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The U.S. cryptocurrency lobby is on track to surpass its 2022 spending record, as it has already spent over $20 million in 2023. According to lobbying disclosures from the Center for Responsive Politics, the industry has lobbied Congress and federal agencies at unprecedented levels this year. The largest lobbying groups have been pro-crypto think tank Coin Center, cryptocurrency firm Coinbase, and the Digital Currency Group.
Coin Center, which promotes public policy issues related to cryptocurrency, has already spent over $6 million this year on lobbying Congress and federal agencies. Coinbase, a popular cryptocurrency exchange and wallet provider, has spent over $3 million this year. The Digital Currency Group, a firm focused on investing and launching digital assets, has spent nearly $2.8 million.
The total spending remains well below the high ($9.3 million) in 2020, a year that saw the cryptocurrency industry come under increased scrutiny in the wake of the ICO bubble. Still, the increase is more than triple the $6.3 million spent in 2021, when the industry started to turn away from the ICO craze.
It’s likely that the record-breaking spending is driven by the increased regulatory activity, particularly the introduction of the Money Services Business Act. This act has been viewed by some as a positive step towards providing legal clarity for cryptocurrency firms. The spending shows that the industry is continuing to fight for wider access and acceptance in the U.S. financial system.
The surge in spending could also be attributed to the growing number of firms looking for funds from venture capitalists, as the sector becomes more mainstream. It’s likely that as the cryptosphere continues to mature, lobby spending will continue to grow.