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Crypto lobbying expenditures have surged dramatically over the past seven years, according to a new study by Social Capital Markets.

The research reveals a staggering 1,386% increase in lobbying spend by crypto companies, rising from $2.72 million in 2017 to $40.42 million in 2023.

The study highlights a significant acceleration in lobbying efforts, with nearly 60% of the total $131.91 million spent on crypto lobbying occurring in the last two years. In 2022 and 2023 combined, the industry allocated $78.94 million to influence policy and regulation.

Apollo Global Management emerged as the top spender in 2023, investing $7.56 million in crypto lobbying. This was followed by the Managed Funds Association at $4.11 million and Coinbase at $2.86 million. These figures stress the growing importance major players in the financial sector are placing on shaping the regulatory landscape for digital assets.

Individual companies have reportedly shown remarkable increases in their lobbying expenditures. Coinbase, for instance, saw a 3,475% rise in spending from a modest $80,000 in 2017 to $2.86 million in 2023. Notably, 74% of Coinbase’s total lobbying spending over the past seven years occurred alone in the last two years.

Other significant players have also ramped up their efforts. Binance.us increased its lobbying expenditure by 656.25%, from $160,000 in 2021 to $1,215,000 in 2023. Ripple saw a 1780% jump, from $50,000 in 2017 to $940,000 in 2023. Lastly, Tether Operations witnessed substantial growth, with a 158% increase from $480,000 in 2022 to $1.24 million in 2023.

The study also sheds light on using “revolvers” in lobbying efforts. These individuals move from the public sector to lobbying positions, leveraging their insider knowledge of government operations. For example, Apollo Global Management employed 104 lobbyists in 2023, with 78 of them being revolvers. Similarly, Coinbase utilized 39 lobbyists, of which 32 were revolvers.

Over the seven years analyzed, the top five lobbying spenders were Apollo Global Management ($28.71 million), Managed Funds Association ($21.96 million), CME Group ($10.19 million), Coinbase ($8.45 million), and Block Inc (formerly Square Inc) ($6.37 million).

This surge in lobbying expenditures coincides with increased regulatory scrutiny and legislative efforts surrounding digital assets worldwide. Major players in the US are now clearly investing heavily in efforts to shape policies favorable to their interests.

Social Capital Markets’ study suggests a dramatic increase in lobbying spending, reflecting the crypto industry’s growing maturity and financial clout. It also signals the sector’s recognition of the critical role that regulation will play in its future development and mainstream adoption. With the election just around the corner, lobbying will likely remain a key strategy for crypto companies seeking to protect their interests and promote favorable policies.

The post US crypto companies spend $79 million on political lobbying in two years appeared first on CryptoSlate.

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