Coinbase's crypto lobbying spending surges 34-fold to $2.86 million since 2017

BlockBeats news, September 6, according to Cointelegraph, Social Capital Markets' latest report shows that since 2017, lobbying spending in the US cryptocurrency industry has surged 1,386%.

Among them, Coinbase performed the best, with lobbying spending increasing by 3,475% in seven years, from $80,000 in 2017 to $2.86 million in 2023. Ripple Labs followed closely behind, with lobbying costs increasing by 1,780% in the same period, from $50,000 to $940,000.

Binance.US's lobbying spending also rose sharply by 656%, from $160,000 to $1.2 million. In addition, Tether, Uniswap and Block Inc. spent $1.2 million, $280,000 and $1.7 million on lobbying in 2023, respectively.

The report also pointed out that since 2017, the total lobbying expenditure of the cryptocurrency industry has reached 1.3191 billion US dollars, of which nearly 60% ($789.4 million) was concentrated in 2022-2023. Private equity giant Apollo Global Management topped the list with a spending of 7.56 million US dollars in 2023, with a total spending of 287 million US dollars in seven years.

Industry analysts believe that the substantial increase in lobbying spending by cryptocurrency companies is mainly aimed at promoting the formulation of a clearer regulatory framework and getting rid of the current "gray area" legal environment. As of press time, Coinbase, Ripple Labs and Binance.US have not yet made official comments on this report.