With over a month remaining until the conclusion of 2023, the cryptocurrency sector in the United States has expended $20 million on lobbying endeavors, almost exceeding 2022’s record of $22.2 million.
The crypto lobby in the United States has reportedly spent $20.19 million so far in 2023, excluding fourth-quarter figures, according to a report by CoinGecko published on November 14.
Consequently, lobby expenditures for this year are likely to surpass those of the previous year, a period when they set an all-time high for the American cryptocurrency sector.
The aggregate lobbying expenditure of U.S. crypto companies exhibited variability from $2.5 million to $3 million throughout 2019 and 2020. This figure represented a fraction of 3% of the lobbying expenditures incurred by Wall Street firms.
This sum increased significantly from $8.5 million in 2021 to $22 million in 2022. Crypto lobbying expenditures comprise 19.7% of all lobbying on Wall Street.
There has been minimal variation in the number of companies engaging in lobby expenditure compared to the previous year: 56 this year as opposed to 57 in 2022. Nonetheless, it is significantly higher than in 2021 (37 businesses), 2020 (17), or 2019 (19).
Coinbase has initiated the most expenditures for 2019–2023, amounting to $7.5 million. With a payment of $5.23 million, the non-commercial Blockchain Association secured the second position.
Ripple, with $3.46 million in crypto lobbying expenditures, ranks third. Anchorage Digital, the Chamber of Digital Commerce, and the Bitcoin Association are among the organizations that have consistently engaged in lobbying endeavors.
Cases of mixed expenditure on crypto and non-crypto issues, such as the lobbying efforts of PayPal, JP Morgan, IBM, and other companies now engaged in the digital asset economy, were excluded from the study’s data set.
