The crypto industry stands at a pivotal crossroads. After years of uncertain and contentious regulation and enforcement, we’re witnessing the most significant legislative breakthrough in digital asset history with the Genius Act on track to reach the president’s desk. But catching the car is only half the battle.
The Infrastructure Week Parallel: A Lesson in Persistence
Washington insiders long joked about the endless parade of “Infrastructure Weeks” with each work period promising transformative investment, most ending in disappointment. Year after year, Congress would debate, promote and scrutinize bills before efforts inevitably collapsed. That was true until 2021, when persistence finally paid off with the bipartisan Infrastructure Investment and Jobs Act.
As the House of Representatives kicks off “Crypto Week,” the parallels are instructive. Industry stakeholders simultaneously will achieve a victory while realizing how much work remains, both in Congress and at the agencies. Seasoned advocates know how to seize this momentum and accelerate the effort to establish meaningful market structure reforms.
The Cogent Advantage: When Dual Expertise Matters Most
At Cogent Strategies, we’ve built our financial services/crypto practice around a fundamental insight: the most successful advocacy campaigns seamlessly blend government relations experience and relationships with sophisticated communications. My background of over 20 years shaping financial services policy has provided numerous experiences and successes that influence our approach to integrated advocacy. Taylor McCarty Hoover brings a deep communications understanding to her work as a lobbyist and has had recent legislative experience working on crypto legislation at the House Committee on Agriculture. In short, our bipartisan crypto team is stocked with lobbyists who excel in both domains, representing a rare breed in Washington.
This dual expertise isn’t just convenient; it’s essential. When explaining DeFi protocols to a member of the Senate Committee on Agriculture, you need someone who understands the technical, the practical and the political. When crafting messaging around regulatory clarity, you need professionals who can speak simultaneously to elected officials, their voters and industry partners.
While industry observers celebrate the passage of stablecoin legislation, the broader market structure reforms that many stakeholders have championed for years likely will remain unfinished business. It could be weeks, months, or even years before all the pieces of the regulatory framework come together. This reality might sting for those who’ve invested heavily in the work that brought us to this point, but it also provides invaluable intelligence about where Congress truly stands.
The crypto industry’s path forward demands a sophisticated understanding of this political landscape. With over 120 members of Congress above age 70, the gap between technological innovation and legislator comprehension remains substantial for many. Even as congressional crypto literacy has improved, many fundamental concepts remain counterintuitive to lawmakers who didn’t grow up in the digital age.
The Advocacy Imperative: Why Traditional Approaches Fall Short
Here’s where many make a critical mistake: they assume that good policy sells itself, or that financial resources alone can drive legislative success. The crypto sector’s disruptive mentality and willingness to deploy significant dollars undoubtedly have contributed to recent progress. But sustainable policy wins require something more nuanced—a strategic blend of government relations expertise and sophisticated public communications.
The challenge is threefold:
- Complex Translation: Blockchain technology and cryptocurrency mechanisms don’t always naturally translate into storytelling. Success requires professionals who can distill inherently complex ideas into compelling, accessible narratives that resonate with diverse congressional audiences.
- Sustained Relationship Building: Unlike traditional lobbying blitzes, crypto advocacy demands long-term relationship cultivation. This means consistent engagement that builds trust and understanding over time, not just during legislative windows.
- Multi-Channel Influence: Modern advocacy requires seamless integration of government relations, digital engagement and strategic communications. The days of siloed approaches are over.
The Path Forward: Building on Historic Success
The crypto industry may indeed “catch the car” this week, achieving legislative victory that seemed unlikely not long ago. But as any successful advocate knows, catching the car is just the beginning. The real question is: what happens next?
For crypto companies serious about building lasting policy success, the answer lies in partnering with advocates who understand both the technology and the political landscape. At Cogent Strategies, we’re not just observers of this historic moment—we’re helping shape it.
Ready to navigate crypto’s next policy frontier? Cogent Strategies’ crypto advocacy team combines deep government relations expertise with sophisticated public communications to deliver sustainable policy wins. Contact us to learn how we can help your organization build on this momentum.
Dave Oxner
Managing Director
Dave Oxner delivers winning advocacy solutions across financial services, tax policy, and cybersecurity, consistently securing key legislative victories through sophisticated policy understanding and extensive relationships with Republican leaders in Congress and the Administration. His proven track record includes shaping landmark legislation like the Cybersecurity Information Sharing Act and Tax Cuts and Jobs Act while leading federal government relations at SIFMA and playing an instrumental role in the Dodd-Frank Act during his tenure with Congressional committees. Drawing on his experience in both the private sector and Capitol Hill, he transforms complex policy challenges into opportunities through bipartisan consensus building and strategic advocacy.