Crypto Lobby Spending in America Set to Beat 2022 Record: Report
In the year With the end of 2023 just over a month away, the US crypto industry has spent $20 million on lobbying efforts. Last year's total was $22.2 million.
According to a CoinGecko report published on November 14th, the US crypto lobby has spent $20.19 million year to date in 2023, and this data does not include Q4 numbers. This means that the total amount of lobbying spending this year may exceed last year's numbers, which is an absolute record for the American crypto industry.
In the year Between 2019 and 2020, the total lobbying budget of US crypto companies fluctuates between $2.5 million and $3 million, which is less than 3% of the lobbying expenses of Wall Street companies. In 2021, this number rises to 8.5 million dollars; In the year By 2022, the $22 million mark has been reached. To date, crypto lobby spending has reached 19.7% of Wall Street lobbying.
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The number of companies involved in lobbying spending has not changed significantly compared to last year – 56 this year versus 57 in 2022. Still significantly more than 2021 (37 companies), 2020 (17) or 2019 (19).
Coinbase is the leader in spending efforts for 2019–2023, spending $7.5 million. Second place is the Non-Commercial Blockchain Society, which spent $5.23 million. Ripple follows in third place, with $3.46 million in crypto lobbying spending. A list of organizations consistently involved in lobbying efforts includes the Digital Chamber of Commerce, the Bitcoin Association, and Anchorage Digital.
The study's dataset does not include mixed spending on crypto and non-crypto issues, such as lobbying efforts from PayPal, JP Morgan, IBM and other companies now involved in the digital asset economy.
Cointelegraph reached out to CoinGecko for more details on the research methodology.
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