The Crypto Industry’s Lobbying Efforts in Washington D.C.
The crypto industry has been actively lobbying in Washington D.C. in recent years, aiming to influence policy and regulation related to digital assets. According to data from CoinGecko, the U.S. has seen a total of $56.44 million spent on crypto-related lobbying from 2019 through the first three quarters of 2023. A total of 66 companies and 12 organizations have participated in these efforts.
Increasing Spend and Growing Influence
The spending on crypto lobbying has significantly increased, from just $2.99 million in 2019 to $20.19 million in the first three quarters of 2023. Crypto lobbying accounted for 19.7% of the total Wall Street lobbying spend in 2023, showing the industry’s growing influence. Leading the lobbying efforts are companies like Coinbase, which has spent $7.51 million since 2019, followed by the Blockchain Association at $5.23 million.
The Rising Role of Newcomers
Newcomers such as Crypto.com, Kraken, and TaxBit have also made an impact, with each of them spending over $1 million on lobbying since joining in 2022. This demonstrates the evolving landscape of the crypto industry’s influence in Washington.
Implications for Policy and Regulation
With discussions around landmark legislation like the crypto provisions in the infrastructure bill taking place, lobbying is seen as a critical tool for shaping policy. However, the collapse of FTX has highlighted the risks associated with lobbying efforts. Despite this, the crypto industry is committed to strengthening its presence and impact in Washington.
Hot Take: The Future of Crypto Lobbying in Washington
The crypto industry’s lobbying efforts have been on a steady rise, with significant spending and a growing influence on policy and regulation. As the industry continues to evolve, its role in Washington is likely to become even more pronounced, shaping the future of crypto-related legislation and governance.
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