Crypto companies have significantly increased their lobbying expenditures in the US, spending over $40 million in the last seven years. The main surge occurred in 2022 and 2023.
Growth in Lobbying Expenditures
Over the past seven years, crypto lobbying expenditures in the US have increased by 1386%. In 2017, the amount was just $2.72 million, while in 2023, it soared to $40.42 million. Almost 60% of this spending, or $78.94 million, occurred in the last two years alone.
Major Players
Among the major spenders are Apollo Global, the Managed Funds Association (MFA), and Coinbase. In 2023, Apollo Global spent $7.56 million, hiring 104 lobbyists, 78 of whom are so-called 'revolvers'—former government employees. MFA spent $4.11 million, while Coinbase tripled its expenditures to $2.86 million.
Company Spending Dynamics
Binance.US, Ripple, and CME Group have also dramatically increased their lobbying expenditures. Binance.US spent $1.215 million in 2023, Ripple increased expenditures to $940,000, and CME Group to $1.47 million. Another notable player is Block, formerly known as Square, which spent $1.76 million on lobbying in 2023.
The increase in lobbying expenditures by crypto companies indicates their serious intentions to influence US politics and ensure favorable conditions for their projects' development.
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