Although cryptocurrency may still be misunderstood on Capitol Hill, crypto is becoming more political as its influence gains traction. For instance, lobbying by those involved in the cryptocurrency industry has reached new heights. A report from the nonprofit consumer advocacy group Public Citizen found that the number of lobbyists for cryptocurrency-related issues rose from 115 in 2018 to 320 in 2021. The report further indicated that the number of representatives within the cryptocurrency industry increased from 47 to 157 during that time period.
The United States midterm elections — set to take place on November 8, 2022 — are further demonstrating the politicization of crypto. This has become evident as a number of crypto holders continue to invest big in political campaigns across the country. For example, Sam Bankman-Fried, CEO of crypto exchange FTX, has helped raise over $14 million for “Protect Our Future,” a political action committee supporting candidates running for seats in the U.S. House of Representatives.
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