‘We're just getting started’: Crypto Industry's Strategy to Reshape Washington
The industry is looking forward to a potential change in Trump's Washington following numerous years of challenging legal and regulatory battles.
TroibNews 
The cryptocurrency sector invested heavily to elect pro-crypto candidates during the 2024 campaign cycle, and now it is poised to see the outcomes of that investment.
The industry intensified its political activities to remove regulators it considers excessively stringent, particularly as various agencies sought to impose limitations on the sector. In place of those regulators, the industry aims to establish a new cadre of policymakers who prioritize fostering crypto development in the U.S. rather than highlighting its potential risks.
Emilie Choi, president and COO of leading cryptocurrency exchange Coinbase, has urged President-elect Donald Trump and the newly Republican-controlled Congress to swiftly implement legislation that designates the Commodity Futures Trading Commission as the primary regulator for the industry and outlines foundational rules for crypto firms. Choi expressed these thoughts during an interview on the PMG Tech podcast.
Coinbase, alongside venture capital firm Andreessen Horowitz, emerged as the most significant financial supporter of Fairshake, a pro-crypto super PAC that invested $173 million in the 2024 election cycle. The PAC was proactive in campaigning against crypto skeptics, which included a striking $40 million directed towards unseating former Senate Banking Chair Sherrod Brown.
As it prepares for future elections, Coinbase has contributed an additional $25 million to Fairshake. “The message that we're sending here, to be totally clear, is we're just getting started,” Choi stated. “We will not rest until 100 percent of the members of Congress understand and are pro-crypto.”
The Biden administration has expressed criticism towards the crypto sector, particularly following the downfall of the FTX exchange and the fraud conviction of its founder, Sam Bankman-Fried. This led to significant legal confrontations between the administration and industry entities like Coinbase.
Choi now wishes for the Trump administration to put an end to what she terms “regulation by enforcement” and the “dumb turf war” among agencies competing to oversee the sector.
Trump's stance on cryptocurrency has notably shifted. During his first term, he tweeted that cryptocurrency was “not money” and that its value was “based on thin air.” However, last year, his family introduced their own token, and he committed to making the U.S. “the crypto capital of the planet.”
His incoming administration features several crypto advocates, including Paul Atkins, a consultant with a range of crypto and financial clients, appointed to chair the Securities and Exchange Commission, and David Sacks, a Silicon Valley investor set to serve as a key adviser on AI and crypto.
Reflecting on the industry's previous approach, Choi noted, “I would say a couple of years ago, just being totally honest, I just don't think we had our act together as an industry or company on policy. We kind of felt like everybody's just going to figure out that crypto is a force for good.” She added, “And then we recognized that that was not going to happen naturally and organically, and so we kind of just had to mobilize and make sure this actually happened.”
PMG Tech host Steven Overly had a conversation with Choi about Coinbase's political aspirations and policy objectives, including concerns around the involvement of Trump's family in the crypto sector. For the full interview, listen to PMG Tech on your preferred podcast platform such as Apple, Spotify, or Audible.
Sophie Wagner for TROIB News
The industry intensified its political activities to remove regulators it considers excessively stringent, particularly as various agencies sought to impose limitations on the sector. In place of those regulators, the industry aims to establish a new cadre of policymakers who prioritize fostering crypto development in the U.S. rather than highlighting its potential risks.
Emilie Choi, president and COO of leading cryptocurrency exchange Coinbase, has urged President-elect Donald Trump and the newly Republican-controlled Congress to swiftly implement legislation that designates the Commodity Futures Trading Commission as the primary regulator for the industry and outlines foundational rules for crypto firms. Choi expressed these thoughts during an interview on the PMG Tech podcast.
Coinbase, alongside venture capital firm Andreessen Horowitz, emerged as the most significant financial supporter of Fairshake, a pro-crypto super PAC that invested $173 million in the 2024 election cycle. The PAC was proactive in campaigning against crypto skeptics, which included a striking $40 million directed towards unseating former Senate Banking Chair Sherrod Brown.
As it prepares for future elections, Coinbase has contributed an additional $25 million to Fairshake. “The message that we're sending here, to be totally clear, is we're just getting started,” Choi stated. “We will not rest until 100 percent of the members of Congress understand and are pro-crypto.”
The Biden administration has expressed criticism towards the crypto sector, particularly following the downfall of the FTX exchange and the fraud conviction of its founder, Sam Bankman-Fried. This led to significant legal confrontations between the administration and industry entities like Coinbase.
Choi now wishes for the Trump administration to put an end to what she terms “regulation by enforcement” and the “dumb turf war” among agencies competing to oversee the sector.
Trump's stance on cryptocurrency has notably shifted. During his first term, he tweeted that cryptocurrency was “not money” and that its value was “based on thin air.” However, last year, his family introduced their own token, and he committed to making the U.S. “the crypto capital of the planet.”
His incoming administration features several crypto advocates, including Paul Atkins, a consultant with a range of crypto and financial clients, appointed to chair the Securities and Exchange Commission, and David Sacks, a Silicon Valley investor set to serve as a key adviser on AI and crypto.
Reflecting on the industry's previous approach, Choi noted, “I would say a couple of years ago, just being totally honest, I just don't think we had our act together as an industry or company on policy. We kind of felt like everybody's just going to figure out that crypto is a force for good.” She added, “And then we recognized that that was not going to happen naturally and organically, and so we kind of just had to mobilize and make sure this actually happened.”
PMG Tech host Steven Overly had a conversation with Choi about Coinbase's political aspirations and policy objectives, including concerns around the involvement of Trump's family in the crypto sector. For the full interview, listen to PMG Tech on your preferred podcast platform such as Apple, Spotify, or Audible.
Sophie Wagner for TROIB News
