US Crypto Industry on Pace to Break Lobbying Spending Records in 2023
Summary:
The US crypto industry is on track to surpass last year's $22.2 million in lobbying expenditure, having already spent over $20 million in 2023 excluding Q4, as per a CoinGecko report. The spending escalated from less than 3% of Wall Street's lobbying costs in 2019-20 to 19.7% in 2023. The number of companies involved remained steady, with Coinbase leading the race followed by Blockchain Association and Ripple. The study excludes joint-spending on crypto and non-crypto issues by firms like PayPal, JP Morgan, and IBM.
Even before the close of 2023, the crypto sector in the United States has already shelled out a remarkable $20 million for lobbying activities. This figure is close to surpassing last year's total of $22.2 million, as stated in a report released by CoinGecko on November 14. The current data, excluding fourth-quarter numbers, indicates that this year's lobbyist expenditure in the crypto realm may well outdo previous records. During the period of 2019-2020, the American crypto entities' lobbying budget oscillated between $2.5 million and $3 million, which made up less than 3% of the financial lobbying costs of Wall Street corporations. By 2021, the figure spiked to $8.5 million and then jumped to $22 million in 2022. Meanwhile, this year's crypto lobbying outlay equates to roughly 19.7% of Wall Street's total. Related: Legal backers move to safeguard Fourth Amendment privacy rights of crypto users. The count of companies investing in lobbying hasn't seen a dramatic shift, with 56 this year compared to 57 in 2022. However, there has been a significant increase from the figures of 2021 (37 companies), 2020 (17 companies), and 2019 (19 companies). Leading the spending race from 2019 to 2023 has been Coinbase, splashing out $7.5 million, followed by the non-profit Blockchain Association, who has invested $5.23 million. Ripple secures the third spot, having spent $3.46 million on lobbying. Notable participants also include the Chamber of Digital Commerce, the Bitcoin Association, and Anchorage Digital. Instances where spending was divided between crypto and non-crypto issues, such as in the lobbying ventures of PayPal, JP Morgan, IBM, and other firms now operating in the digital asset market were excluded in the report. CoinGecko was contacted by Cointelegraph for further clarifications on its research methodology. Magazine: Advancing into Liberland: Evading guards utilizing inner-tubes, decoys, and diplomats.
Published At
11/17/2023 8:59:00 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.