November 12, 2024

How Crypto Played the Political Game—and Won 'Bigly' - Ep. 734

1 hour 12 minutes

The 2024 elections have reshaped the future of crypto in Washington. With almost $200 million in donations, the Fairshake Super PAC not only backed pro-crypto candidates but also took bold risks by challenging entrenched incumbents. This strategic gamble appears to have paid off, leading to the most crypto-friendly Congress in U.S. history.

In this episode, Coinbase’s Faryar Shirzad and Kara Calvert reveal the behind-the-scenes decisions that drove this unprecedented effort, discuss why crypto needs to transcend partisanship, and explain how this election could usher in long-awaited regulatory clarity. They also delve into the global stakes of blockchain adoption and whether the U.S. can reclaim its leadership as other nations surge ahead in Web3 innovation.

Show highlights:

01:48 The journey of how crypto became so important in this election

04:16 The differences between Fairshake and Stand With Crypto

08:48 How Fairshake decided which candidates to support

12:48 How Washington reacted to the massive influx of money to support pro-crypto candidates

15:51 Why Fairshake stayed out of the Presidential race

18:23 How hard it was for Fairshake to handle its non-partisan stance with both parties

22:32 How the U.S.’s approach to crypto can be compared to how it lost on the cutting-edge technologies of 5G and semiconductors

26:41 What drove the decision to attempt to unseat Sherrod Brown, which ended up giving Sen. Warren more power on the Senate Banking Committee

32:54 Whether Sen. Warren’s anti-crypto stance has been diminished after the elections

35:28 How the industry got past the fiasco of Sam Bankman-Fried and FTX

42:07 Why Faryar believes that “anyone would be an upgrade” from Gary Gensler as Chair of the SEC

46:45 How blockchain technology allows for instant settlements, a feature so needed in capital markets

49:36 What could happen with the SEC’s legal actions against crypto companies now that Gensler will lose his position as SEC chair

53:22 What Faryar and Kara expect the new administration to do around crypto

56:47 How DeFi can be regulated in the U.S. and whether Trump will support the motto “code is free speech”

1:01:37 The perception of Washington insiders about Polymarket

1:04:28 Whether the technology sector will be on the Republican side from now on

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

Thank you to our sponsors!

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Guests:

Faryar Shirzad, Coinbase Chief Policy Officer

Kara Calvert, Coinbase Head of US Policy

Links

Previous coverage of the elections on the podcast:

Under Trump, the First Crypto President, Where Will Markets Go?

Bits + Bips: Trump Won and the Question Is: Do You Have Enough Crypto?

How Arthur Hayes Has Prepared His Portfolio for the Elections

The Chopping Block: 2024 Election Debate feat. Mike Novogratz & Shaun Maguire

It’s Not Just the Presidency. Congressional Races Matter a Lot for Crypto

Unchained:

DeFi Tokens Jump on Hopes That Trump Will Provide Crypto Regulatory Clarity

What Gary Gensler Could Still Do Against Crypto in His Remaining Days as SEC Chair

Elizabeth Warren Will Be the Top Democrat on the Senate Banking Committee

Stand With Crypto Says These Races Are Crucial for Crypto. But Why?

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By Laura Shin

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