Cryptocurrencycompanies are increasingly investing in lobbying to secure favorablelegislation, with expenditures skyrocketing 922% in the past six years,according to a recent study by Money Mongers. The report reveals thatcrypto lobbying contributions reached almost $26 million in 2022, highlightingthe industry's drive to influence policy in its favor.
Leading thecharge in 2022 were Coinbase, the Blockchain Association, and Robinhood, withlobbying expenditures of $3.30 million, $1.9 million, and $1.84 million,respectively. In addition, the report notes that nearly half of the total cryptolobbying spending in the last six years occurred in 2022 alone.
Significantgrowth in lobbying expenditure was observed across various crypto companies. Coinbase'sspending has surged 4,137% in the past six years, while Binance.US has seen a 500%increase, FTX.US witnessed a 1,340% growth, and Ripple experienced a 2,060% risein lobbying expenditure.
The topfive companies contributing the most to lobbying spending since 2017 includeCME Group, Coinbase, Block Inc (formerly Square Inc), the BlockchainAssociation, and Robinhood Markets.
“Theseindividuals and companies aided them in getting specific policies either passedthrough the houses or brought to the forefront of the public conscience so thatthere is organic support for them as well,” the study stated.
However, lobbyingefforts have not always guaranteed favorable outcomes, with skepticism aboutthe cryptocurrency industry's impact on the financial world remaining achallenge.
A Growing Number ofLobbyists and Revolvers among Crypto Companies
CME Group has been a trailblazer in crypto lobbying, shelling out $8.26 million since2017. In their push in 2022, they assembled a formidable team of 20 lobbyists, 13of whom were seasoned revolvers. Meanwhile, Coinbase has consistently increasedits lobbying budget, reaching an impressive $5.595 million over six years. In2022 alone, they deployed a robust force of 32 lobbyists, with 26 revolvers inthe mix.
Block Inc(previously Square Inc) has been another major player, investing a total of$4.56 million in lobbying over six years. In 2022, they strategically allocated$1.17 million and enlisted a powerful team of 36 lobbyists, including 25revolvers. On the other hand, the Blockchain Association, the collective voiceof the crypto industry, has dedicated $3.91 million to lobbying since 2017.Last year, they funneled $1.9 million into their efforts, recruiting 18lobbyists, 12 of whom boasted experience as revolvers.
Robinhood,a newcomer to the crypto sector, quickly embraced lobbying efforts, spending$3.895 million in just three years. In their ambitious 2022 campaign, theypoured $1.84 million into lobbying and assembled a team of 20 lobbyists,including 12 knowledgeable revolvers.
The MoneyMongers' study utilized data from OpenSecrets, ensuring transparency andallowing for a comprehensive analysis of the industry's lobbying activitiesfrom 2017 to 2022.
The cryptocurrency market's first bigger lobbying movement occurred as early as 2018. A year later, at least 40 companies in the United States tried to influence policy shaping so that the new regulations would favor the digital asset industry.
Cryptocurrencycompanies are increasingly investing in lobbying to secure favorablelegislation, with expenditures skyrocketing 922% in the past six years,according to a recent study by Money Mongers. The report reveals thatcrypto lobbying contributions reached almost $26 million in 2022, highlightingthe industry's drive to influence policy in its favor.
Leading thecharge in 2022 were Coinbase, the Blockchain Association, and Robinhood, withlobbying expenditures of $3.30 million, $1.9 million, and $1.84 million,respectively. In addition, the report notes that nearly half of the total cryptolobbying spending in the last six years occurred in 2022 alone.
Significantgrowth in lobbying expenditure was observed across various crypto companies. Coinbase'sspending has surged 4,137% in the past six years, while Binance.US has seen a 500%increase, FTX.US witnessed a 1,340% growth, and Ripple experienced a 2,060% risein lobbying expenditure.
The topfive companies contributing the most to lobbying spending since 2017 includeCME Group, Coinbase, Block Inc (formerly Square Inc), the BlockchainAssociation, and Robinhood Markets.
“Theseindividuals and companies aided them in getting specific policies either passedthrough the houses or brought to the forefront of the public conscience so thatthere is organic support for them as well,” the study stated.
However, lobbyingefforts have not always guaranteed favorable outcomes, with skepticism aboutthe cryptocurrency industry's impact on the financial world remaining achallenge.
A Growing Number ofLobbyists and Revolvers among Crypto Companies
CME Group has been a trailblazer in crypto lobbying, shelling out $8.26 million since2017. In their push in 2022, they assembled a formidable team of 20 lobbyists, 13of whom were seasoned revolvers. Meanwhile, Coinbase has consistently increasedits lobbying budget, reaching an impressive $5.595 million over six years. In2022 alone, they deployed a robust force of 32 lobbyists, with 26 revolvers inthe mix.
Block Inc(previously Square Inc) has been another major player, investing a total of$4.56 million in lobbying over six years. In 2022, they strategically allocated$1.17 million and enlisted a powerful team of 36 lobbyists, including 25revolvers. On the other hand, the Blockchain Association, the collective voiceof the crypto industry, has dedicated $3.91 million to lobbying since 2017.Last year, they funneled $1.9 million into their efforts, recruiting 18lobbyists, 12 of whom boasted experience as revolvers.
Robinhood,a newcomer to the crypto sector, quickly embraced lobbying efforts, spending$3.895 million in just three years. In their ambitious 2022 campaign, theypoured $1.84 million into lobbying and assembled a team of 20 lobbyists,including 12 knowledgeable revolvers.
ADVERTIsem*nT
The MoneyMongers' study utilized data from OpenSecrets, ensuring transparency andallowing for a comprehensive analysis of the industry's lobbying activitiesfrom 2017 to 2022.
The cryptocurrency market's first bigger lobbying movement occurred as early as 2018. A year later, at least 40 companies in the United States tried to influence policy shaping so that the new regulations would favor the digital asset industry.
