Crypto industry lobbying expenses rose by 120% in 2022 in the US


Crypto industry has been raising its lobbying efforts amid the crypto winter that began last year. In 2022, the market participants spent $25.57 million on lobbying in the United States. 

This number appears in a study, published by the Money Mongers on Feb. 23. The count is based on data from OpenSecrets, a nonpartisan nonprofit, tracking the lobbying expenses (which should be publicly accessible by law) in the U.S.

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According to this data, the general rise of the industry’s lobbying budgets made up 922% in five years between 2017 and 2022. In 2017, when the price of Bitcoin rocketed for the first time, the young industry spent only $2.5 million on lobbying efforts, while in last year this number stood at $25.57 million. During the last year alone, the stakeholders raised their expenses by 121.41% from $11.54 million in 2021.

The leader of the spenders list is the U.S.-based crypto exchange Coinbase, which paid $3.3 million to 32 lobbyists in 2022. The second places are held by Blockchain Association with $1.9M spent and 18 lobbyists hired, and Robinhood with the numbers of $1.84 million and 20 people respectively.

The American subsidiary of the world’s largest crypto exchange, Binance.US, occupied only the ninth spot of the list with $960,000 spent in 2022. However, Coinbase’s level of early expenditure remained steady — it’s been handling out around $1-1.5 million each year, whereas Binance.US started spending only in 2021 and raised its efforts from $160,000 to almost $1 million in twelve months.

Related: Americans ‘frustrated’ by financial system inequality, 20% own crypto

The overall expenditure of crypto companies on lobbying in America stands slightly over $50 million in six years, which is more than modest, if we compare this number with some other industries. For example, pharmaceutical companies spent more than $350 million alone in 2022 on the federal lobbying efforts.

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Author: David Attlee

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