Crypto Lobbying Expenditures Surge 922% in Six Years to $25 Million

Crypto Lobbying Expenditures Surge 922% in Six Years to $25 Million

Cryptocurrency
companies are increasingly investing in lobbying to secure favorable
legislation, with expenditures skyrocketing 922% in the past six years,
according to a recent study by Money Mongers. The report reveals that
crypto lobbying contributions reached almost $26 million in 2022, highlighting
the industry’s drive to influence policy in its favor.

Coinbase and CME Group
Lead Crypto Lobbying

Leading the
charge in 2022 were Coinbase, the Blockchain Association, and Robinhood, with
lobbying expenditures of $3.30 million, $1.9 million, and $1.84 million,
respectively. In addition, the report notes that nearly half of the total crypto
lobbying spending in the last six years occurred in 2022 alone.

Significant
growth in lobbying expenditure was observed across various crypto companies. Coinbase’s
spending has surged 4,137% in the past six years, while Binance.US has seen a 500%
increase, FTX.US witnessed a 1,340% growth, and Ripple experienced a 2,060% rise
in lobbying expenditure.

The top
five companies contributing the most to lobbying spending since 2017 include
CME Group, Coinbase, Block Inc (formerly Square Inc), the Blockchain
Association, and Robinhood Markets.

“These
individuals and companies aided them in getting specific policies either passed
through the houses or brought to the forefront of the public conscience so that
there is organic support for them as well,” the study stated.

However, lobbying
efforts have not always guaranteed favorable outcomes, with skepticism about
the cryptocurrency industry’s impact on the financial world remaining a
challenge.

A Growing Number of
Lobbyists and Revolvers among Crypto Companies

CME Group has been a trailblazer in crypto lobbying, shelling out $8.26 million since
2017. In their push in 2022, they assembled a formidable team of 20 lobbyists, 13
of whom were seasoned revolvers. Meanwhile, Coinbase has consistently increased
its lobbying budget, reaching an impressive $5.595 million over six years. In
2022 alone, they deployed a robust force of 32 lobbyists, with 26 revolvers in
the mix.

Block Inc
(previously Square Inc) has been another major player, investing a total of
$4.56 million in lobbying over six years. In 2022, they strategically allocated
$1.17 million and enlisted a powerful team of 36 lobbyists, including 25
revolvers. On the other hand, the Blockchain Association, the collective voice
of the crypto industry, has dedicated $3.91 million to lobbying since 2017.
Last year, they funneled $1.9 million into their efforts, recruiting 18
lobbyists, 12 of whom boasted experience as revolvers.

Robinhood,
a newcomer to the crypto sector, quickly embraced lobbying efforts, spending
$3.895 million in just three years. In their ambitious 2022 campaign, they
poured $1.84 million into lobbying and assembled a team of 20 lobbyists,
including 12 knowledgeable revolvers.

The Money
Mongers’ study utilized data from OpenSecrets, ensuring transparency and
allowing for a comprehensive analysis of the industry’s lobbying activities
from 2017 to 2022.

The cryptocurrency market’s first bigger lobbying movement occurred as early as 2018. A year later, at least 40 companies in the United States tried to influence policy shaping so that the new regulations would favor the digital asset industry.

This article was written by Damian Chmiel at www.financemagnates.com.

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