According to OpenSecrets, a research group that tracks political donations, crypto companies and their employees invested $73 million in the 2022 midterm elections, up from $13 million during the same period in 2020. The industry also spent $15 million on lobbying in the first nine months of the year, more than in the previous eight years combined. According to OpenSecrets, cryptocurrencies have contributed more to politics ahead of the midterm elections than the defense and auto industries combined, although they still lag some other sectors, such as private equity.

Wealthy investors and big corporations have long used lobbyists and campaign contributions to gain influence in Washington. What sets the crypto industry apart, observers say, is that the stakes are there. This has led to rapid growth in political spending and unusually aggressive tactics to influence lawmakers.