Jesse Spiro, Head of Government Affairs at Tether, told attendees at Consensus Miami 2026 that the crypto industry views the upcoming U.S. midterm elections as a critical test for whether Washington’s recent embrace of digital assets will endure through political change.

Market Context

The remarks come as crypto has achieved significant legislative traction in Washington over the past year, including passage of the GENIUS Act and progress on broader market structure legislation. Industry advocates are now focused on protecting those gains heading into November’s elections, when control of Congress could shift.

Analysis

Spiro warned that while recent policy advances represent meaningful progress, the industry remains vulnerable to political reversals. "What we’ve seen is a lot of good immersion and progress over the last year," Spiro said during a panel discussion. "But as with anything else, the apple cart can always get upset." The executive emphasized that crypto should not be viewed as partisan, arguing the industry’s best outcome would come from bipartisan support for sensible regulation.

Colin McLaren, Head of Government Relations at the Solana Policy Institute, echoed the sentiment, framing the industry’s political efforts around "durability." He said advocates are focused on ensuring that whichever party controls Congress after November continues advancing crypto priorities, including tax reform and developer protections. McLaren drew a parallel to homeownership: "You can make the down payment on a house, but you've got to keep paying the mortgage," referring to the industry’s massive campaign spending following its hundreds of millions in 2024 election cycle investments.

Mason Lynaugh, Executive Director of Stand With Crypto, said his organization’s nearly 3 million members increasingly view elections as an accountability moment. "They’re going to show up and support the people that supported them," Lynaugh said, noting that crypto voters represent a highly motivated bloc capable of swaying close races. "If something is decided by 4,000 votes, 5,000 votes … all we have to do is turn them out."

Key Numbers

- Nearly 3 million members in Stand With Crypto advocacy group

- Hundreds of millions spent by crypto industry during the 2024 election cycle

- Thousands of votes could determine outcomes in competitive congressional districts

What to Watch

Crypto advocacy groups are expected to deploy significant political spending and grassroots organizing ahead of November. Traders should monitor legislative developments tied to midterm timing, as any shifts in Congressional control could affect pending crypto bills. The GENIUS Act implementation timeline and broader market structure legislation remain key policy watches for the industry.

The SEC’s evolving stance under current leadership continues to shape the regulatory environment, with market participants noting that a more constructive relationship has allowed exchanges and firms greater latitude to experiment with tokenization and digital infrastructure projects.