The United States is the world’s largest economy and its crypto industry is not immune to the country’s economic fluctuations. But even though the U.S. crypto market has been relatively stable, uncertainty around cryptocurrency regulation has led to a spike in lobbying efforts.
U.S. lobbying expenditures for cryptocurrency-related causes doubled in 2021, according to recent research from Lobby Watch, a nonprofit that tracks lobbying data in Washington D.C., as reported by Reuters on Wednesday. The report found that there were at least five registered lobbying firms working on behalf of cryptocurrency-related interests for the first time
Data presented by Finbold shows, that money spent on crypto lobbying increased by 116% in 2021, with $4.9 million being leveraged to try to influence lawmakers and public authorities with Robinhood, Ripple, and Coinbase dominating the amount spent on crypto lobbying.
The figures are based on the report published in February 2022 by the digital assets-focused website Crypto Head. Last year, Robinhood spent the most on cryptocurrency lobbying in 2021 making a $1.35 million contribution to crypto lobbying expenditures.