Crypto Lobbying
Which crypto companies spend the most on federal lobbying?
The cryptocurrency industry is on a spending spree when it comes to lobbying, with a 54% increase in expenditures since last year.
Crypto companies like many other forex brokerages often practice lobbying, with the aim of influencing policymakers in the US Government to favour crypto in upcoming legislation. It is common for companies in the cryptocurrency industry to hire professional lobbyists, who have government connections and relevant experience to advocate for their client’s interests.
Federal lobbying is not a practice exclusive to the crypto industry. In the US, industries like the tobacco and healthcare sectors are often big spenders when it comes to lobbying. With crypto, lobbying is considered integral to the advancement of the industry, since lobbyists are more likely to influence policy compared to individuals and companies.
Given the prominence of lobbying in the cryptocurrency industry, we wanted to reveal which crypto companies have spent the most money on federal lobbying in 2022 and hired the most professional lobbyists.
Crypto Lobbying in 2022
Coinbase | 2022 lobbying expenditure: $3,390,000
The crypto company that has spent the most money on lobbying in 2022 is the cryptocurrency exchange platform, Coinbase. The company spent $3.39 million on lobbying the US Government in 2022, which is over 1.5 times more than the second company on our list.
Blockchain Association | 2022 lobbying expenditure: $1,900,000
Blockchain Association comes in joint second place as one of the crypto companies with the highest expenditure on lobbying in 2022. Blockchain Association’s mission is to advance the future of crypto in the US, making it no surprise that this company is one of the leaders in lobbying.
Robinhood | 2022 lobbying expenditure: $1,840,000
In third place, Robinhood is one of the top crypto companies when it comes to lobbying. The crypto trading organisation spent $1.84 million on lobbying in 2022.
How has crypto lobbying changed since last year?
Crypto companies have ramped up their spending on lobbying by 54% in 2022 compared to 2021.
Each year since 2018 the cryptocurrency industry has sought to expand its influence on the US political sphere by increasing spending on federal lobbying.
For the crypto companies we looked at, the total spending on lobbying skyrocketed in 2021, with a 288% increase compared to the previous year.
There is no denying that crypto companies are prioritising lobbying, with a 54% increase seen in 2022 we expect this trend to continue in future years.
Binance increased their lobbying expenditure by 594% in 2022
Binance | 594% increase in lobbying expenditure
Binance is the crypto company that increased its lobbying expenditure the most in 2022. The lobbying spend of Binance skyrocketed from $160,000 in 2021 to $1.11 million the following year.
Chia Network | 145% increase in lobbying expenditure
The blockchain and smart transaction company Chia Network comes in second place, as one of the companies who increased their lobbying budget the most in 2022. The company spent 145% more on lobbying in 2022 compared to the previous year.
Chainalysis | 139% increase in lobbying expenditure
Chainalysis comes in third place, with a 139% increase in lobbying expenditure in 2022. The blockchain analysis firm spent $430,000 on lobbying in 2022, up from $180,000 in 2021.
The biggest spending crypto companies
Coinbase | Total lobbying expenditure: $5,515,000
Coinbase is the crypto company that has spent the most on federal lobbying over the last five years. The crypto trading platform has spent almost $5.52 million on lobbying since 2018.
Blockchain Association | Total lobbying expenditure: $3,910,000
Blockchain Association is one of the highest-spending crypto companies of the last five years when it comes to federal lobbying. The nonprofit with a commitment to educating policymakers on cryptocurrency spent $3.91 million on lobbying since 2018.
Robinhood | Total lobbying expenditure: $3,895,000
Crypto trading platform Robinhood is one of the biggest spenders when it comes to lobbying the US Government. The company spent almost $3.9 million on federal lobbying over the last five years.
Crypto Lobbyists in 2022
Coinbase | Number of lobbyists in 2022: 32
Coinbase ranks in first place as the crypto company with the most lobbyists in 2022. Coinbase’s commitment to federal lobbying is undeniable, as the crypto company with the most lobbyists and the highest lobbying expenditure in 2022.
Robinhood | Number of lobbyists in 2022: 20
The commission-free crypto trading platform Robinhood used 20 federal lobbyists in 2022, more than most other companies on our list.
Binance | Number of lobbyists in 2022: 19
In third place, Binance saw federal lobbying as a high priority in 2022. The cryptocurrency exchange platform used 19 lobbyists in 2022.
The role of crypto lobbyists since 2018
The number of lobbyists hired by some of the top companies in crypto has been on the rise over the last five years.
The biggest spike was in 2021 when the total number of lobbyists used by the crypto companies we looked at increased by 104% compared to the previous year.
In 2022 we saw an increase of 32% in lobbyists advocating for the interests of cryptocurrency in the US Government.
Methodology
We wanted to reveal the extent of cryptocurrency lobbying in the US, so we sourced information on expenditures and lobbyists hired by some of the top crypto companies over the last five years from OpenSecrets.
