Crypto lobby efforts to exert political force were reportedly visible on the roads last week. According to a report by CNBC, buses that said “AMERICA ❤️CRYPTO” toured five swing states before the presidential debate concluded today.
The goal of the Coinbase lobby is to engage crypto community politically. It reportedly exerted immediate pressure to ask a cryptocurrency question at the Harris-Trump debate. Amid mixed successes, it failed.
Coinbase lobby lost the debate night petition
CNBC reported that the exchange-led Stand With Crypto Alliance wrote a petition to ABC News 5 days before the debate night. The letter reportedly said that there are 52 million cryptocurrency investors in the US. “On behalf of myself and all American crypto owners, I urge you to ask the candidates their position on cryptocurrency and its place in the American economy,” the letter reportedly quoted.
Despite the efforts, the debate did not include a question on cryptocurrency. Paul Grewal, Coinbase’s Chief Legal Officer, humorously noted on X that the question was not “invented.”
They would’ve answered a question about crypto— if only it had been invented https://t.co/yVTQd1fNqd
— paulgrewal.eth (@iampaulgrewal) September 11, 2024
Coinbase lobbying expenses increased by 3475%
Crypto lobbies want to extend their influence beyond debates. Crypto corporations have reportedly contributed over $119 million to federal campaigns, around half of all donors. Another study finds that in the last 7 years, the crypto lobby has spent over 1386%.Nearly 60% of the total expenditure took place in the past two years, in 2022 and 2023.
Notably, Coinbase’s lobbying expenses increased by 3475%, rising from just $80,000 in 2017 to $2.86 million in 2023. About 74% of this expenditure happened in the last two years as well.
As per reports, Democrats and Republicans both are not too pleased with the lobbyists. The concern of the Democrats is that the industry is leaning too heavily toward supporting Donald Trump. Republicans worry that supporting Kamala Harris and other Democratic candidates might alienate their long-standing GOP allies. Especially considering that the Biden administration has been skeptical of crypto.
“It’s now become quite risky, I would say even maybe political suicide, to be anti-crypto in DC,” Armstrong, 41, told Moment of Zen. pic.twitter.com/mVY9OAXcHF
— Emilie Choi 🛡️ (@emiliemc) September 3, 2024