Cryptocurrency
companies are increasingly investing in lobbying to secure favorable
legislation, with expenditures skyrocketing 922% in the past six years,
according to a recent study by Money Mongers. The report reveals that
crypto lobbying contributions reached almost $26 million in 2022, highlighting
the industry’s drive to influence policy in its favor.
Leading the
charge in 2022 were Coinbase, the Blockchain Association, and Robinhood, with
lobbying expenditures of $3.30 million, $1.9 million, and $1.84 million,
respectively. The report also notes that nearly half of the total crypto
lobbying spending in the last six years occurred in 2022 alone.
Significant
growth in lobbying expenditures was observed across various crypto companies. Coinbase’s
spending surged 4137% in the past six years, while Binance.US saw a 500%
increase, FTX.US witnessed a 1340% growth, and Ripple experienced a 2060% rise
in lobbying expenditure.
The top
five companies contributing the most to lobbying spending since 2017 include
CME Group, Coinbase, Block Inc (formerly Square Inc), the Blockchain
Association, and Robinhood Markets.
Lobbying Expenditures in 2022. Source: Themoneymongers.com
“These
individuals and companies aided them in getting specific policies either passed
through the houses or brought to the forefront of the public conscience so that
there is organic support for them as well,” the study stated.
