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The History of Crypto Lobbying
Regulatory pressure in the crypto world is on the rise, and various government agencies are closely monitoring various crypto companies following Binance‘s $4 billion deal and the removal of Changpeng Zhao as the CEO of the crypto exchange.
Considering these circumstances, it is not surprising that the industry as a whole has increased its lobbying activities in Washington. According to a report published by Reuters on December 5, various individuals in the crypto industry made a massive $19 million investment in order to win over US politicians to their side during the first three quarters of 2023.
Although the amount of money spent on lobbying activities in 2023 may be seen as a direct response to the events of the previous year, the reality is that these efforts have been steadily increasing over the years. The overall growth of the crypto industry can be seen as a reflection of these efforts.
The amount spent on lobbying between 2017 and 2018 increased from $200,000 to $920,000. In the following years, the figures continued to rise, reaching approximately $3 million between 2020 and 2021, more than doubling.
Despite being considered a “crypto winter” by many after the events of the past year, the total amount spent on lobbying activities within the crypto industry was $21.6 million.
Crypto Lobbying in 2023
Considering the first three quarters of this year, the $18.96 million spent in Washington could be indicative of a preparation for a new record. In the same period of the previous year, $16.1 million was spent.
When looking closer at the individual contributions of companies to the activities in Washington, a few major players stand out. Coinbase (NASDAQ: COIN), the largest publicly traded crypto exchange in the US, leads the list with $2.16 million spent by the end of the third quarter of this year.
The amount spent aligns with Coinbase’s vision of bringing regulatory clarity to the wider cryptocurrency industry. Another significant company is ForisDAX, the company behind Crypto.com. The Blockchain Association and Binance also follow these organizations.
