Crypto lobbying surges 1,400% since 2017 as industry pushes for policy change
Lobbying efforts by crypto companies have skyrocketed by 1,386% since 2017, reflecting the industry’s aggressive push to shape favorable regulations.
As crypto becomes more integrated into the financial system, the stakes are higher than ever, driving companies to invest millions to ensure that the regulatory landscape aligns with their goals.
Lobbying in the crypto industry has seen a staggering 1,386% increase since 2017, with major players pushing hard to influence U.S. policy, data from Social Capital Markets reveals. Crypto firms spent a record $40.42 million on lobbying in 2023 alone, reflecting the industry’s growing clout and desire for favorable regulations.
Key industry leaders have emerged as top lobbying spenders, data shows, with Apollo Global Management, under its Apollo Crypto arm, investing $7.56 million in lobbying last year, utilizing 104 lobbyists, 78 of whom were “revolvers” — individuals who move between the public and private sectors.
Managed Funds Association, another heavyweight, spent $4.11 million, while the Coinbase crypto exchange, allocated $2.86 million to lobbying in 2023. Since 2017, however, Coinbase’s lobbying efforts have surged by 3,475%, highlighting the increasing pressure on regulators to shape crypto-friendly legislation.
Crypto lobbying soars as industry clamps down on regulation
The sharp rise in lobbying expenditure reflects the industry’s race to influence U.S. lawmakers as regulation around digital assets intensifies. Data shows that almost 60% of the total lobbying spend over the last seven years has occurred in the last two years, demonstrating the urgency for companies to protect their interests amid growing scrutiny.
In early August, crypto.news reported that Fairshake, a prominent crypto-focused super PAC, plans to invest $25 million in TV ad campaigns to support 18 House of Representatives candidates from both parties. Fairshake supports candidates committed to advancing crypto-friendly legislation and fostering innovation in the U.S. Their recent efforts include backing House Financial Services Chair Patrick McHenry, Rep. Dusty Johnson, and Rep. Josh Gottheimer (D-N.J.), all key figures in promoting crypto legislation.
The PAC is backed by major crypto firms like Coinbase, Ripple, and Andreessen Horowitz, among others. Recently, Fairshake has helped spend over $37 million on primary race ads, contributing to notable victories, including Rep. John Curtis’s win in Utah.
