The crypto industry has increased its lobbying efforts in recent years, particularly during the crypto winter that began in 2021. A new study published by Money Mongers on February 23, 2023 sheds light on the increasing amount of money spent on lobbying by market participants. in the U.S.

According to the study, which analyzed data from OpenSecrets, a nonprofit, nonpartisan organization that tracks lobbying spending in the US, crypto industry lobbying budgets have increased by 922% over the past five years. In 2017, when the price of Bitcoin first skyrocketed, the industry spent just $2.5 million on lobbying efforts. Last year, that number jumped to $25.57 million, and in 2021 alone, stakeholders increased their spending by 121.41% to $11.54 million.

The study also found that US-based crypto exchange Coinbase was the biggest spender, paying $3.3 million to 32 lobbyists in 2022. The Blockchain Association came in second, with 18 lobbyists and $ 1.9 million spent, while Robinhood came in third with 20 lobbyists and $1.84 million. spent. Binance.US, the American subsidiary of the world’s largest crypto exchange, ranked only ninth on the list with $960,000 spent in 2022.

Despite the increase in lobbying efforts, the total spending by cryptocurrency companies on lobbying in the United States is modest compared to other industries. The pharmaceutical industry, for example, spent more than $350 million in 2022 on federal lobbying efforts.

It’s worth noting that lobbying is an important aspect of any industry, as it allows stakeholders to advocate for policies that support their interests. In the case of the crypto industry, lobbying efforts can help shape regulations and laws that facilitate the growth and adoption of cryptocurrencies. It is also worth noting that the increase in lobbying efforts may reflect the growing maturity and willingness of the industry to engage with policymakers.

Overall, the Money Mongers study highlights the growing importance of lobbying in the crypto industry, particularly in the United States. As the industry continues to mature and grow, we can expect to see more lobbying efforts aimed at shaping the regulations and laws that support its development.