It Is Expected That Crypto Lobby Spending In The United States Will Surpass The 2022 Record By The End Of 2023.
- Posted on November 17, 2023 9:10 PM
- Cryptocurrency Exchanges News
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As of a little over a month before the end of 2023, the United States crypto industry has already spent $20 million on lobbying activities. This amount is just below the total spent on lobbying activities last year, which was $22.2 million.
According to the CoinGecko report dated November 14th, the crypto lobby in the United States has spent $20.19 million so far in 2023. This figure does not include the 4th-quarter numbers and indicates that the total lobby spending may surpass last year's record.
Between 2019 and 2020, lobbying expenses for US crypto companies ranged from $2.5 to $3 million, which was less than 3% of the total lobbying expenditures of Wall Street firms. In 2021, this amount rose to $8.5 million, reaching $22 million in 2022. Lobbying expenditures in the first three quarters of this year equated to 19.7% of Wall Street lobbying.
Although the number of companies participating in lobbying activities decreased from 57 last year to 56 this year, it is still significantly higher compared to 2021 (37 companies), 2020 (17), and 2019 (19).
Coinbase leads lobbying expenditures between 2019 and 2023, having spent $7.5 million. The non-profit organization Blockchain Association follows with $5.23 million in the second position, and Ripple ranks third with lobbying expenses of $3.46 million. Organizations such as Digital Chamber of Commerce, Bitcoin Association, and Anchorage Digital are consistently involved in lobbying activities.
Lobbying expenditures by companies like PayPal, JP Morgan, IBM, and other firms that joined the digital asset economy later were excluded from the study data.
