Crypto companies are pouring a ridiculous amount of money into American politics, and the numbers are wild. Over the last seven years, there’s been a 1386% surge in spending on crypto lobbying.
That’s a jump from just $2.72 million in 2017 to $40.42 million in 2023. Almost 60% of that spending, or $78.94 million, has come in just the last two years, with 2022 and 2023 seeing the biggest splashes.
The biggest spenders in this game? Apollo Global, Managed Funds Association (MFA), and Coinbase. They’re at the top of the list, dropping millions in 2023 alone.
Apollo spent the most with a whopping $7.56 million. The company has been investing in crypto for institutional clients and has seen a solid 158.5% return since 2021. For comparison, the Cryptocurrency Digital Market Index only grew by 52.3% during the same time.
Apollo hired 104 lobbyists in 2023, and 78 of them are what’s known as “revolvers.” These are people who move from government jobs into lobbying, taking their insider knowledge with them.
Not too far behind Apollo, you’ve got the Managed Funds Association, which spent $4.11 million in 2023. MFA represents some big names in finance—think BlackRock and Citadel—so they’ve got serious weight to throw around.
They’ve been active in lobbying for policies that favor alternative assets like crypto, which is why they’ve hired 32 lobbyists to push their agenda. Like Apollo, most of these lobbyists (25 to be exact) are revolvers.
Then there’s Coinbase, which has been making some aggressive moves for a while now. Back in 2017, they only spent $80,000 on lobbying.
Fast forward to 2023, and that number shot up by 3475%, hitting $2.86 million. Coinbase hired 39 lobbyists in 2023, with 32 of them being revolvers.
Binance.US, Ripple, and CME Group have all dramatically increased their lobbying expenditures, too. Binance.US went from spending just $160,000 in 2021 to over $1.215 million in 2023, a 656.25% increase.
Ripple saw a similarly massive increase, going from $50,000 in 2017 to $940,000 in 2023, a rise of 1780%. CME Group has also been pushing hard. They spent $1.47 million in 2023.
Since 2017, data shows that CME has dropped a total of $10.19 million on lobbying efforts, using 18 lobbyists, 14 of whom are revolvers.
And let’s not forget Block, formerly known as Square. Block’s got a serious stake in the crypto game, with products like Cash App and TBD, and they’re not concerned about spending to protect their interests.
In 2023, Block spent $1.76 million on lobbying, hiring 26 lobbyists, with 21 of them being revolvers. Over the past seven years, Block has spent a total of $6.37 million on lobbying.
Source: https://www.cryptopolitan.com/crypto-lobbying-splash-in-american-politics/