In 2024, the crypto industry set new records in political lobbying, spending over $133 million to influence key races during the elections. A significant outcome was the election of Republican Bernie Moreno in Ohio, who defeated crypto skeptic Sherrod Brown, previously the chair of the Senate Banking Committee. Kristin Smith, CEO of the Blockchain Association, emphasized that the industry is now engaged and organized, reflecting a turning point in its political involvement. Factors contributing to this lobbying surge include the industry's financial growth and increased public awareness of crypto. Lobbyists aim to resolve ongoing jurisdictional disputes among various governmental agencies, which have historically hindered the industry. Additionally, following the FTX collapse, there is a strong emphasis on repairing public perception through proactive political representation. Industry leaders acknowledge that rebuilding trust is critical for fostering bipartisan support for favorable legislation.

Source 🔗