Crypto legislation like the CLARITY Act is being rammed through Congress, but is this really a policy change that the American people are demanding? Just 18% of respondents to a recent Politico poll said they want lawmakers to prioritize establishing rules for the cryptocurrency market. It’s not a grassroots mandate or priority, and you don’t need to look far to see why this forceful legislative push exists.In 2024, the crypto industry’s main super PAC, Fairshake, spent roughly $195 million with the stated goal of electing a pro-crypto Congress. That paid off with the GENIUS Act passing last year, opening the door for stablecoin issuers to operate inside the nation’s financial system with far less oversight than the banks they compete with. The super PAC immediately amassed another $193 million by year’s end, positioning itself to spend at the same scale all over again.
Let’s be clear: Industries across the country legally hire lobbyists and run public affairs campaigns in Washington and congressional districts everywhere. This is nothing new. But the scale for crypto is unprecedented. Crypto corporations contributed nearly half (44%) of all corporate money to the 2024 elections, and it’s not hard to understand why: Only 27% of voters said they support legitimizing crypto as a mainstream financial asset, according to the Politico poll. When you can’t win the argument with the public, you try to buy it in Washington instead.
