In 2018, Coinbase CEO Brian Armstrong made a trip to Washington in what was one of his first formal visits to meet with lawmakers. Over two days, Armstrong and his team, which included senior policy and communications staff and lobbyists from Franklin Square Group, met with roughly 30 people, including lawmakers, according to two people with direct knowledge of the matter.

Armstrong and other company executives felt the meetings were important to make a good impression and communicate that Coinbase, and others in crypto, wanted legislation to spell out how to regulate the emerging industry. He left that trip with a better understanding of how Washington works, the people said. But he also learned that some lawmakers couldn’t grasp what crypto was.