Since 2017, lobbying spending in the U.S. cryptocurrency industry has surged significantly

ChainCatcher news reports that, according to a study by Social Capital Markets, lobbying expenditures in the U.S. cryptocurrency industry have surged since 2017, increasing by 1386% over the past seven years, with nearly 60% of the spending (about $79 million out of $132 million) occurring in the last two years.

Coinbase's spending on lobbying the U.S. government for specific policy actions favorable to its agenda has increased by 3475%, rising from $80,000 in 2017 to $2.9 million in 2023. About 74% of Coinbase's lobbying expenditures occurred in the last two years (2022 and 2023).

Binance.US's cryptocurrency lobbying expenditures increased from $160,000 in 2021 to $1.2 million in 2023, a growth of 656.3%; while Ripple's spending increased by 1780% from 2017 to 2023, rising from $50,000 to $940,000.

The increase in lobbying expenditures coincides with the U.S. Securities and Exchange Commission (SEC) initiating multiple enforcement actions against several industry companies, including Coinbase and Ripple.

The report notes that BlackRock is the most well-known U.S. company lobbying for a Bitcoin ETF.

As the world's largest asset management company, BlackRock has leveraged its immense influence and resources to push for the approval of a spot Bitcoin ETF in January 2024, particularly through its lobbying efforts for the iShares Bitcoin Trust (IBIT).