In 2022, the US crypto industry’s lobbying expenses have surged by 120%, amounting to $25.57 million, according to a study published by the Money Mongers. This figure is based on data from OpenSecrets, a non-partisan non-profit that tracks lobbying expenses that should be publicly accessible by law. The crypto industry’s lobbying budgets have grown by 922% in the last five years between 2017 and 2022. In 2017, the crypto industry spent only $2.5 million on lobbying efforts, while the industry’s expenses stood at $25.57 million last year.

Coinbase remains the top spender in lobbying with $3.3 million spent on 32 lobbyists in 2022, a consistent level of early expenditure. The Blockchain Association, with 18 lobbyists ($1.9 million), and Robinhood with 20 lobbyists ($1.84 million), made up the top three. However, Binance.US is increasing its efforts, moving up to ninth place with $960,000 spent on lobbying in 2022, up from $160,000 in 2021.

Compared to other industries, the overall expenditure of crypto companies on lobbying in America is still relatively small. Pharmaceutical companies, for instance, spent over $350 million in 2022 on federal lobbying efforts. While the crypto industry has increased its lobbying expenses, it is still behind other established industries in the US.

Despite the increase in lobbying expenses, it remains to be seen if it will result in any significant changes in the regulatory landscape for the crypto industry. The Securities and Exchange Commission (SEC) and other regulatory bodies are still grappling with how to regulate cryptocurrencies, with various proposals on the table. The industry’s efforts may not necessarily lead to favorable outcomes for all participants, as different stakeholders have varying interests and perspectives on how cryptocurrencies should be regulated. Nonetheless, the increase in lobbying expenses signals the industry’s willingness to engage in the political process and push for a more favorable regulatory environment.