- The Crypto industry spent a record-breaking $21.55 million on Washington lobbying.
- The figure represented more than double the value from the previous year.
- Coinbase paid the most to lobby, spending over $3.3 million.
OpenSecrets, an organization that tracks money in politics, analyzed disclosures from over 50 players in the crypto industry and found that the sector expended a record-breaking $21.55 million on Washington lobbying in 2022.
Interestingly, the figure represented more than double the value from the previous year when the industry spent only $8.29 million. Notably, Lobbying implies attempting to influence decisions made by government officials, particularly legislators and regulators, in favor of a particular interest group or industry.
According to the report, the significant increase in lobbying spending by crypto businesses suggested that the industry was trying to gain more influence and support in Washington, potentially in response to increased regulatory scrutiny and public perception of crypto.
OpenSecrets data showed that the increase occurred when the crypto market took a significant hit from the bankruptcy of the exchange FTX in November. According to a table shared by the market tracker, the US-based exchange, Coinbase paid out the most to lobbying, spending over $3.3 million.
The next on the ranking was Blockchain Association, which spent nearly $2 million. Other popular Web3 companies, such as Crypto.com, Binance, and Ripple, equally expended over $1 million.
According to the market tracking website, CoinMarketCap, Bitcoin (BTC) has crossed the $25 price point this week, the first in nearly six months. BTC currently trades at $24,520, over a 13% increase in the last seven days.
Bitcoin’s close rival, Ethereum (ETH), also gained a double-digit rise in the past week as it trades at $1,689.87. Interestingly, the global crypto market earned over $100 billion in the last 24 hours.