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US Encryption Industry’s Lobbying Fees on the Rise: Analysis of OpenSecrets’s Data

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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 …

US Encryption Industry’s Lobbying Fees on the Rise: Analysis of OpenSecrets’s Data

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.

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

Interpretation of the news:


The US encryption industry has seen a significant increase of 121.41% in lobbying fees in 2022 compared to the previous year, according to the data of OpenSecrets, a non-partisan non-profit organization. The lobbying fees for 2022 reached US $25.57 million, up from US $11.54 million in 2021. This indicates that the encryption industry is becoming more active in influencing governmental policies and regulations related to encryption.

OpenSecrets’s data further reveals that Coinbase, one of the leading cryptocurrency exchanges in the US, paid US $3.3 million to 32 lobbyists, the highest amount among all the companies listed. Robin Hood, a commission-free trading platform, ranked second, with US $1.84 million paid to 20 lobbyists. Binance.US, a US-based cryptocurrency exchange, ranked ninth on the list with US $0.96 million paid for lobbying fees.

The rise in lobbying fees for the encryption industry can be linked to various factors. One possible explanation is the increasing scrutiny by regulatory agencies and policymakers towards the cryptocurrency industry. The industry is facing numerous challenges such as money laundering, fraud, and cybersecurity risks, to name a few. Hence, it is becoming imperative for companies to be more active in lobbying efforts to shape policies, regulations, and laws that are favorable to their business operations.

Another possible factor contributing to the rise in lobbying fees is the growing adoption of blockchain technology and digital assets, which has resulted in increased competition among industry players. As the industry gains more mainstream attention and consumer adoption, companies are investing more resources in lobbying to protect their interests and stay competitive in the market.

Overall, the increase in lobbying fees of the US encryption industry highlights the growing importance of this sector in the global economy. As innovation and technological advancements continue to shape the industry, it is essential for policymakers and regulatory agencies to closely monitor its developments to ensure they remain in line with national and international standards.

In conclusion, the rise in lobbying fees by the US encryption industry is reflective of its growing influence and impact on the political and economic landscape. As this trend continues, it will be interesting to see how it shapes the regulatory framework of the industry and its relationship with stakeholders.

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