Welcome to Crypto’s ‘Special Interest Congress’

The crypto industry spent big this election cycle. Now, the “crypto-sized club” — as one critic described its spending might — looms over lawmakers in both parties.

Donald Trump at Cryptocon

Crypto’s level of direct corporate spending is unprecedented. Mark Humphrey/AP

The crypto industry spent more than $180 million on elections since the beginning of 2023 — more than any other special interest in this cycle — and now they’re awaiting a legislative payout, possibly before Donald Trump takes office.

Crypto has turned itself into the new Big Oil in town by financial electoral might, even if not by actual might, lawmakers across the aisle agreed. Even without any changes yet, crypto investors’ wallets are already bulging over the possibility of an industry-friendly government. The price of Bitcoin climbed above $100,000 for the first time last Thursday.

“The crypto industry is still a fledgling industry. If you compare it to oil, natural gas, it’s still a fledgling industry,” Republican Rep. Byron Donalds, crypto supporter, and part of the House’s digital assets subcommittee, told NOTUS.