According to this data, the general rise of the industry’s lobbying budgets made up 922% in five years between 2017 and 2022. In 2017, when the price of Bitcoin rocketed for the first time, the young industry spent only $2.5 million on lobbying efforts, while in last year this number stood at $25.57 million. During the last year alone, the stakeholders raised their expenses by 121.41% from $11.54 million in 2021.
The leader of the spenders list is the U.S.-based crypto exchange Coinbase, which paid $3.3 million to 32 lobbyists in 2022. The second places are held by Blockchain Association with $1.9M spent and 18 lobbyists hired, and Robinhood with the numbers of $1.84 million and 20 people respectively. The American subsidiary of the world’s largest crypto exchange, Binance.US, occupied only the ninth spot of the list with $960,000 spent in 2022. However, Coinbase’s level of early expenditure remained steady — it’s been handling out around $1-1.5 million each year, whereas Binance.US started spending only in 2021 and raised its efforts from $160,000 to almost $1 million in twelve months.
Glad to see the crypto space learning how the game is played. Would also like to see more efforts into educating the public on the benefits of crypto & blockchain tech so that the people can encourage their representatives to support pro crypto legislation 👍🏾
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