The study says that the biggest spending on lobbying happened in the last two years. Coinbase recorded a 3,475% increase in its spending. BlackRock is a prominent firm that has lobbied for spot bitcoin ETFs.
Crypto industry lobbying spending in the US has skyrocketed since 2017, with nearly 60% of spending in the past seven years a 1,386% increase, or $132 million, with $79 million coming in the last two years. study through social capital markets.
Coinbase's spending on lobbying the government for specific policy measures favorable to its agenda increased by 3,475%, from $80,000 in 2017 to $2.9 million in 2023. 74% of Coinbase's total lobbying spending came in the last two years, 20232 and 2023.
Binance.US crypto lobbying spending increased 656.3% from $160,000 (2021) to $1.2 million (2023), while Ripple saw a 1,780% increase from 2017 to 2023, from $50,000 to $9.40,000.
Lobbying costs have increased as the US Securities and Exchange Commission filed several enforcement actions against several other industry players, including Coinbase and Ripple.
BlackRock is the most prominent US company that has lobbied for Bitcoin ETFs, the report said.
As the world's largest asset manager, BlackRock used its significant influence and resources for January spot bitcoin ETF approvals, notably through its iShares Bitcoin Trust (IBIT), according to the study.
Related TopicsCoinbaseBlackRock
