The Numbers Don’t Lie
With the year still providing ample time for fund-raising antics, 2023 has already witnessed crypto lobbyists spending over $20 million. To put that in perspective, last year closed its doors at $22.2 million—and it looks like we’re gearing up to break that record.
Historic Trends and Changes
To understand the significance of this year’s spending, we must travel back in time. Between 2019 and 2020, crypto companies in the U.S. were spending a tepid $2.5 to $3 million, making up a mere 3% of Wall Street’s extravagant buffet of lobby funds. Fast-forward through crypto’s rollercoaster ride of highs and lows, and by 2021 that number jumped to an impressive $8.5 million. Then in 2022, a staggering $22 million was spent. So far, crypto lobbying has claimed about 19.7% of Wall Street’s total lobbying expenditures.
Who’s Tossing the Coins?
Among the players on this vast crypto chessboard, Coinbase leads the charge with an audacious $7.5 million earmarked for lobbying efforts from 2019 to 2023. Hot on its heels is the Blockchain Association at around $5.23 million, followed by Ripple, which has thrown down a respectable $3.46 million. Other notable names in the mix include the Chamber of Digital Commerce and the Bitcoin Association, both of whom are contributing to this surging tide.
Consistency is Key
The landscape of organizations involved in this financial daydream hasn’t dramatically changed either—58 companies this year compared to 57 last year. This remains a substantial increase over 37 companies in 2021 and just 19 in 2019. As crypto continues its quest for legitimacy, more stakeholders seem to be throwing their hats into the ring.
The Exclusions Factor
Interestingly, the numbers you’ve read don’t account for companies whose lobbying spending covers both crypto and non-crypto issues. This includes big players like PayPal, JP Morgan, and IBM, all of whom dabble in the digital assets pool while still keeping their feet in traditional waters.
As we gear up for the finale of 2023, keep an eye on how this narrative unfolds. With the crypto circus just getting started, how much more will be spent on lobbying by the end of the year? Only time will tell!
