**Lobbying expenditures in the cryptocurrency industry have soared, with Coinbase and Ripple leading the way! **

Hello everyone! Today we are going to talk about an interesting topic - lobbying expenditures in the cryptocurrency industry. According to the latest research report, lobbying expenditures in the US cryptocurrency industry have increased by a staggering 1,386% since 2017! This is a big number! Among them, nearly 60% of the expenditures (about $79 million of $132 million) occurred in the past two years. It seems that the cryptocurrency industry is paying more and more attention to policies!

**Coinbase's lobbying expenditures have soared**

First, let's take a look at Coinbase. As one of the largest cryptocurrency trading platforms in the United States, Coinbase has spared no effort in lobbying. From $80,000 in 2017 to $2.9 million in 2023, it has increased by 3,475%! Among them, about 74% of lobbying expenditures occurred in the last two years (2022 and 2023). This shows that Coinbase has made a lot of efforts in striving for policies that are favorable to it.

**Binance.US and Ripple are not to be outdone**

In addition to Coinbase, Binance.US and Ripple have also invested a lot of resources in lobbying. Binance.US's lobbying spending increased from $160,000 in 2021 to $1.2 million in 2023, an increase of 656.3%. Ripple's lobbying spending increased from $50,000 in 2017 to $940,000 in 2023, an increase of 1,780%. It seems that these companies are actively seeking policy support to deal with multiple enforcement actions by the U.S. Securities and Exchange Commission (SEC).

**BlackRock's Bitcoin ETF lobbying**

Finally, we have to mention BlackRock. As the world's largest asset management company, BlackRock has also spared no effort in promoting the approval of Bitcoin ETFs. In particular, through the lobbying activities of its iShares Bitcoin Trust (IBIT), BlackRock hopes to obtain approval for the spot Bitcoin ETF in January 2024. BlackRock's huge influence and resources undoubtedly provide strong support for its lobbying activities.

**Summary and Interaction**

In general, the cryptocurrency industry's lobbying expenditure has increased significantly, reflecting the industry's high attention to and active response to the policy environment. Whether it is Coinbase, Binance.US or Ripple, they are all working hard to gain favorable policy support. BlackRock's Bitcoin ETF lobbying activities also show the strong interest of traditional financial giants in the cryptocurrency market.

Friends, what do you think about lobbying spending in the cryptocurrency industry? What impact do you think these lobbying activities will have on the future development of the industry? Feel free to share your views in the comments section! 😊

(Source: BlockBeats)