2022 has been the year of all extremes for the crypto industry. The sector has recorded an incalculable number of scandals involving staggering amounts. As regulatory pressures mounted and user confidence eroded, value chain companies continued to invest in lobbying. The information comes from OpenSecrets, a research group that tracks monetary movements in US politics. As it happens, in terms of lobbying in Washington, 2022 was a record. Decryption.
Coinbase and SBF, the aces of lobbying!
According to compiled data per OpenSecrets, in 2022, crypto businesses invested $21.55 million in lobbying. It is a record never recorded. This amount moreover represents more than double what was injected into this segment the previous year. Indeed, in 2021, the amount spent on lobbying in Washington by crypto companies was $8.3 million.
As a reminder, OpenSecrets relied on disclosures made by more than 50 industry players to deliver this data.
In 2022, the crypto exchange, Coinbase was the largest participant in this amount, with a envelope of $3.4 million. Next in order are Blockchain Association, Crypto.com, Binance Holdings and Ripple. These actors spent $1.9 million, $1.2 million, $1.1 million, and $1 million, respectively.
Note that campaign contributions, election financing or political donations are not counted as lobbying expenses.
Furthermore, OpenSecrets noted that in terms of individual donations, Sam Bankman-Fried has been a major player in crypto lobbying. We learn that he injected nearly 40 million dollars into it, in particular to the Democrats and the Republicans. As a reminder, Elon Musk said two months ago that SBF could have given up to $1 billion to the Democrats.
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