The crypto industry’s wild spending spree

US Crypto Lobby Expected to Break Record Spending in 2022, According to Report

Crypto lobby spending in the US will exceed the 2022 record, says report.

Picture this: the crypto industry in the United States is going on a frenzied, money-spewing rampage. With still over a month to go before the year comes to a close, they have already blown a mind-boggling $20 million on lobbying efforts. And if that wasn’t enough, let me give you some context. Last year, their total expenditure stood at a staggering $22.2 million. Talk about breaking records!

According to a ridiculously eye-popping report by CoinGecko, published on Nov. 14, the U.S. crypto lobby has burned through $20.19 million in 2023 alone. And believe it or not, these numbers don’t even include the fourth quarter. So, brace yourselves, because this year’s total spending is bound to blast through last year’s records like a rocket ship on steroids. It’s almost like the crypto industry took a page out of Elon Musk’s book of eccentric spending habits.

Let’s take a moment to put these numbers into perspective. Between 2019 and 2020, the crypto companies’ lobbying budget fluctuated somewhere between $2.5 million and $3 million. Barely a scratch compared to their Wall Street counterparts, who were splurging like there was no tomorrow. But then, everything changed. In 2021, the crypto lobby transformed into a beast and unleashed a spending spree worth $8.5 million. And just when we thought they couldn’t get any more extravagant, they smashed through the $22 million mark in 2022. Now, if my calculations are correct, that means crypto lobbying spending has skyrocketed to a whopping 19.7% of Wall Street lobbying. Those Wall Street big shots must be shaking in their tailored suits.

But it’s not just the exorbitant spending that’s making our heads spin. The number of companies taking part in this lobbying extravaganza hasn’t changed significantly compared to last year—56 companies this year, as opposed to 57 in 2022. Sure, it’s not a jaw-dropping increase, but it’s still considerably more than the industry’s humble beginnings. Remember, back in 2019, there were only 19 companies throwing their weight around. They’ve multiplied like rabbits since then.

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Now, let’s talk about the star spenders. The LeBron James of crypto lobbying, if you will. In first place, we have Coinbase, flexing its financial muscles with a whopping $7.5 million spent. Second place goes to the non-commercial Blockchain Association, throwing around $5.23 million like it’s pocket change. And rounding off the podium is Ripple, dripping in third place with a cool $3.46 million spent. These organizations have been the crypto industry’s cheerleaders, doing everything in their power to ensure their interests are heard.

Before you start thinking that this is a comprehensive list, hold your horses. The study made sure to exclude cases of mixed spending, where companies like PayPal, JP Morgan, and IBM joined the digital asset economy’s thrill ride. But I’ll leave it up to your imagination to picture those financial juggernauts shimmying and shaking their assets into the crypto world.

Now, I know this all seems a bit overwhelming, but don’t fret. If you’re scratching your head wondering why the crypto industry is throwing around money like it’s Monopoly paper, you’re not alone. We reached out to CoinGecko for more information on the methodology behind this extravagant research, so we can all understand this crypto-splosion a little better. Stay tuned for more juicy details.

In the meantime, dear readers, let’s take a moment to reflect on the sheer audacity of the crypto industry’s spending spree. It’s like they’re at a never-ending party, popping bottles of champagne and tossing wads of cash into the air. But amidst all the glitz and glamour, one question lingers—what will this wild spending mean for the future of digital assets? Only time will tell. So grab your popcorn and stay tuned for the next episode of Crypto Spending Extravaganza!

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