Crypto lobbying surges as industry gains political footing in Washington
Crypto industry lobbying expenditures have surged dramatically since 2021 as it gains significant political influence in Washington.Summary
The cryptocurrency industry is rapidly increasing its political engagement in Washington, moving from an outsider status to one of growing influence, marked by a sharp rise in lobbying expenditures since 2021. According to OpenSecrets data, crypto-aligned lobbying spending jumped from under $2.5 million annually to $8.5 million in 2021 and has been climbing exponentially since, mirroring the trajectory of other sectors facing regulation. This involvement extends beyond traditional lobbying to a campaign-focused strategy, with the largest crypto PAC, Fairshake, raising over $260 million for the 2023-24 cycle. Furthermore, stablecoin issuer Tether is reportedly considering establishing a US entity for direct political donations. This massive influx of political capital, rivaling sectors like Big Oil, raises concerns that well-funded, existing players could centralize control and drown out the voices of smaller builders.
(Source：Cointelegraph)