The amount spent on lobbying by cryptocurrency companies has increased in recent years as the sector has continued to grow. Legislators and regulators are paying more attention as a result of this increase in adoption.
The act of lobbying entails attempting to sway the judgment of public authorities, frequently by offering financial support or other forms of inducement. Many businesses, including those in the cryptocurrency sector, engage in lobbying in an effort to reshape rules and legislation to their advantage. BeInCrypto’s report from the previous year stated that over the previous four years, spending on lobbying for cryptocurrency had more than doubled.
The growing regulatory scrutiny of the crypto industry is one reason why crypto corporations have increased their lobbying spending. Regulators are still trying to determine how to effectively control cryptocurrencies because they are a relatively new and complex technology. As a result, cryptocurrency companies are working harder than ever to shape the regulatory process so that any new legislation are beneficial to their commercial interests.
The increased acceptability of cryptocurrencies by the general public is another factor influencing the rise in lobbying expenditures by cryptocurrency companies. The use of cryptocurrencies by businesses and people is increasing, and this has a positive impact on the industry’s influence and strength. Businesses are attempting to use their power to influence public policy.
An Increase in the Lobbying Trend in 2022 Known crypto industry players took part in the aforementioned activities. Famous cryptocurrency corporations spent up to $25.57 billion on lobbying in 2022 alone to change laws in their favor. Similar information was sent via email to BeInCrypto by the Money Mongers crew.
Not unexpectedly, half of the overall lobbying expenditures made by cryptocurrency corporations occurred last year. $50.75 million was spent over the past six years, of which $25.57 million was used in 2022. Coinbase, the second-largest exchange based on trade volume, spent $3.30 million, making it the biggest spender on cryptocurrency lobbying.
