The crypto industry is gaining political momentum in Washington, with bipartisan support pushing key legislation forward.

Democratic Senator Kirsten Gillibrand, a long-time crypto advocate, has risen in influence and is backing efforts to repeal a tax reporting rule on digital assets and pass stablecoin legislation. Her support is pivotal, as Senate Republicans’ crypto leader, Cynthia Lummis, noted.

Stablecoin regulation is now advancing in the Senate, with several Democratic senators defying progressive critics like Elizabeth Warren. Previously, crypto-skeptic Sherrod Brown blocked industry-friendly bills, but with financial backing from crypto PACs, the industry has shifted the political landscape.

Crypto groups, through Fairshake PAC, spent $40 million targeting Brown in the upcoming election and have amassed a massive $116 million war chest. Newly backed senators, including Ruben Gallego and Bernie Moreno, are now on the Banking Committee and pushing the stablecoin bill forward.

Consumer advocates warn that crypto’s political spending is drowning out regulatory concerns. However, Gillibrand argues that strong stablecoin oversight, including one-to-one reserves and Federal Reserve oversight, will ensure stability without unnecessary burdens.

As mainstream companies like Visa, PayPal, and Stripe invest in stablecoins, Gillibrand pitches them as a modern equivalent of traveler’s checks—secure but not bank accounts. With growing bipartisan support, crypto’s influence in Washington is set to expand further.