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Crypto industry lobbying expenses rose by 120% in 2022 in the US

Coinbase remains a leader for lobbying expenditure for the sixth year in a row, but Binance.US is accelerating its efforts.

During the severe winter of passwords that began last year, the password industry has been increasing lobbying. In 2022, investors spent $25.57 million lobbying in the United States.

The data appeared in a study released by money traders on February 23rd. The statistical analysis is based on information from OpenSecrets, an independent non-profit group that tracks lobbying spending in the United States (which is supposed to be publicly released by law).

According to this data, the combined increase in the industry lobbying budget accounted for 922% in the five years from 2017 to 2022. When the bitcoin market first soared in 2017, the young industry spent just $2.5 million on lobbying, but last year it was $25.57 million. Last year alone, stakeholder spending first increased by 121.41% from $11.54 million in 2021.

The leader of the spending list is Coinbase, a password trading center based in the United States, which paid $3.3 million to 32 lobbyists in 2022. In second place was the blockchain Association, which spent $1.9 million and hired 18 lobbyists, while Robin Hood came in second with a total of $1.84 million and 20, respectively.

In 2022, the American branch of Binance.US, the world's largest password trading center, ranked ninth on the list with spending of $960000. However, Coinbase's initial spending level has been maintained for a long time-it spends about $10-1.5 million a year, while Binanc.US does not spend until 2021 and increases its diligence from $160000 to nearly $1 million in 12 months.

Related: Americans are depressed about the inequality of the financial system, and 20% have data encryption

In the United States, password companies spend slightly more than $50 million on lobbying over six years, which is modest if we compare that with some other industries. In 2022 alone, for example, pharmaceutical companies spent more than $350 million on federal lobbying.

by wjb news
© 2023 WJB All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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