CDS Crypto News Crypto Lobbying Skyrockets 1,386% Since 2017 as Industry Races to Shape US Regulations
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Crypto Lobbying Skyrockets 1,386% Since 2017 as Industry Races to Shape US Regulations

Crypto companies have increased lobbying efforts by 1,386% since 2017, spending millions to influence U.S. regulations and secure favorable policies for the rapidly growing digital asset industry

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Crypto Lobbying Skyrockets 1,386% Since 2017 as Industry Races to Shape US Regulations

Crypto Lobbying Skyrockets 1,386% Since 2017 as Industry Races to Shape US Regulations

The influence of cryptocurrency companies in U.S. policy-making has surged dramatically, with lobbying efforts increasing by a staggering 1,386% since 2017. As digital assets become more intertwined with the financial sector, companies are investing heavily to ensure that upcoming regulations align with their business interests.

According to data from Social Capital Markets, the crypto industry spent an unprecedented $40.42 million on lobbying in 2023, highlighting the sector’s growing influence and determination to shape favorable regulatory frameworks. Major players have emerged as key contributors to these lobbying efforts, with Apollo Global Management, through its Apollo Crypto division, leading the charge by spending $7.56 million. The firm employed 104 lobbyists, including 78 “revolvers” — individuals who transition between public and private sector roles, a common practice in influencing policy.

Other significant contributors include the Managed Funds Association, which allocated $4.11 million to lobbying, and the Coinbase cryptocurrency exchange, which spent $2.86 million. Notably, Coinbase’s lobbying efforts have surged by an astounding 3,475% since 2017, underscoring the increasing pressure on regulators to draft crypto-friendly legislation.

This rapid rise in lobbying expenditures reflects the crypto industry’s intensified efforts to sway U.S. lawmakers as regulatory scrutiny around digital assets mounts. Nearly 60% of all lobbying spending over the past seven years has occurred in just the last two, signaling the industry’s heightened sense of urgency to protect its interests amid ongoing regulatory challenges.

In August, crypto.news reported that Fairshake, a leading crypto-focused Super PAC, is poised to invest $25 million in television campaigns to support 18 House of Representatives candidates from both political parties. Fairshake champions lawmakers committed to advancing pro-crypto legislation and fostering innovation within the U.S. They’ve notably supported key figures like House Financial Services Chair Patrick McHenry and Reps. Dusty Johnson and Josh Gottheimer (D-N.J.), all of whom play pivotal roles in shaping crypto regulations.

Backed by prominent firms such as Coinbase, Ripple, and Andreessen Horowitz, Fairshake has already contributed over $37 million in primary race advertisements, helping to secure critical victories, including Rep. John Curtis’s re-election in Utah. This strategic investment signals the crypto industry’s determination to ensure its voice is heard as the regulatory landscape continues to evolve.

Crypto Lobbying Skyrockets 1,386% Since 2017 as Industry Races to Shape US Regulations

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