligence and cryptocurrency.

Trump has recently promised to promote bitcoin-friendly regulators and loosen regulatory limits in order to support the cryptocurrency industry.

A working group was formed to advise the White House on digital asset policy, as part of an executive order that Trump enacted on January 23 on artificial intelligence and cryptocurrency.

A bill is being drafted at this time. Stablecoins are a kind of cryptocurrency that have less volatility than other tokens.

On Tuesday, Senator Bill Hagerty introduced a bill to create a framework for them.

Ondo Finance, a decentralized crypto business, is one of several companies that is now recruiting for entry-level policy roles.

First director of policy at cryptocurrency wallet startup Exodus is Tim Hite, a former senior counsel on the Subcommittee on Digital Assets, Financial Technology, and Inclusion.

Another group is assembling their squads.

Circle, an issuer of stablecoins, recently advertised for a Senior Manager of Global Policy and Government Affairs, and in October, crypto exchange Kraken appointed Michael Lukso to the position of Director for the Americas for Policy and Government Relations.

The Bitcoin advocates in Silicon Valley are, unsurprisingly, seeing a bright future. Even before the September announcement of President-elect Trump's crypto business, the GOP's 2024 platform stated that it will "defend the right to mine Bitcoin."

This statement further solidified the party's complete embrace of crypto.

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