Crypto Bigwig Barry Silbert's Washington Spending Spree Amid Legal Storm

Legal Woes Pile Up

Barry Silbert, CEO of Digital Currency Group (DCG), is embroiled in serious legal troubles. He's accused of misleading major investors, including Mark Cuban. Despite these issues, Silbert is aggressively lobbying in Washington while pushing for a massive IPO.

Early 2025 SEC Settlement

In early 2025, Silbert settled with the SEC for misleading investors. However, his legal battles are far from over. He faces multiple lawsuits from investors and legal action from New York's Attorney General. Creditors allege that Silbert and his team fraudulently ran Genesis, DCG's bankrupt crypto lending arm, into the ground.

Lobbying Spending Surge

Despite financial troubles, DCG has been heavily investing in lobbying. In the third quarter of 2025, DCG spent $420,000 lobbying the Senate—triple what they spent the previous year. This spending coincides with Silbert's push to take Grayscale Investments, a DCG subsidiary, public in a $33 billion IPO.

Criticism and Skepticism

Critics argue that Silbert should focus on repaying debts rather than influencing lawmakers. DCG claims they've already repaid what they owe to Genesis and that their lobbying is purely educational.

Donations and Skepticism on Capitol Hill

Silbert has also been donating to individual lawmakers, but many on Capitol Hill are skeptical. Some compare taking money from DCG to accepting funds from disgraced FTX founder Sam Bankman-Fried, given the fraud allegations involved.

Allegations of Financial Mismanagement

Lawsuits claim that Silbert and other DCG insiders withdrew over $1.2 billion from Genesis before its bankruptcy. Court filings allege that Silbert misled investors about Genesis's financial health, keeping their funds locked in while he and his inner circle pulled out their own.

SEC Settlement and Denials

DCG paid the SEC $38.5 million in January 2025 for misleading investors but denies any broader wrongdoing. The Grayscale IPO, filed in November 2025, could provide DCG with much-needed liquidity. However, analysts warn that the fraud cases could derail the entire process.

Lobbying Backlash

Silbert's lobbying blitz risks backfiring. His aggressive influence campaign faces a harsh reality: His money can only do so much. With serious allegations looming, few want to be associated with him.