Lobbying efforts by crypto companies have skyrocketed by 1,386% since 2017, reflecting aggressive efforts to shape favorable regulations.
Key Lobbying Expense Data
Social Capital Markets revealed that crypto industry lobbying expenses reached a record $40.42 million in 2023, highlighting the industry's desire to ensure the regulatory landscape aligns with their goals.
Major Players in Lobbying
Key lobbyists include Apollo Global Management, which spent $7.56 million last year, and Managed Funds Association, which invested $4.11 million. Coinbase increased its lobbying efforts by 3,475% since 2017, spending $2.86 million in 2023.
Impact of Increased Lobbying on Regulations
Almost 60% of the total lobbying spend over the last seven years has occurred in the last two years, demonstrating the urgency for companies to protect their interests amid growing scrutiny. Fairshake, a crypto-focused super PAC, plans to invest $25 million in campaigns to support 18 U.S. Senate candidates advocating for crypto-friendly legislation.
The significant increase in lobbying expenses in the crypto industry underscores the importance of shaping favorable regulatory conditions for further development. Major players continue to strive to influence legislative processes to secure their interests.
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