TechFlow news — On September 6, according to Cointelegraph, a new report from Social Capital Markets reveals that lobbying expenditures by the U.S. cryptocurrency industry have surged by 1386% since 2017. Coinbase stands out as the most prominent player, with its lobbying spending increasing by 3475% over seven years—from $80,000 in 2017 to $2.86 million in 2023.
Ripple Labs follows closely, with lobbying costs rising 1780% during the same period, growing from $50,000 to $940,000. Binance.US also saw a significant increase of 656% in lobbying expenditure, climbing from $160,000 to $1.2 million. Additionally, Tether, Uniswap, and Block Inc. spent $1.2 million, $280,000, and $1.7 million respectively on lobbying in 2023.
The report further highlights that total lobbying spending by the cryptocurrency sector since 2017 has reached $1.3191 billion, with nearly 60% ($789.4 million) concentrated in just two years—2022 and 2023. Apollo Global Management, the private equity giant, topped the list in 2023 with $7.56 million in lobbying expenses, amounting to a cumulative $287 million over seven years.
Industry analysts suggest that the sharp rise in lobbying investments reflects crypto companies' efforts to advocate for clearer regulatory frameworks and move away from the current legal "gray area." As of press time, Coinbase, Ripple Labs, and Binance.US had not issued official comments regarding the report.
