United States Crypto Lobby Spending Reaches $20 Million in 2023
The United States crypto industry has already spent $20 million on lobbying efforts with more than a month left before the end of 2023. This amount surpasses the total sum of $22.2 million spent in the last year. According to a report by CoinGecko published on Nov. 14, the U.S. crypto lobby has spent $20.19 million in 2023 to date, and this data doesn’t include the Q4 numbers. This suggests that the total amount of lobby spending this year will likely exceed last year’s record for the American crypto industry.
Between 2019 and 2020, the total lobbying budget of U.S. crypto companies fluctuated between $2.5 million and $3 million, accounting for less than 3% of the Wall Street companies’ lobbying expenses. However, in 2021, this number surged to $8.5 million, and in 2022, it reached the $22 million mark. To date, this year’s crypto lobbying spending has amounted to 19.7% of Wall Street lobbying.
The number of companies involved in lobby spending hasn’t changed significantly compared to last year — with 56 this year versus 57 in 2022. It’s still way more than in 2021 (37 companies), 2020 (17), or 2019 (19). Coinbase has been the leader in spending efforts for 2019-2023, with $7.5 million spent. The second place belongs to the non-commercial Blockchain Association, with $5.23 million spent. Ripple follows in third place, with $3.46 million in crypto lobbying expenditure.
The study dataset excluded cases of mixed spending on crypto and non-crypto issues, such as the lobbying efforts from PayPal, JP Morgan, IBM and other companies now involved in the digital assets economy.
Hot Take: The Growing Influence of Crypto Lobbying
The significant increase in crypto lobbying spending demonstrates the growing influence and recognition of the crypto industry within the United States political landscape. With major players like Coinbase and Ripple leading the charge, it is evident that these companies are actively working to shape policies and regulations that will impact their operations and the broader crypto market as a whole.
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