A long-term view of crypto policy

As a firm, we take a long-term view of the entrepreneurs and companies we invest in. This same strategy applies to our policy efforts. 

Regardless of what happens in the 2024 elections, we’re committed to supporting policymakers, irrespective of party affiliation, who will work to establish a practical regulatory framework that protects consumers while allowing the industry to grow. That’s why today, we are contributing over $23 million in additional funds to Fairshake and its affiliated PACs for the 2026 midterm election cycle.

Fairshake is an organization with the mission of supporting legislators from both sides of the aisle who understand that crypto isn’t red or blue but is critical in ensuring America remains the leader in technology for decades to come. It has done a tremendous job bringing crypto into the national conversation for this election cycle, and we’re proud to continue our support. 

However, supporting a PAC like Fairshake is just one crucial part of the strategy needed to achieve our larger policy goals.

In addition to our contributions, we will continue to meet with policymakers — Democrats and Republicans — to explain the technology, its benefits, and its unique challenges. As part of this, we will introduce them to entrepreneurs and creators building with blockchain technology to show first-hand the challenges they face when laws are murky but lawsuits are plenty.   

While we take a long-term view of our policy strategy, we believe the moment for Congress to act is now. 

Over the last few years, crypto has become mainstream and critical to the U.S.’s global standing as the tech leader: 40+ million Americans own crypto, with Bitcoin and Ethereum ETPs already containing $65 billion in onchain holdings. Stablecoins today represent one of the largest holders of U.S. debt in the world and can strengthen the dollar’s position as the global reserve currency. 

This growth requires clear policies to govern the industry. But in place of fundamental rules of the road, regulators have relied on enforcement actions that have been, at best, handed out arbitrarily — and, at worst, have attempted to box out Congress from regulating crypto. Many industries come to DC asking to roll back rules, and we have come to DC asking to establish them. 

More specifically, for this and future Congresses, we urge the passage of comprehensive market structure legislation for digital assets to root out bad actors, pragmatic stablecoin laws that encourage competition, and finally, a pathway to compliance for those building non-centralized networks and legitimate businesses despite this uncertain environment. 

Our policy team has spent thousands of hours, and published over a hundred articles and papers going deep on our positions in an effort to educate and inform policymakers and be as transparent as possible — I encourage you to read them here.  

We have dedicated so much time and resources to our policy effort out of necessity. The crypto industry has had to organize because the stakes are high: the decisions made in Washington now will determine whether the promising industry and innovations — and the technology and investments that come with it — will remain in the U.S. 

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