Rapid Growth in Crypto Lobby Spending
In a startling revelation, the CoinGecko report, dated November 14, 2023, indicates that the U.S. cryptocurrency industry has already invested a substantial $20.19 million in lobbying efforts this year. With the fourth quarter still underway, these figures suggest that 2023 is set to eclipse the previous year’s record-breaking total of $22.2 million.
From Modest Beginnings to Million-Dollar Campaigns
The journey of U.S. crypto lobby spending has been dramatic. Between 2019 and 2020, the total expenditure hovered between $2.5 and $3 million, which was a fraction of what Wall Street firms spent on lobbying. However, in 2021, there was a sharp increase to $8.5 million, and by 2022, it had surged to an impressive $22 million. As of now, crypto lobbying accounts for nearly one-fifth of Wall Street’s lobbying budget.
Stable Number of Players, Growing Expenditures
While the number of companies participating in crypto lobbying has remained relatively stable – 56 this year versus 57 last year – the spending amounts have significantly increased. This marks a considerable growth from the 37 companies in 2021 and even fewer in the preceding years.
Leading the Charge in Crypto Lobbying
Coinbase has emerged as the top spender in the crypto lobbying arena from 2019 to 2023, with a total of $7.5 million. Not far behind is the Blockchain Association, a non-commercial entity, which has spent $5.23 million. Ripple holds the third spot with its $3.46 million investment. Other notable participants include the Chamber of Digital Commerce, the Bitcoin Association, and Anchorage Digital.
Exclusion of Mixed-Spending Entities
The CoinGecko report specifically excluded entities that have mixed spending on both crypto and non-crypto issues. This exclusion applies to companies like PayPal, JP Morgan, and IBM, all of which have ventured into the digital assets economy but also engage in broader lobbying activities.
