As a seasoned crypto investor with over a decade of experience navigating the ever-evolving digital asset landscape, I have witnessed the ebb and flow of regulations that govern this dynamic industry. The 2024 election cycle, which saw an unprecedented surge of crypto lobbying, has been particularly intriguing for me.
2024 saw the cryptocurrency sector break all lobbying records, with significant influence being exerted during President Donald Trump’s second term in office. This allowed him to retain his position at the White House.
Throughout crucial decisive states in America, it was clear that funds from cryptocurrency advocates left their impact. In Ohio, one of the most significant victories was achieved as Republican Bernie Moreno defeated Democrat Sherrod Brown, a victory that cost crypto lobbyists an estimated $40 million.
Brown, a crypto skeptic, was also chair of the Senate Banking Committee. Moreno’s victory removes a major crypto roadblock in Washington.
Kristin Smith, CEO of the US blockchain organization, the Blockchain Association, expressed optimism about the election by telling CryptoMoon that “2024 was a pivotal year for the industry in Washington D.C. The advocates for cryptocurrency are active, the voters who use crypto are legitimate, and the industry has become more established and grown up.
Based on data from FollowtheCrypto.com, a site that tracks lobbying in the cryptocurrency sector, it’s revealed that the crypto industry spent over $133 million on the recent election, significantly impacting more than 100 separate races. To put this into perspective, during the previous election cycle in 2020, the crypto lobby invested less than $3 million.
According to Tyler Adams, the co-founder and CEO of COZ, a community specializing in Web3 software development, a significant factor behind the influx of funding is the expanding nature of the associated industry.
Adams explained to CryptoMoon that the cryptocurrency market has experienced substantial financial expansion during the past ten years. A portion of the intense lobbying effort planned for 2024 stems from the abundant resources now accessible to major players within this industry.
Nonetheless, Adams and others pointed out that the expansion of the cryptocurrency sector was merely one element contributing to its recently amplified political influence.
Greater awareness
The increased awareness among both the public and political circles about cryptocurrencies has contributed significantly to the surge in lobbying efforts, as it underscores the importance and necessity of active participation in political discourse regarding this topic.
According to Debra Nita, who works as the associate director at YAP Global, a company specializing in PR for cryptocurrencies, there has been a substantial interest in cryptocurrencies from political figures such as Donald Trump and Robert F. Kennedy Jr., during this particular cycle, as reported by CryptoMoon.
Nita personally witnessed this particular occurrence. In February, she arranged interviews for the then-presidential contender Kennedy, and additionally managed his press conference at ETHDenver, which was touted as the biggest cryptocurrency event in the U.S.
Kennedy went on to drop out of the race but joined the campaign team of the newly pro-crypto Trump.
Apart from managing her own campaign events, Nita additionally coordinated media appearances for various political contenders, which included the newly elected Ohio Senator, Bernie Moreno.
Instead of Nita stating that the strategy primarily aimed at delivering pro-crypto messages to voters, it was more focused on electing pro-crypto candidates who could then champion pro-crypto legislations.
She remarked that the business world is currently engaging in the game while making sure their lobbying initiatives are given due consideration.
Whose jurisdiction is it anyway?
Vincent Wang, the Financial Chief of FLock.io – a private AI training platform, explained that the increased expenditure by lobbyists this year was primarily due to their aim to put an end to ongoing jurisdictional disputes between different government bodies.
As a crypto investor, I’ve noticed that the US Securities and Exchange Commission (SEC), the Federal Trade Commission (FTC), and the Commodity Futures Trading Commission (CFTC) seem to be vying for control over our sector. Each agency appears to be staking its claim on this rapidly growing industry, making it a bit challenging to navigate regulatory waters.
The inter-agency jockeying for primacy has rarely played out well for the industry.
As a crypto investor, I’m actively advocating for legislative changes that offer clarity, support our sector, and safeguard our unique interests. This is aimed at resolving ongoing territorial disputes and ensuring a stable, prosperous future for our digital economy.
Repairing crypto’s damaged image
As an analyst, I’m confronted daily with the challenge posed by the industry-wide issue of public perception following the fall of FTX. In light of this, engaging in strategic political lobbying could serve as a damage control measure, ensuring that influential political figures remain supportive allies before they seize the opportunity to capitalize on the wave of dissatisfaction sweeping through the public.
As a crypto investor, I recognize and echo the sentiments of Erik LaPaglia, the Chief Strategy Officer at Propy, a blockchain-driven real estate platform. We both understand that it’s crucial for us to work towards restoring the reputation of cryptocurrencies.
Leaders in the industry realize it’s important to communicate openly about the future of the market to rebuild trust and show what the industry can do.)
Adams stated, “The failure of FTX has reinforced unfavorable views about cryptocurrency among several lawmakers, making it more challenging to gain bipartisan backing. Furthermore, it significantly damaged the industry’s standing.
It hasn’t been easy, even if the tide is now turning.
As a analyst, I’d rephrase Mike Cageny’s statement as follows: Following the events at FTX, I, Mike Cageny, CEO and co-founder of Figure Markets, found lobbying in Washington D.C. challenging. However, the situation has been improving steadily… Here’s hoping that our industry maintains unity and focus after November.
Hope for the future
With the 2024 election over, there is fresh hope within crypto that the future will be bright.
Oleg Fomenko, one of the founders of the FitFi app Sweat Economy, shared with CryptoMoon his viewpoint: “The sooner we can collectively establish a regulatory framework tailored for cryptocurrency, the more swiftly we can eliminate unscrupulous actors and enhance the reputation of this industry.
With many new lawmakers who support the sector, there’s a possibility for favorable actions and regulations that are friendly towards cryptocurrency.
In simple terms, Fomenko stated that for innovation to thrive in our daily lives, including the crypto sector, we need innovative laws and regulations. Ignoring this fact is like pushing us back towards old ways instead of moving forward with the future.
Read More
- GBP EUR PREDICTION
- POL PREDICTION. POL cryptocurrency
- SEI PREDICTION. SEI cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- CNY RUB PREDICTION
- HBAR PREDICTION. HBAR cryptocurrency
- RLC PREDICTION. RLC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- OKB PREDICTION. OKB cryptocurrency
2024-11-12 16:52