As a seasoned financial analyst with over two decades of experience navigating the complex world of regulations and financial markets, I find myself both intrigued and somewhat amused by the escalating lobbying efforts within the crypto industry. The sheer increase in spending on lobbying since 2017 is nothing short of staggering, reflecting the intense competition to shape favorable regulations for this rapidly evolving sector.
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I. The goal:
It appears that some prominent figures within various industries have become significant spenders on lobbying activities, as data indicates. For instance, Apollo Global Management, operating under its Apollo Crypto division, disbursed approximately $7.56 million on lobbying efforts last year, employing a total of 104 lobbyists. Notably, 78 of these lobbyists were former public officials, often referred to as “revolvers,” who transition between the public and private sectors
In 2023, the Managed Funds Association, along with other influential entities, spent $4.11 million on lobbying, much like Coinbase, a prominent cryptocurrency exchange, which allocated $2.86 million for the same purpose. Interestingly, since 2017, Coinbase’s lobbying activities have experienced an astounding increase of 3,475%, indicating a growing need for regulatory bodies to establish favorable crypto-related legislations as the digital currency sector expands
Crypto lobbying soars as industry clamps down on regulation
The significant increase in spending on lobbying indicates a fierce competition among industries to impact U.S. legislators, as regulations concerning digital assets become more stringent. Interestingly, about 60% of all lobbying expenditure over the past seven years has taken place within the last two years, suggesting an escalating need for businesses to safeguard their interests under increased scrutiny
At the beginning of August, it was announced by crypto.news that Fairshake, a significant political action committee specializing in cryptocurrency, intends to allocate $25 million for television advertisements to endorse 18 House of Representatives candidates from various parties. These candidates have shown support for pro-cryptocurrency legislation and nurturing U.S. innovation within the sector. Recent actions by Fairshake include backing key figures in crypto legislation, such as Patrick McHenry (Financial Services Chair), Dusty Johnson, and Josh Gottheimer (D-N.J.)
The PAC, which counts prominent cryptocurrency companies such as Coinbase, Ripple, and Andreessen Horowitz among its supporters, has recently invested more than $37 million in primary race advertisements. This spending has played a significant role in key victories, including the election of Rep. John Curtis in Utah
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2024-09-05 11:14