Crypto's presence in Washington, D.C., has come a long, long way. A decade ago, the industry stood up an early advocacy group called the Bitcoin Foundation that lined up a handful of meetings before (surprise, surprise) collapsing in scandal. Today, the crypto world is a fixture in the capital and has the cash to flex in the highest corridors of power—an influence set to grow after the industry gave $78 million to a trio of super PACs.
Super PACs are basically advocacy groups on steroids that spend heavily to promote a given candidate or issue. In the case of the crypto super PACs, which are funded by the likes of Coinbase and Andreessen Horowitz, they will use a big chunk of their money to back those running for Congress and other political positions. The big question is who will be eligible to receive the donations.
