As 2023 approaches its conclusion, the U.S. cryptocurrency industry has been actively engaged in lobbying efforts, with spending reaching $20 million. A recent report by CoinGecko revealed that this year's lobby expenses have already surpassed the $20 million mark as of November 14, excluding the fourth quarter's figures. Comparatively, last year saw a record-breaking $22.2 million spent on lobbying by the U.S. cryptocurrency sector.
Between 2019 and 2020, the collective lobbying budget of U.S. cryptocurrency firms varied from $2.5 million to $3 million, constituting a small fraction, around 3%, of the total lobbying expenses of Wall Street companies. However, there has been a dramatic increase in these figures in recent years. In 2021, the total spent soared to $8.5 million, and the following year, in 2022, it crossed the $22 million threshold. This year's spending has accounted for nearly 20% (19.7%) of Wall Street's total lobbying expenses. Interestingly, despite the considerable increase in spending, the number of companies involved in lobbying hasn't changed significantly. There were 56 companies involved in lobbying efforts this year, only slightly fewer than the 57 companies in 2022, but notably more than the figures recorded in 2021 (37 companies), 2020 (17), or 2019 (19).
Leading the pack in terms of spending over the years has been Coinbase, which invested $7.5 million from 2019 to 2023. Following closely is the Non-Commercial Blockchain Association, with lobbying expenses amounting to $5.23 million. Ripple is next in line, having spent $3.46 million on cryptocurrency lobbying efforts. Noteworthy organizations engaged in lobbying include the Chamber of Commerce for Digital, the Bitcoin Association, and Anchorage Digital.
It's important to note that the data set provided in the study does not consider mixed spending encompassing both crypto and non-crypto-related issues. Companies like PayPal, JPMorgan Chase, IBM, and others currently involved in the digital asset economy were not part of this specific analysis of lobbying expenditures.
