The cryptocurrency industry in the United States continues to make significant investments in lobbying activities. As 2023 draws to a close, this year’s lobbying expenditures have already surpassed $20 million. According to a report published by CoinGecko on November 14, this amount does not yet include the spending for the fourth quarter of 2023, suggesting that the total expenditure is likely to exceed last year’s figure of $22.2 million.
In 2019 and 2020, the lobbying expenditures of crypto companies in the US ranged only between $2.5 to $3 million, representing just a small fraction of the expenditures of Wall Street firms. However, by 2021, this figure rose to $8.5 million and reached $22 million in 2022. This year’s disclosed crypto lobbying expenses currently equate to 19.7% of Wall Street’s lobbying expenditures.
Major Exchanges Also Stepping into Lobbying Activities
Coinbase announced on August 14 that a crypto lobbying group called “Stand for Crypto Alliance” was established to support the cryptocurrency ecosystem in the US and to influence public opinion during the legislative process.
*Stand with Crypto Alliance is an advocacy organization dedicated to involving the cryptocurrency community in the legislative process in the United States. The organization is supported by Coinbase, the largest cryptocurrency exchange.
Companies’ Lobbying Activities
The number of companies participating in lobbying expenditures saw no significant increase compared to last year; 56 companies were involved this year, compared to 57 last year. This number is quite high compared to 37 in 2021, 17 in 2020, and 19 in 2019. Coinbase leads in this area with $7.5 million spent over the last five years, followed by the Blockchain Association with $5.23 million and Ripple with $3.46 million. Other organizations consistently involved in lobbying activities include the Chamber of Digital Commerce, Bitcoin Association, and Anchorage Digital.