Crypto Lobbying: Money Talks, but Will it Listen?

U.S. Crypto Lobbying Efforts Reach Record High of $20 Million in 2023, Expected to Surpass 2022 Figures

U.S. crypto lobby spending exceeding $20 million in 2023, set to surpass 2022 record.

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Hey there, digital asset investors! Hold onto your wallets because the crypto industry has been splurging on lobbying like there’s no tomorrow. According to a recent CoinGecko report, a whopping $20.19 million has been thrown into the lobbying ring in the United States this year. If that doesn’t grab your attention, then get this: they’re on track to break last year’s $22 million record! And we’re not even counting Q4 spending yet.

The era of crypto lobbying is rising faster than the price of Bitcoin. It’s like a relentless bull charging towards regulatory clarity and investor confidence. In fact, the crypto sector’s lobbying efforts have outpaced good ol’ Wall Street by a solid 19.7%. That’s right, folks, we’re winning – or at least challenging – the establishment. Move over Wall Street, the crypto cowboys have arrived!

But hold your horses, there’s more! This quarter alone, we’re expecting the lobbying expenditure to push past the $22.23 million mark. That’s a whirlwind of dollar bills swirling through the halls of power. As the crypto industry gains adoption and influence, these companies are busting their budgets to make their voices heard around the globe.

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Last year’s lobbying extravaganza was fueled by FTX’s involvement, but their lobbying and ahem political donations have left a rather messy aftermath. Let’s just say it’s created a bit of a political hangover that the industry is still nursing. Regulatory authorities have criticized the laissez-faire attitude of political parties, who have been slow to properly regulate the market and may have accepted some questionable gifts from the exchange’s former chief executive. Oops!

Now, we’re not just talking a few rogue players here. Nope, the number of lobbying entities has skyrocketed like Dogecoin after a Musk tweet. In 2021, we had a whopping 37 unique entities, and now in 2022, we’re counting a staggering 57 players entering the lobbying arena. More voices, more money, and hopefully more influence in shaping the crypto landscape.

But let’s take a step back and look at the bigger picture. This crypto lobbying extravaganza didn’t just spring up overnight. It all started back in 2019, when the industry began to see institutional money flowing in and retail adoption skyrocketing across various jurisdictions. Since then, $56.44 million has been splashed on crypto lobbying, with 66 companies and 12 organizations getting their metaphorical hands dirty.

Ah, the bull run of 2021. It was like watching Bitcoin leap over the moon while institutions flocked to the crypto party like moths to a digital flame. Lobby activity surged to a record-breaking $8.49 million, and it seems that the bull run fever spilled over into 2022. With Bitcoins soaring past $64,000 and Coinbase making waves by going public, you can bet your virtual wallets that the interest in crypto reached new heights.

So, what does all this lobbying mean for us, the investors? Well, policy watchers insist that we need more traditional institutions to enter the crypto fray. Why? Because that means faster rule clarity and a boost in our confidence. If we want this moon rocket to stay in orbit and soar even higher, we need the big guns on our side.

Speaking of big guns, Coinbase takes the lead in the crypto lobbying race, having spent a jaw-dropping $7.5 million since 2019. Hot on their heels is the Blockchain Association, throwing $5.23 million into the ring, while Ripple, the blockchain payment firm, shows off its financial muscle with a cool $3.46 million spent.

So, fellow crypto adventurers, strap on your seatbelts and hold onto your hats because the crypto lobbying saga is far from over. Money talks, my friends, and it seems like it’s shouting loud and clear. Will it listen? Only time will tell. But for now, let’s sit back and watch the lobbying circus unfold, knowing that our beloved crypto market is gaining influence, one dollar bill at a time.

Remember, invest wisely and HODL on to your sense of humor! 🚀😄

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