The U.S. crypto lobby spending has exceeded $20 million in 2023, on track to beat last year’s record of $19.6 million. The news comes from an April analysis from the CoinCenter, a non-profit research and advocacy group.
The vast majority of crypto-related lobbying has been from the industry itself, accounting for 80% of all crypto spending. This includes big companies, such as bitcoin exchange Coinbase, the Chamber of Digital Commerce, and CryptoCurrency Tax Fairness.
The remaining 20% comes from investment firms, blockchain-focused legal firms, and tech companies.
The money has been spent on lobbying for a range of pro-crypto initiatives, such as better regulation of the sector, easier taxation of digital assets, and digital asset recognition. A particular focus has been the Immunity Act, which would provide virtual asset exchanges immunity from liability for user-made transactions.
CoinCenter has declared that more money is being put into crypto-related lobbying than ever before, and expects that the total for the year will exceed the 2022 record.
The rise in crypto lobbying is indicative of the increasing presence of digital assets in the US economy. As crypto becomes more embedded in mainstream life, the chance to influence politicians and policy-makers grow increasingly likely.