The crypto industry has ramped up its lobbying efforts in Washington D.C. in recent years, seeking to influence policy and regulation impacting digital assets.
According to data analyzed by CoinGecko, crypto-related lobbying spending in the U.S. has totaled $56.44 million from 2019 through the first three quarters of 2023.
Keypoints
- Crypto lobbying spend in the US has totaled $56.44 million from 2019 to 2023 so far, with 66 companies and 12 organizations participating.
- Spending on crypto lobbying has risen sharply, from $2.99 million in 2019 to $20.19 million in just the first 3 quarters of 2023.
- In 2023, crypto lobbying accounted for 19.7% of total Wall Street lobbying spend, up from 16% in 2022, showing crypto’s growing influence.
- Coinbase leads crypto lobbying efforts, having spent $7.51 million since 2019. The Blockchain Association is second at $5.23 million.
- Newcomers like Crypto.com, Kraken, and TaxBit have already spent over $1 million each on lobbying since joining in 2022.
The spending has risen dramatically as the crypto market has grown. In 2019, when crypto was still niche, lobbying expenditure was just $2.99 million. But it jumped to $8.49 million in 2021 during the bull run, then almost tripled to $22.23 million in 2022 as crypto grew more mainstream.
Already in the first three quarters of 2023, crypto lobbying has hit $20.19 million, putting it on track to potentially surpass last year’s record amount.
Crypto lobbying now makes up a sizable 19.7% of total Wall Street lobbying spend so far in 2023. That’s up from 16% in 2022 and just 2.9% in 2019, showing the industry’s rapidly growing influence in Washington.
Leading crypto’s lobbying efforts is Coinbase, which has spent $7.51 million since 2019. The Blockchain Association, a major crypto trade organization, comes in second at $5.23 million over the five year period. Ripple is third with $3.46 million.
Newcomers are also making an impact. Crypto.com, Kraken, Tether and TaxBit only began lobbying in 2022 but have already spent over $1 million each. Their participation highlights crypto’s evolving landscape.
With landmark legislation like the crypto provisions in the infrastructure bill being debated, the industry sees lobbying as key to shaping policy. Groups like the Blockchain Association, Chamber of Digital Commerce and Coin Center advocate on crypto’s behalf.
But the collapse of FTX has underscored risks in the lobbying efforts, with FTX’s $1.9 million in contributions now seen negatively. Still, the crypto industry appears committed to ramping up its presence and clout in Washington as regulations are hammered out.
