- Most spending on lobbying came in last two years, study says.
- Coinbase registered a 3,475% increase in its expenditure.
- BlackRock was the most prominent firm to lobby for spot Bitcoin ETFs.
Crypto industry lobbying expenditures in the US have soared since 2017, as the last seven years have seen 1,386% growth, with almost 60% of the spending, or $79 million out of $132 million, coming in the last two years, according to a study by Social Capital Markets.
Coinbase’s spend on lobbying the government for specific policy actions that favour its agenda rose by 3,475%, from $80,000 in 2017 to $2.9 million in 2023. About 74% of Coinbase’s total lobbying spend came in the last two years, 2022 and 2023.
Binance.US crypto lobbying expenditure increased by 656.3% from $160,000 (2021) to $1.2 million (2023), while Ripple saw a 1,780% increase from 2017 to 2023, rising from $50,000 to $940,000.
The increase in lobbying expenditures has come as the US Securities and Exchange Commission has filed numerous enforcement actions against industry players, including Coinbase and Ripple, among many others.
BlackRock was the most prominent US company that lobbied for Bitcoin ETFs, the report said.
As the world’s biggest asset manager, BlackRock used its significant influence and resources to push for the January spot Bitcoin ETF approvals, notably through its iShares Bitcoin Trust (IBIT), according to the study.
