With just over a month to go until 2023, the US cryptocurrency industry has already spent $20 million on lobbying. The previous year the total amount was $22.2 million.
according to relationship According to CoinGecko published on November 14, the US cryptocurrency lobby has spent $20.19 million so far in 2023, not including Q4 data. This means that the total amount of lobbying spending this year is likely to exceed 2022 numbers, representing an all-time record for the US cryptocurrency industry.
Between 2019 and 2020, the total lobbying budget of US cryptocurrency firms ranged between $2.5 million and $3 million, representing less than 3% of the lobbying expenditures of Wall Street firms. In 2021, the number jumped to $8.5 million; In 2022, it reached $22 million. To date, lobbying spending in the cryptocurrency industry has reached 19.7% of lobbying on Wall Street.
The number of firms involved in lobbying expenditures has not changed significantly from last year, with 56 firms currently compared to 57 in 2022. This is still significantly higher than in 2021 (37 firms), 2020 (17) or 2019 (19 ).
Coinbase was the leader in allocations for 2019-2023, spending $7.5 million. Second place went to the non-commercial Blockchain Association, with a spending of $5.23 million. Ripple comes in third, spending $3.46 million on lobbying. The list of organizations that have consistently engaged in lobbying activities includes the Chamber of Digital Commerce, the Bitcoin Association, and Anchorage Digital.
The study’s data set excluded instances of mixed spending on crypto and non-crypto issues, such as lobbying efforts by PayPal, JP Morgan, IBM and other companies now involved in the digital asset economy.
Cointelegraph has contacted CoinGecko for more details on the research methodology.
Translated by Walter Rizzo
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