Crypto industry lobbying expenses rose by 120% in 2022 in the US

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In 2022, the market participants spent $25.57 million on lobbying in the United States.

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.

 

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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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