The cryptocurrency industry has spent a total of $56.44 million on lobbying efforts in the United States from 2019 to 2023, according to a new analysis of OpenSecrets data.
Approximately 66 companies and 12 organizations, totaling 78 non-individual entities, have actively engaged in lobbying activities in Washington, United States for issues related to cryptocurrency.
CRYPTO LOBBYING | 2023
Notably, crypto lobbying spend in 2023 has amounted to a significant 19.7% of Wall Street lobbying so far, or 3.7 percentage points higher than in 2022. This figure does not include Q4 expenditure.
The comparison suggests that crypto lobbying growth may… pic.twitter.com/ERPZfP42Lw
— BitKE (@BitcoinKE) November 20, 2023
In the period from 2019 to 2023, lobbying expenditures related to cryptocurrency were at their lowest in 2019 and 2020 amounting to $2.99 million and $2.54 million respectively. In 2019, crypto’s lobbying expenditure represented only 2.9% of the Wall Street lobby, and in 2020, it accounted for 2.3%.
The 30 largest lobbying spenders in the crypto industry constitute 82.1% of the total lobbying expenditure over the past five years. These companies and organizations are ranked based on their total lobbying expenditure from 2019 to 2023.
Below are the top 20 lobbyists in the cryptocurrency industry:
The leading three representatives in crypto lobbying have maintained their involvement for the past five consecutive years. Additionally, three other entities:
- Chamber of Digital Commerce
- The Bitcoin Association, and
- Anchorage Digital
have consistently participated in crypto lobbying over the last five years.
Several companies began lobbying for the first time in 2022, notably companies such as Crypto.com, TaxBit, Tether, and Kraken, who quickly rose to be among the top 15 lobbyists that year. The number of unique entities taking part in crypto lobbying increased from 37 unique entities in 2021 to 57 entities in 2022.
Consequently, lobbying expenditures in the crypto industry reached a record high of $22.23 million, more than doubling year-over-year.
The U.S. crypto lobby has spent $20.19 million in 2023 to date, which does not include Q4 expenditure. As such, 2023 crypto lobbying spend could potentially overtake the $22.23 million spent in 2022.
Moreover, 2023 crypto lobbying expenditures have constituted a noteworthy 19.7% of Wall Street lobbying thus far, marking a 3.7 percentage point increase compared to 2022.
That comparison implies that the growth in crypto lobbying may potentially outpace Wall Street in the coming years as the crypto industry endeavors to wield greater influence in Washington.
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