The US crypto industry has already spent $20 million on lobbying efforts in 2023, with more than a month left before the end of the year. This surpasses last year’s record of $22.2 million. The increase in spending reflects the growing importance of the crypto industry and its efforts to influence policy and regulation.
Crypto lobbying spending has been on an upward trend since 2019 when it was just $2.5 million. The total amount spent on crypto lobbying has grown by over 700% in the past four years.
Coinbase is the top spender on crypto lobbying, having spent $7.5 million since 2019. The Blockchain Association, a non-commercial organization, is the second-largest spender, with $5.23 million spent. Ripple is the third-largest spender, with $3.46 million spent.
The study’s data did not include mixed spending on crypto and non-crypto issues, such as lobbying efforts from PayPal, JP Morgan, IBM, and other companies that are now involved in the digital asset economy.
The increase in crypto lobbying spending is likely to continue as the industry matures and its influence grows. Crypto companies are lobbying for a variety of policy changes, including clearer regulatory frameworks, tax breaks, and the ability to use cryptocurrencies for payments.
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