Less than four years after the collapse of FTX triggered calls for a sweeping crackdown, the crypto industry has emerged as one of the fastest-growing forces in American politics, spending millions across both parties, reshaping key elections, and transforming itself from a regulatory target into a powerful new political machine.
In 2022, Washington’s dominant question about the crypto industry had little to do with the fine print of securities law. After the collapse of FTX triggered a wave of congressional fury and handed Gary Gensler’s SEC a permission slip to pursue enforcement actions at scale, lawmakers on both sides of the political aisle were openly debating whether the sector deserved regulated status at all.
Cautious congressional allies began distancing themselves, and the media cycle was doing the industry no favors. For a little while, it looked like the whole market was headed for supervised wind-down.
But by the end of the 2024 election cycle, Bitcoin’s political environ
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