David Hoffman

SBF, Gensler, Warren and Crypto’s War for Washington

The interview with Ron Hammond, head of policy at Wintermute, traces the evolution of crypto’s presence on Capitol Hill—from a niche curiosity in 2015 to a bipartisan legislative force. Hammond recounts his own unlikely rise, hired by freshman Rep. Warren Davidson to lead crypto policy, and his role in drafting the first token taxonomy bill that later expanded into the sprawling Clarity Act. Key insights reveal how early crypto legislation was deliberately bipartisan, with staffers rather than senior officials becoming the primary interlocutors. Hammond describes the shift from the “high‑school‑reception” era of FTX’s money‑fueled events to today’s more sober, education‑driven lobbying, noting that younger, tech‑savvy staff wield outsized influence. He also highlights the unique aggressiveness of crypto lawyers compared with traditional financial lobbyists. Memorable moments include Hammond’s nickname “Captain Crypto,” the 2021 hearing where a Bitcoin sign was held up before Janet Yellen, and the anecdote that staffers, not senior lawmakers, now own the narrative. He contrasts the flashy, celebrity‑laden events of the SPF era with the current focus on substantive policy work and cross‑industry partnerships. The implications are clear: crypto has moved from fringe to a serious policy contender, forcing regulators, banks, and legislators to grapple with novel issues like DeFi, self‑custody, and AI‑driven payments. This maturation will shape future financial regulation, market structure, and the competitive dynamics between legacy finance and emerging blockchain firms.