Data: In 2022, the lobbying fee of the US encryption industry reached US $25.57 million, with a year-on-year increase of 120%

On February 28, according to the data of OpenSecrets, a non-partisan non-profit organization, the lobbying fee of the US encryption industry reached US $25.57 million in 2022, an increase of 121.41% compared with US $11.54 million in 2021. Coinbase paid US $3.3 million to 32 lobbyists, Robin Hood paid US $1.84 million to 20 lobbyists, and Binance.US paid US $0.96 million in this respect, ranking ninth on the list.

Interpretation of this information:

The recently released data by OpenSecrets, a non-partisan nonprofit organization, has shown an impressive increase in the lobbying fee of the US encryption industry. In 2022, the industry paid $25.57 million to lobbyists, marking a significant growth of 121.41% compared to 2021’s $11.54 million. The top contributors to this increase were Coinbase, Robinhood, and Binance.US, having paid $3.3 million, $1.84 million, and $0.96 million, respectively.

Lobbying has played an essential role in shaping public opinion and enacting laws that favor companies’ interests. It involves the process of engaging with policymakers to promote, oppose, or influence specific proposed regulations. Generally, companies or individuals hire lobbyists to advance their agenda concerning laws or regulations that may affect their business operations. In the context of the encryption industry, the companies are advocating for regulations that support their operations and protect users’ rights.

The recent surge in the lobbying fee of the encryption industry could be an indication of the industry’s growth and increased confidence. Additionally, it may also suggest that the industry recognizes the importance of having a seat at the table as policymakers deliberate in the ever-evolving regulatory landscape. Notably, encryption is a sensitive issue that affects both individual privacy and national security, making it a polarizing issue in the political scene.

The top contributors to the lobbying fees, Coinbase, Robinhood, and Binance.US, are among the most prominent players in the cryptocurrency sector. Coinbase, a digital currency exchange platform, accounted for over 12% of the lobbying fees, which could be attributed to the platform’s expansion plans into the stock market. Robinhood, a commission-free broker-dealer platform, had a 16% share of the fees and may be looking to influence the regulatory environment in the rapidly growing retail trading space. Binance.US, the American arm of Binance, the world’s largest cryptocurrency exchange, had a 4% share of the fees, demonstrating the company’s intention to engage with policymakers actively.

In summary, the surge in lobbying fees of the US encryption industry marks a significant milestone in the industry’s growth and recognition. The top contributors to this growth are Coinbase, Robinhood, and Binance.US, which may be looking to influence the regulatory landscape to support their business operations. The three keywords that summarize this content are: encryption industry, lobbying, and top contributors.