The crypto sector is ramping up efforts to influence U.S. politics and regulations, seeking to reshape its future in Washington.
Washington: The cryptocurrency industry is really stepping up its game. They spent a ton of money to support candidates who are friendly to crypto during the 2024 elections, and now they want to see some results.
They’re looking to kick out regulators they think are too strict and bring in people who will help crypto grow in the U.S. instead of holding it back. Coinbase, a big player in the crypto world, is pushing for President-elect Donald Trump and the new Congress to quickly pass a law that would make the Commodity Futures Trading Commission the main regulator for crypto.
Coinbase and a venture firm called Andreessen Horowitz were the top backers of a pro-crypto super PAC named Fairshake, which spent a whopping $173 million during the election. They really went after crypto skeptics, even spending $40 million to unseat a former Senate Banking Chair.
Now, Coinbase is putting in another $25 million into Fairshake as they gear up for the next election in 2026. Emilie Choi, Coinbase’s president, made it clear: “We’re just getting started.” They want every member of Congress to be on board with crypto.
The Biden administration hasn’t been too friendly to crypto, especially after the FTX collapse and the fraud case against its founder. This has led to some serious legal battles between the government and companies like Coinbase.
Choi is hopeful that Trump’s administration will change things up and end the “regulation by enforcement” approach. Trump has had a change of heart about crypto, too. He once said it wasn’t real money, but now he’s all in, even launching his own token.
His new team is filled with crypto supporters, including Paul Atkins, who will lead the SEC, and David Sacks, who will advise on AI and crypto. Choi admitted that a couple of years ago, the industry wasn’t organized enough on policy. They thought people would just see the good in crypto on their own, but now they realize they need to actively push for it.
In a chat with POLITICO Tech, Choi discussed Coinbase’s political goals and what it means to have Trump’s family involved in the crypto scene. You can catch the full interview on your favorite podcast platform.
