As of mid-November 2023, the United States cryptocurrency sector has already surpassed its 2022 lobbying spending record, with a total expenditure of $20 million. The CoinGecko report reveals that this figure is expected to rise further by the end of the year.
In comparison, the total lobbying spending in 2022 reached $22.2 million. The current year’s spending has already reached $20.19 million, excluding the fourth quarter numbers, indicating a likelihood of surpassing the previous year’s record.
Historically, from 2019 to 2020, the U.S. crypto companies allocated a lobbying budget between $2.5 million and $3 million, constituting less than 3% of Wall Street companies’ lobbying expenses. However, in 2021, this figure surged to $8.5 million, and by 2022, it reached $22 million. In 2023, crypto lobbying spending has accounted for 19.7% of Wall Street lobbying.
The number of companies engaged in lobbying has remained relatively stable, with 56 in 2023 compared to 57 in 2022. This figure is significantly higher than in 2021 (37 companies), 2020 (17), or 2019 (19).
Leading the spending efforts from 2019 to 2023 is Coinbase, with a total expenditure of $7.5 million. The non-commercial Blockchain Association holds the second position with $5.23 million spent, followed by Ripple at $3.46 million. Consistent participants in lobbying efforts include the Chamber of Digital Commerce, the Bitcoin Association, and Anchorage Digital.
It’s important to note that the study excluded cases of mixed spending on both crypto and non-crypto issues, such as lobbying efforts from companies like PayPal, JP Morgan, IBM, and others involved in the digital assets economy.
