Bitcoin’s Growing Political Lobby

  • Bitcoin is an increasingly popular electoral issue.
  • New political lobbying organizations were unveiled at Bitcoin 22.
  • Political professionalization will help Bitcoin fight back against regulatory overreach.

Another star-studded edition of the Bitcoin conference drew to a close on 9 April in Miami. One of the many important announcements presented at the conference concerned the creation of new lobbying groups to protect Bitcoin’s political interests in the US. Grant McCarty, the director of policy and public affairs at Bitcoin Magazine and executive director of the Bitcoin Advocacy Project, announced the creation of new organizations with the purpose of protecting self-custody and proof of work in the US political arena. Bitcoin is becoming an increasingly important electoral issue in the US and around the world. Increasingly organized and well-funded lobbying efforts are only likely to increase with time.

One of the new political lobbying groups unveiled by McCarty is the Financial Freedom PAC. A PAC, or political action committee, is an organization which raises funds to support or oppose political campaigns. For the moment, the PAC is supporting two Democratic party candidates and two Republican candidates and it only accepts donations in Bitcoin. The other effort is a nonprofit think tank called the Bitcoin Policy Institute, that publishes material to better inform policy-makers and the wider public about Bitcoin. These combined efforts are meant to put pressure on existing politicians to adopt pro-Bitcoin stances and to elect new pro-Bitcoin politicians. These efforts come as a response to the threat of ever-tightening regulation from global policy-makers and join similar political efforts by other prominent members of the crypto community. The FTX co-CEO Ryan Salame launched a new PAC called American Dream Federal Action and was one of the backers of another PAC called GMI=, which is looking to raise millions of dollars. Two other PACS, Protect Our Future and Web3 Forward, have also been used to support Democratic party candidates.

Well-funded and well-organized political lobbying groups will prevent excessive regulatory and legislative overreach with regards to Bitcoin. The fight is likely to intensify as established systems take measures to hold on to their existing power structures. These political lobbying efforts are at their infancy but they are crucial for the continued global development of Bitcoin.
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