- The crypto industry spent over $20 million on lobbying in the U.S. in 2023
- A total of $56.32 million has been spent over the past four years
- As of the first three quarters of 2023, $20.19 million has already been spent on crypto lobbying
Research has revealed that the crypto industry spent over $20 million on lobbying in the United States in 2023 for the first three quarters of the year, compared to $22 million in 2022.
The well-known market tracking platform Coingecko has recently published a report examining the sheer weight of funds prominent firms in the crypto space have expended to influence favorable regulatory measures.
Per Coingecko’s findings, the crypto industry has exhausted $56.32 million over the last four years to influence decisions in the United States. In particular, it mentioned that 66 companies and 12 organizations actively participated in lobbying efforts. This forms a collection of 78 non-individual entities advocating for crypto-related issues since 2019.
Leading these efforts are exchanges Coinbase, Binance, Crypto.com, Kraken, payment firm Ripple, and the largest stablecoin issuer, Tether.
Notably, Coingecko’s report suggested that 2019 and 2020 witnessed the lowest crypto-related lobbying expenditures at $2.99 million and $2.54 million, respectively. As a result, crypto lobbying represented only a fraction of the Wall Street lobby, given that the industry was just emerging with a value of less than half a trillion dollars.
However, by 2021, the surge in crypto lobbying had begun. Lobbying expenditures tripled to $8.49 million amid bullish crypto market trends. Notable new participants included Binance, Dapper Labs, and the now-defunct FTX.U.S.
The pinnacle of crypto lobbying spending was observed in 2022, with a record-breaking $22.07 million. This increase was attributed to a rise in lobbying entities, growing from 37 in 2021 to 57 in 2022. Companies such as Crypto.com, TaxBit, Tether, and Kraken entered the lobbying arena, ranking among the top 15 spenders for the year.
Meanwhile, the crypto industry has already expended $20.19 million for 2023. The figure excludes Q4 expenditure. Therefore, it places 2023 on track to surpass lobbying spending in 2022. Crypto lobbying in 2023 now constitutes 19.6% of Wall Street lobbying.
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