In One Chart: Crypto industry’s annual spending on Washington lobbying more than doubles


The cryptocurrency industry sharply increased its annual spending on Washington lobbying last year, shelling out more than it ever has before — $21.55 million.

That’s according to an analysis of disclosures by OpenSecrets, which rounded up disclosures from more than 50 industry players.

2022’s spending was more than double the crypto industry’s lobbing outlay of $8.29 million for 2021, as shown in the chart below.

The ramp up came during a year when the industry suffered a black eye thanks to the November collapse of crypto exchange FTX.

FTX founder Sam Bankman-Fried, currently awaiting trial on fraud charges, had been a megadonor for the 2022 midterm elections, but politicians have ended up returning or giving away campaign contributions linked to FTX.

Campaign contributions aren’t counted as lobbying spending, even as donors make them to build relationships with policymakers.

Bitcoin BTCUSD, +0.09%, the best-known virtual currency, lost more than 60% in 2022, but it has rallied in 2023.

Don’t miss: SEC charges Terraform Labs and CEO Do Kwon with defrauding crypto investors

While the crypto industry’s lobbying spending is growing, the amounts shelled out by its individual companies and trade groups fall well short of lobbying spending by bigger Washington players. Inc.  AMZN, -0.97% and its subsidiaries, for example, paid out $21.38 million in 2022, according to an analysis by OpenSecrets, which is a research group tracking money in U.S. politics.

From MarketWatch’s archives (February 2022): Congress’s crypto traders: The U.S. lawmakers who buy and sell digital currencies

The table below, also based on OpenSecrets data, shows the 2022 lobbying spending by enterprises that aimed to influence Washington on crypto-related issues. Coinbase COIN, -0.59% paid out the most, followed by the Blockchain Association.

Name 2022 lobbying spending
Coinbase $3,390,000
Blockchain Assn $1,900,000 $1,180,000
Binance Holdings $1,110,000
Ripple $1,080,000
Chamber of Digital Commerce $936,406
DeFi Education Fund $930,000
Dapper Labs $880,000
FTX.US $720,000
Taxbit Inc $520,000
Tether Operations $480,000
Stellar Development Foundation $460,000
Payward Inc $440,000
Digital Currency Group $440,000
Chainalysis Inc $430,000
Vaultlink Inc $360,000
Crypto Council for Innovation $350,000
Chia Network $340,000
Bitcoin Assn $340,000
Coinflip $320,000
Ava Labs $300,000
Global Digital Asset & Cryptocurrency Assn $280,000
Riot Blockchain $280,000
Anchor Labs $250,000
Gemini Trust Co $240,000
Paxos Trust Co $220,000
Saito Tech $200,000
Algorand Inc $200,000
Blockchains LLC $195,000
Association for Digital Asset Markets $190,000
Galaxy Digital Holdings $190,000
Bullish US $180,000
Stone Ridge $180,000
Celo Foundation $176,500
Bitwise Asset Management $160,000 $160,000
Filecoin Foundation $150,000
Applied Blockchain $150,000
ConsenSys Software $150,000
OpenSea $140,000
Uniswap Labs $130,000
Proof of Trust $120,000
Marathon Digital Holdings $120,000
Paradigm Operations $100,000
Proof of Stake Alliance $100,000
Hive Blockchain Technologies $80,000
Brale Inc $80,000
LMAX Group $70,000
Exodus Movement $70,000
BlockFi International $40,000
Bit5ive LLC $22,500
Genrae $20,000


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