As 2023 winds down, the United States crypto industry has recorded about $20 million spent on lobbying practices. The value is about to exceed 2022 when the industry spent $22.2 million.
The overall trend indicates that lobbying activities within the crypto industry have maintained a progressive rise.
Cryptocurrency Lobbying Hit $20 Million In 2023, Excluding Q4 Data
On November 14, CoinGecko released a report about the US crypto lobbying record for 2023. According to the report, the crypto industry has already spent $20.19 million in 2023.
However, the data provided in the report doesn’t include those for Q4 2023. This implies that the total value of crypto lobby spending for 2023 will surpass that of last year, with the latter representing the absolute record for the US crypto industry.
Further, the number of companies involved in crypto lobbying remains the same between this year and the last. While 2022 had 57 entities, 2023 has recorded 56 companies so far.
Notably, the crypto industry engaged in lobbying as part of the measures to attract favorable legislation for the industry regulations. Data revealed that the expenditure in the crypto lobby has seen a staggering 922% surge over the past six years.
According to CoinGecko’s report, the industry spending on crypto lobbying for 2019 and 2020 was $2.99 million and $2.54 million, respectively. Moreover, the crypto lobby expenditure constituted just 2.9% and 2.3% of the Wall Street lobby for 2019 and 2020, respectively.
With the increasing adoption of crypto and the bull run for 2021, the industry spent $8.5 million in lobbying activities. The 2022 lobbying efforts amounted to $22.23 million, an increase of 61.7% from the previous year. A
dditionally, the number of entities participating in lobbying increased from 37 in 2021 to 57 in 2022.
Last year saw more firms like Kraken, Crypto.com, Tether, TaxBit, and others joining crypto lobbying. Based on its present value, 2023’s crypto lobbying expenditure represents about 19.7% of Wall Street lobbying data.
Top Entities In Crypto Lobbying In The US
Among several companies involved in crypto lobbying spending between 2019 and 2023, Coinbase takes the lead. It has spent a total of $7.51 million over the mentioned period. Blockchain Associates takes the second position in the crypto lobby within the timeframe. The company has a cumulative spending of $5.23 million.
Ripple emerged third on the list of top crypto lobbying firms with a lobbying expenditure of $3.46 million. These top three firms have participated in crypto lobbying over the past five consecutive years.
Additionally, only three other companies have been engaged in crypto lobbying within the same period. They are Anchorage Digital, Chamber of Digital Commerce, and Bitcoin Association, with a total spending of $650,000, $2.23 million, and $1.39 million, respectively.
Some new participants from 2022, such as Crypto.com and Kraken, have already spent more than $1 million in lobbying activities. Additions in 2023 include OKX, Solana, Polygon, Discover Crypto (formerly Bitboy Crypto), and Andreessen Horowitz.