Bankless

Capitol Hill War Stories from a DC Lobbyist Who’s Seen It All (SBF, Gensler, Elizabeth Warren)

59 min

Ron Hammond, head of policy at Wintermute, shares insider stories from a decade in DC crypto lobbying, covering the rise and fall of SBF's influence, Elizabeth Warren's anti-crypto campaign and its proxies, and the current state of crypto legislation like the Clarity Act. He reveals how the crypto lobby has matured from a handful of staffers to a coordinated force that defeated entrenched bank interests, but warns that political headwinds from Democrats and regulatory vendettas remain significant.

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✨ Key Takeaways

1

SBF's DC dominance was built on an 'altruistic' narrative and massive spending, but his push for CFTC exemption alienated other crypto players who united to protect DeFi.
2

Elizabeth Warren's anti-crypto campaign relied on proxies—like short-seller-penned letters—which are standard DC tactics but increasingly transparent due to crypto Twitter and media.
3

The crypto lobby has grown from 3-4 lobbyists in 2017 to ~200 today, winning key battles by being younger, more adaptable, and coordinating across L1s—unlike traditional bank lobbyists.
4

Gary Gensler's SEC engaged in 'political' moves like suing Coinbase on the day of a congressional hearing, revealing a personal vendetta that backfired and weakened his stance.
5

The Clarity Act has a 45% chance of passage in 2025, with post-passage priorities including DeFi regulation, privacy, and tax bills—while Trump's meme coin complicates the industry's reputation.

💬 Notable Quotes

"Everyone calls lobbyist a dirty term, but my job is more like, let me explain why XRP and Bitcoin are two different things."
"SBF was on the hill all the time... more than any CEO in crypto I've ever seen. He knew he needed DC."
"If you're not on the plate in DC, you're going to be on the menu of DC pretty soon."