LUCKNOW (CoinChapter.com) — Crypto lobby spending in the US may cross above its 2022 peak levels by the end of this year, according to CoinGecko.
In 2022, influencers spent $22.23 million on crypto lobby spending in the US. Meanwhile, as of Q3/2023, they have already spent $20.19 million. So, with only one month to go, it is likely that the expenditures in Q4 may take the annual spending above the 2022 figures.
US crypto firms have spent a total of $56.44 million on lobbying between 2019 to 2023 so far.
Crypto Lobby Spending Close to Wall Street’s Levels
US cryptocurrency companies spent $2.5 to $3 million on lobbying between 2019 and 2020, 3% less than Wall Street’s spending. Their expenditure increased to $8.5 million in 2021 and reached $22 million in 2022.
As of 2023, the spending by these crypto firms is 19.7% of Wall Street’s total lobbying expenses.
Although the lobbying amount rose, the count of participating companies remained nearly the same. In 2023, 56 companies engaged in lobbying, just one fewer than the 57 in 2022. This number surpasses the 37 companies in 2021, the 17 in 2020, and the 19 in 2019.
Who Is The Top Spender?
In the last five years, the top 30 spenders accounted for 82.1% of total crypto lobbying activities. Coinbase led with $7.5 million spent from 2019 to 2023. The Blockchain Association, a non-commercial entity, followed with $5.23 million. Ripple ranked third, spending $3.46 million on lobbying.
The studies involved 66 U.S.-based companies and 12 organizations, with key participants like the Chamber of Digital Commerce, the Bitcoin Association, and Anchorage Digital. It excluded lobbying efforts mixing crypto and non-crypto issues, therefore not considering activities from companies like PayPal, JP Morgan, and IBM.
