Though cryptocurrency should still be misunderstood on Capitol Hill, crypto is changing into extra political as its affect positive aspects traction. As an illustration, lobbying by these concerned within the cryptocurrency trade has reached new heights. A report from the nonprofit client advocacy group Public Citizen discovered that the variety of lobbyists for cryptocurrency-related points rose from 115 in 2018 to 320 in 2021. The report additional indicated that the variety of representatives throughout the cryptocurrency trade elevated from 47 to 157 throughout that point interval.

The US midterm elections — set to happen on November 8, 2022 — are additional demonstrating the politicization of crypto. This has change into evident as various crypto holders proceed to take a position large in political campaigns throughout the nation. For instance, Sam Bankman-Fried, CEO of crypto trade FTX, has helped increase over $14 million for “Defend Our Future,” a political motion committee supporting candidates operating for seats within the U.S. Home of Representatives.