Crypto Lobbying Expenditures on the Rise
A recent study conducted by Social Capital Markets has revealed a significant increase in lobbying expenditures within the crypto industry over the past seven years. The research shows a staggering 1,386% surge in lobbying spend, jumping from $2.72 million in 2017 to $40.42 million in 2023.
The study also points out a notable acceleration in lobbying efforts, with almost 60% of the total $131.91 million spent on crypto lobbying taking place in the last two years. Between 2022 and 2023, the industry dedicated $78.94 million to influencing policy and regulation.
Crypto Lobbying Expenditures in 2023
According to the report by Social Capital Markets, Apollo Global Management led the pack in 2023, with a hefty investment of $7.56 million in crypto lobbying. The Managed Funds Association followed closely behind at $4.11 million, with Coinbase not far behind at $2.86 million. These numbers underscore the increasing significance that major financial players are placing on shaping the regulatory framework for digital assets.
Individual companies have reported a growing need to engage in lobbying activities in order to navigate the evolving regulatory environment surrounding cryptocurrencies. The trend of rising expenditures in this area reflects the industry’s recognition of the importance of influencing policy decisions that could impact the future of digital currencies.
The Surge in Lobbying Expenditures in the Cryptocurrency Industry
In recent years, there has been a noticeable increase in lobbying expenditures within the cryptocurrency industry. Companies like Coinbase, Binance.us, Ripple, and Tether Operations have all significantly ramped up their lobbying efforts in an attempt to influence policy decisions and regulations.
Coinbase’s Remarkable Increase
One of the most striking examples is Coinbase, which saw a staggering 3,475% rise in lobbying spending. Starting from a modest $80,000 in 2017, Coinbase’s lobbying expenditures soared to $2.86 million in 2023. Surprisingly, 74% of Coinbase’s total lobbying spending over the past seven years occurred in the last two years alone.
Other Major Players
Other significant players in the industry have also followed suit. Binance.us increased its lobbying expenditure by 656.25%, going from $160,000 in 2021 to $1,215,000 in 2023. Ripple experienced a 1780% jump, from $50,000 in 2017 to $940,000 in 2023. Additionally, Tether Operations witnessed a substantial growth of 158%, increasing from $480,000 in 2022 to $1.24 million in 2023.
The Use of “Revolvers” in Lobbying
Furthermore, a study highlighted the use of “revolvers” in lobbying efforts. These individuals transition from the public sector to lobbying positions, leveraging their insider knowledge of government operations. For instance, Apollo Global Management employed 104 lobbyists in 2023, with 78 of them being revolvers. Similarly, Coinbase utilized 39 lobbyists, some of whom were also classified as revolvers.
The Rise of Lobbying in the Crypto Industry
Analysis shows that over the course of seven years, there has been a significant increase in lobbying expenditures within the crypto industry. The top five spenders in this regard were revealed to be Apollo Global Management, Managed Funds Association, CME Group, Coinbase, and Block Inc.
This surge in lobbying efforts aligns with the growing regulatory scrutiny and legislative actions targeting digital assets worldwide. It is evident that major players in the US are now actively investing in shaping policies that benefit their interests within the crypto space.
A study by Social Capital Markets highlights a substantial rise in lobbying spending, indicating the industry’s maturation and financial influence. It also emphasizes the industry’s acknowledgement of the pivotal role that regulation will play in its future growth and mainstream acceptance.
With the upcoming election, lobbying is expected to remain a crucial strategy for crypto companies aiming to safeguard their interests and advocate for favorable policies.
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