In the world of cryptocurrency, regulatory pressure is increasing, and various government agencies are closely monitoring various crypto companies following Binance‘s $4 billion deal and Changpeng Zhao stepping down as CEO of the crypto exchange.
It is not surprising that the crypto industry as a whole is increasing its lobbying activities in Washington under these conditions. According to a report published by Reuters on December 5th, industry representatives invested a total of $19 million in the first three quarters of 2023 to attract US politicians to their side.
The amount of money spent on lobbying activities in 2023 can be seen as a direct response to the events of the previous year, but in reality, these efforts have been constantly increasing over the years. The overall growth of the crypto industry can be seen as a reflection of these efforts.
Between 2017 and 2018, the amount spent on lobbying activities increased from $200,000 to $920,000. In the following years, these figures continued to rise, reaching approximately $3 million between 2020 and 2021, more than double the previous amount.
Despite being considered as a “crypto crisis” by many after the events of the past year, the total amount spent on lobbying activities within the crypto industry was $21.6 million.