Crypto Lands in Washington as Less-Than-Unified Political Force
- Industry in ‘Welcome to Washington’ moment, Cato’s Schulp says
- Crypto, AI czar pick, David Sacks, came as a surprise to many
Going into the new administration, the industry’s primary legislative concerns are around market structure, stablecoins and banking access.
Photographer: Stefani Reynolds/AFP/Getty ImagesOver the last few weeks, the crypto industry has been doing victory laps from Silicon Valley to Washington. With a pro-crypto president-elect, a new AI and crypto czar, and the pending exit of Securities and Exchange Commission Chair Gary Gensler, the future of digital assets in the US has never looked more promising.
And while the ushering in of a crypto-friendly administration presents an opportunity that many describe as once-in-a-lifetime, it’s also uncharted territory for an industry whose relationship with politicians and regulators has often been fraught. Whether it’s giving the appearance that proximity equals power or being divided on legislative priorities, the crypto industry is coming head-to-head with a new challenge: how best to navigate the maze of power and influence in the nation’s capital as a unified front.