The business of influencing cryptocurrency policy in Washington exploded last year and has more than quadrupled in the past four years, according to a new study.
Since 2018, spending on crypto lobbying has quadrupled, according to a Public Citizen analysis of federal disclosures. The number of lobbyists working on crypto issues also climbed to 320 from 115 in the same period.
In total, the industry spent more than $9 million attempting to influence members of Congress in 2021, according to the report. Marquee spenders included Coinbase Global, Ripple Labs and the Blockchain Association, which together made up over a third of lobbying by crypto companies in 2021.
While this is a fraction of what the
Spending by crypto firms alone doesn’t capture the breadth of business interest in digital asset policy. Corporations such as International Business Machines, Fidelity Investments and Meta Platforms disclosed lobbying on crypto-related topics in 2021.
Traditional financial and business trade associations were also active. The nation’s largest business lobby, the
The report also warns of a revolving door between government and the cryptocurrency sector, pointing to several high-profile officials who’ve joined the industry. Blanche Lincoln, a former Democratic senator from Arkansas, lobbied for the Blockchain Association. Rick Dearborn, who was deputy chief of staff in the Trump White House, represented the Stellar Development Foundation.
The Chamber of Digital Commerce lists former Securities and Exchange Commissioner Paul Atkins, former acting White House Chief of Staff Mick Mulvaney and
This boom in spending and hires is a “characteristic response of an expanding industry drawing regulatory and legislative scrutiny,” writes Claypool. “The cryptocurrency lobbying spree is only just beginning.”
— With assistance from Allyson Versprille.
