‘We’re just getting started’: Inside crypto’s plan to remake Washington
Jan 14, 2025
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Emilie Choi, president and COO of Coinbase, is at the forefront of cryptocurrency's revitalized political engagement. In an eye-opening discussion, she reveals how the crypto industry transformed from a political outcast to a key player in Washington. Choi highlights the strategic investments made to support crypto-friendly candidates, the push for clearer regulations, and the importance of bipartisan support. Her insights into the evolving narrative around crypto and the potential impact of a favorable regulatory landscape provide a compelling glimpse into the future of the industry.
The crypto industry's strategic political engagement has led to a favorable climate in Washington, with 84% of pro-crypto candidates winning their races.
Establishing clear regulatory frameworks is crucial for innovation, allowing crypto businesses to navigate legal uncertainties and thrive in the U.S.
Deep dives
Crypto's Transformation in Washington
The crypto industry has undergone a significant transformation in Washington, shifting from being viewed unfavorably to gaining political momentum. Industry leaders invested heavily in the 2024 campaign cycle to support pro-crypto candidates, which has led to a more favorable legislative environment. For instance, 84% of pro-crypto candidates won their races, resulting in a bipartisan majority in the House. This newfound recognition underscores the importance of the crypto voting block, which consists of over 52 million Americans, signaling a shift in how politicians engage with the cryptocurrency sector.
Call for Clear Regulatory Framework
Industry leaders emphasize the need for clear regulatory frameworks as a priority for the new administration. The current regulatory environment, characterized by ambiguous enforcement from agencies like the SEC and CFTC, has left many crypto businesses uncertain and burdened by legal costs. Establishing a definitive market structure that delineates responsibilities between these agencies is essential for fostering innovation in the U.S. This clarity would enable startups to operate without fear of legal repercussions, contributing to an environment conducive to tech advancements.
Long-Term Political Engagement Strategy
The strategy for the crypto industry is to engage politically over the long term and ensure that it aligns with pro-crypto candidates regardless of their party affiliations. The industry aims to maintain momentum by backing candidates who support its goals, with a focus on education and advocacy to mobilize a passionate voter base. Significant resources have been allocated to political efforts, with super PAC Fair Shake investing in campaigns to help elect supportive politicians. This approach underscores the belief that crypto legislation must be a collaborative, bipartisan effort to thrive in the U.S. political landscape.
Just a couple years ago, the crypto industry was a pariah among politicians. Now, it’s poised to have a big year in Washington. And how it got here is no fluke. Industry leaders shelled out massive sums of money to elect crypto-friendly candidates, and the result is a Congress and incoming administration primed to carry out their policy goals. On POLITICO Tech, Coinbase president and chief operating officer Emilie Choi joins host Steven Overly to break down crypto’s political strategy and what it now wants in return.