The lobbying support for the US cryptocurrency industry has surged significantly since 2017
AICoin快讯|Sep 08, 2024 10:06
On September 8th, according to a study by Social Capital Markets, lobbying spending in the US cryptocurrency industry has skyrocketed since 2017, growing by 1386% over the past seven years, with nearly 60% of the spending (approximately $79 million out of $132 million) occurring in the past two years.
Coinbase's spending on lobbying the US government and advocating for specific policy actions that benefit its agenda has increased by 3475%, from $80000 in 2017 to $2.9 million in 2023. About 74% of Coinbase's lobbying spending has occurred in the past two years (2022 and 2023).
Binance. US' cryptocurrency lobbying spending increased from $160000 in 2021 to $1.2 million in 2023, a growth of 656.3%; Ripple's spending increased by 1780% from 2017 to 2023, from $50000 to $940000.
The increase in lobbying spending coincides with multiple enforcement actions taken by the US Securities and Exchange Commission (SEC) against companies in various industries, including Coinbase and Ripple.
The report points out that BlackRock is the most well-known American company lobbying for Bitcoin ETFs.
As the world's largest asset management company, BlackRock leveraged its significant influence and resources to drive the approval of a spot Bitcoin ETF in January 2024, particularly through lobbying activities conducted by its iShares Bitcoin Trust (IBIT). (DL News)
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