New finance, old structures: cryptocurrencies and the reproduction of financial elites in the USA

Abstract

Abstract Crypto research highlights the anarcho-libertarian feature of the crypto movement, characterizing the industry as a radical departure from governmental and corporate influence. This study investigates the characteristics of the US crypto elite, highlighting how the demographic structure and the institutional connections of the industry resemble those of the established financial elite. Drawing on original data from board members of top US crypto and financial firms, Fortune 1000 companies, and major policy-planning organizations, it develops three comparisons. Results show that crypto elites share similar socio-educational traits with traditional finance leaders and engage with powerful corporate and political affiliations, despite being more peripheral in corporate networks—likely due to the sector’s recent emergence. Notably, the White House appears in the career paths of both groups, suggesting a shared pattern of revolving door integration into state structures. Rather than a structural transformation, crypto appears to align with the broader elite configuration of the US political economy.