Crypto Industry’s Lobbying Efforts in Washington
The cryptocurrency industry has faced challenges and regulatory pressure in 2022, but it has shown resilience and is in a period of recovery. To navigate these challenges, the industry has ramped up its lobbying efforts in Washington. In the first three quarters of 2023, the crypto industry spent nearly $19 million on lobbying U.S. politicians, according to a report by Reuters.
Crypto Lobbying Over the Years
The increase in lobbying efforts is not a recent phenomenon. The crypto industry has been steadily increasing its lobbying expenditures over the years, in line with the growth of the industry as a whole. Between 2017 and 2018, lobbying spending rose from $200,000 to $920,000. The figures continued to rise, doubling between 2020 and 2021 and increasing by approximately $3 million.
Even during the “crypto winter” of last year, lobbying spending reached $21.6 million. This year, it is set to break another record with $18.96 million spent in Washington during the first three quarters alone.
Influence on Federal Government
While it is difficult to measure the exact impact of lobbying, it is clear that the crypto industry has gained some supporters in the federal government. An increasing number of elected officials are investing in cryptocurrencies themselves. Notable examples include SEC Commissioner Hester Peirce and Representative Tom Emmer, both known for their support of cryptocurrencies and criticism of regulatory actions against the industry.
Key Players in Crypto Lobbying
Several major players have emerged as significant contributors to the crypto industry’s lobbying efforts. Coinbase, the largest publicly traded cryptocurrency exchange in the U.S., leads the pack with $2.16 million spent by the end of the third quarter of this year. Coinbase aims to bring regulatory clarity to the industry. Other major contributors include Foris DAX, Blockchain Association, and Binance.
Hot Take: Crypto Industry’s Lobbying Strengthens Influence in Washington
The cryptocurrency industry has recognized the importance of lobbying in shaping regulatory policies and has significantly increased its efforts in Washington. Despite facing challenges and regulatory pressure, the industry has spent nearly $19 million on lobbying U.S. politicians in 2023 alone. This is part of a broader trend of increasing lobbying expenditures over the years.
While the impact of lobbying is difficult to measure precisely, it has undoubtedly helped the crypto industry gain supporters within the federal government. Elected officials, including SEC Commissioner Hester Peirce and Representative Tom Emmer, have shown support for cryptocurrencies and criticized regulatory actions against the industry.
Key players such as Coinbase, Foris DAX, Blockchain Association, and Binance have emerged as major contributors to the industry’s lobbying efforts. Their goal is to bring regulatory clarity to the cryptocurrency ecosystem and shape favorable policies.
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