Coins: 12,858
Exchanges: 942
Market Cap: $2.074T 1.3%
24h Vol: $93.302B
Gas: 58 GWEI
Go Ad-free
Analysis
TABLE OF CONTENTS

Crypto US Lobby Spend Already $20M in 2023, vs $22M in 2022

3.5 | by Lim Yu Qian

How Much Has the Crypto Industry Spent Lobbying in the US?

The crypto industry has spent a total of $56.32 million on lobbying in the US, from 2019 to 2023 so far. Around 66 companies and 12 organizations participated, or a combined 78 non-individual entities lobbying Washington for crypto-related issues in the last five years.

During this period, crypto-related lobbying spend was lowest in 2019 and 2020, at $2.99 million and $2.54 million respectively. Crypto’s lobbying expenditure was equivalent to just 2.9% of the Wall Street lobby in 2019, and 2.3% in 2020. The difference in scale points to crypto’s limited lobbying influence then, at a time when the bearish crypto market was below half a trillion dollars. 

The Rise of Crypto Lobbying

Crypto lobbying spend tripled year-on-year (YoY) to reach $8.49 million amid the bull run of 2021. This put crypto lobbying spend at 7.2% of Wall Street lobbying spend, as total crypto market capitalization broke past the one trillion and two trillion marks. 

In 2021, notable new participants in US crypto lobbying include Binance, Dapper Labs, the Crypto Council for Innovation, Barry Silbert’s Digital Currency Group (DCG) and FTX US. 

Crypto lobbying saw a record high spend of $22.07 million in 2022, or more than double YoY. The higher expenditure came as the number of lobbying companies and organizations increased, from 37 unique entities in 2021 to 57 entities in 2022. For example, Crypto.com, TaxBit, Tether and Kraken started to participate in lobbying, and ranked among the top 15 spenders for the year.

Crypto Lobbying Spend in 2023 Set to Overtake 2022

The US crypto lobby has spent $20.19 million in 2023 to date, which does not include Q4 expenditure. As such, 2023 crypto lobbying spend could potentially overtake the $22.23 million spent in 2022.

Notably, crypto lobbying spend in 2023 has amounted to a significant 19.6% of Wall Street lobbying so far, or 3.6 percentage points higher than in 2022. The comparison suggests that crypto lobbying growth may outpace Wall Street in the upcoming years, as the crypto industry seeks stronger influence in Washington.

This comes even after the FTX collapse arguably set back crypto’s position in Washington: The exchange’s collapse not only triggered a regulatory crackdown, but the collective FTX political contributions also cast a negative light on crypto lobbying efforts in the US.

Annual Crypto Lobbying Spend in the US

The total amount spent by companies and organizations lobbying crypto-related issues in the US each year, from 2019 to 2023:

Year Crypto Lobbying Spend No. Companies or Organizations Lobbying
2019 $2.99 million 19
2020 $2.54 million 17
2021 $8.49 million 37
2022 $22.23 million 57
2023* $20.19 million 56

*Note that 2023 data is only up to Q3, as Q4 disclosures are only made after the year is over.

Which Company Leads Crypto Lobbying in the US?

Coinbase is the leading crypto representative in Washington, having spent the highest amount of $7.51 million on crypto lobbying from 2019 to 2023. The next highest crypto lobbying spend during the same period is Blockchain Association’s $5.23 million, making it the top organization lobbying crypto-related issues in the US. Ripple follows behind in third place, with $3.46 million in crypto lobbying expenditure. 

All of the top 3 crypto lobbying representatives have participated for the last five consecutive years. Only 3 other entities have also consistently participated in crypto lobbying for the past five years, namely the Chamber of Digital Commerce, the Bitcoin Association and Anchorage Digital. 

Up-and-coming crypto lobbying players include Crypto.com, Kraken, Tether and TaxBit, which have already recorded over $1.00 million in lobbying expenditure, despite only starting to participate in 2022.

In 2023, 10 Companies Contributed 54% of Crypto Lobbying

Crypto companies and organizations have spent between $7,500 and $2.16 million on lobbying in the US this year. Among the 56 crypto companies and organizations that have lobbied in 2023, the top 10 spent a combined $10.81 million to date. This represents a disproportionate 53.9%, or over half of the industry’s lobbying spending for the year so far.

Coinbase, Binance, Kraken and Ripple, which have been caught in the SEC’s recent crackdown on crypto, all rank among the top 10 lobbying spenders this year. 

2023 also saw five well-known companies participating in US crypto lobbying for the first time: Andreessen Horowitz (A16Z), OKX, Polygon, Solana and the media brand Discover Crypto (formerly Bitboy Crypto). 

Top Crypto Companies Lobbying in the US

The crypto industry’s 30 biggest lobbying spenders account for 82.1% of total crypto lobbying over the last five years. The 30 crypto companies and organizations, ranked by their total lobbying expenditure from 2019 to 2023 (USD) are:

Rank Crypto Company or Organization Lobbying Spend
1 Coinbase $7,505,000
2 Blockchain Association $5,230,000
3 Ripple $3,460,000
4 Crypto.com $2,715,000
5 Binance $2,460,000
6 Chamber of Digital Commerce $2,239,069
7 Stellar $1,700,000
8 DeFi Education Fund $1,680,000
9 Bitcoin Association $1,390,000
10 Kraken $1,328,000
11 Tether $1,240,000
12 Dapper Labs $1,240,000
13 Crypto Council for Innovation $1,210,000
14 Digital Currency Group $1,110,000
15 Block.one (B1) $1,040,000
16 TaxBit $1,030,000
17 Chainalysis $880,000
18 Andreessen Horowitz $790,000
19 FTX US $770,000
20 VaultLink $750,000
21 Algorand $730,000
22 Overstock.Com (Medici Ventures) $720,000
23 CoinFlip $660,000
24 Anchorage Digital $650,000
25 Ava Labs $640,000
26 Paxos $640,000
27 Riot Platforms $620,000
28 Coin Center $610,000
29 Global Digital Asset & Cryptocurrency Association $600,000
30 Paradigm $560,000

 

Methodology

The study examined US lobbying expenditures for crypto-related issues for the last five years, from January 1, 2019 to November 13, 2023, which does not include Q4 2023 lobbying spending. Data on crypto lobbying in the US was based on OpenSecrets. The dataset excluded cases whereby crypto-related issues were lobbied together with a number of non-crypto issues, such as the lobbying efforts from PayPal, JP Morgan, IBM etc.


If you use these insights, we would appreciate a link credit to this article on CoinGecko. A link credit allows us to keep supplying you with data-led content that you may find useful.

Curious to find out more about our previous research studies & statistics? Check out this one we did on spot Bitcoin ETFs by country.

Tell us how much you like this article!
Vote count: 19
Lim Yu Qian
Lim Yu Qian

Yuqian is a cryptocurrency writer and marketer who specializes in mainstream cryptocurrency insights. She's especially fascinated by the philosophical and socioeconomic aspects of crypto and also goes by the name of Q. She holds a Bachelor of Social Sciences with Honors from the National University of Singapore. Follow the author on Twitter @solosbrqt

Related Articles

coingecko
Continue in app
Track prices in real-time
Open App
Select Currency
Suggested Currencies
USD
US Dollar
IDR
Indonesian Rupiah
TWD
New Taiwan Dollar
EUR
Euro
KRW
South Korean Won
JPY
Japanese Yen
RUB
Russian Ruble
CNY
Chinese Yuan
Fiat Currencies
AED
United Arab Emirates Dirham
ARS
Argentine Peso
AUD
Australian Dollar
BDT
Bangladeshi Taka
BHD
Bahraini Dinar
BMD
Bermudian Dollar
BRL
Brazil Real
CAD
Canadian Dollar
CHF
Swiss Franc
CLP
Chilean Peso
CZK
Czech Koruna
DKK
Danish Krone
GBP
British Pound Sterling
GEL
Georgian Lari
HKD
Hong Kong Dollar
HUF
Hungarian Forint
ILS
Israeli New Shekel
INR
Indian Rupee
KWD
Kuwaiti Dinar
LKR
Sri Lankan Rupee
MMK
Burmese Kyat
MXN
Mexican Peso
MYR
Malaysian Ringgit
NGN
Nigerian Naira
NOK
Norwegian Krone
NZD
New Zealand Dollar
PHP
Philippine Peso
PKR
Pakistani Rupee
PLN
Polish Zloty
SAR
Saudi Riyal
SEK
Swedish Krona
SGD
Singapore Dollar
THB
Thai Baht
TRY
Turkish Lira
UAH
Ukrainian hryvnia
VEF
Venezuelan bolívar fuerte
VND
Vietnamese đồng
ZAR
South African Rand
XDR
IMF Special Drawing Rights
Cryptocurrencies
BTC
Bitcoin
ETH
Ether
LTC
Litecoin
BCH
Bitcoin Cash
BNB
Binance Coin
EOS
EOS
XRP
XRP
XLM
Lumens
LINK
Chainlink
DOT
Polkadot
YFI
Yearn.finance
Bitcoin Units
BITS
Bits
SATS
Satoshi
Commodities
XAG
Silver - Troy Ounce
XAU
Gold - Troy Ounce
Select Language
Popular Languages
EN
English
RU
Русский
DE
Deutsch
PL
język polski
ES
Español
VI
Tiếng việt
FR
Français
PT
Português
All Languages
AR
العربية
BG
български
CS
čeština
DA
dansk
EL
Ελληνικά
FI
suomen kieli
HE
עִבְרִית
HI
हिंदी
HR
hrvatski
HU
Magyar nyelv
ID
Bahasa Indonesia
IT
Italiano
JA
日本語
KO
한국어
LT
lietuvių kalba
NL
Nederlands
NO
norsk
RO
Limba română
SK
slovenský jazyk
SL
slovenski jezik
SV
Svenska
TH
ภาษาไทย
TR
Türkçe
UK
украї́нська мо́ва
ZH
简体中文
ZH-TW
繁體中文
Login to track your favorite coin easily 🚀
By continuing, you agree to CoinGecko Terms of Service and acknowledge you’ve read our Privacy Policy
or
Forgot your password?
Didn't receive confirmation instructions?
Resend confirmation instructions
IT'S FREE! Track your favorite coin easily with CoinGecko 🚀
By continuing, you agree to CoinGecko Terms of Service and acknowledge you’ve read our Privacy Policy
or
Password must contain at least 8 characters including 1 uppercase letter, 1 lowercase letter, 1 number, and 1 special character
Didn't receive confirmation instructions?
Resend confirmation instructions
Forgot your password?
You will receive an email with instructions on how to reset your password in a few minutes.
Resend confirmation instructions
You will receive an email with instructions for how to confirm your email address in a few minutes.
Get the CoinGecko app.
Scan this QR code to download the app now App QR Code Or check it out in the app stores