In just 13 years crypto has grown from one software protocol to a multi-trillion-dollar industry.
This growth has been organic and decentralized, like the crypto itself, but it may be about time for the crypto industry to step up its game and assert its rights on the political arena.
Crypto lobby is a nascent phenomenon, which develops alongside the industry itself, and is particularly noteworthy in the US.
? One of the oldest US crypto lobbying groups is the Blockchain Association, which counts Kraken, Chainalysis, Circle, eToro among its members, and disburses over $500k quarterly on lobbying efforts.
? Coinbase and Binance.US, which used to be its members, have started their own lobbying initiatives last month. Coinbase alone spent $1M on lobbying in the last quarter, which could make the Coinbase Innovation PAC (Political Action Committee) a force to be reckoned with.
? Together with Fidelity and Block it has also recently formed the Crypto Council for Innovation.
? Protect Our Future PAC, backed by FTX’s Sam Bankman-Fried, has raised $14M.
? GMI PAC, backed by other FTX executives, as well as Messari, Skybridge Capital and Blockchain Capital, plans to spend $20M and has already raised over $6M.
? Smaller PACs, like the Financial Freedom PAC (focuses only on Bitcoin and intends to raise $1M by the end of the cycle) or HODLpac ($230k so far), also contribute to the effort.
The US 2022 Midterms are set for November and will allow to contest all 435 seats in the House of Representatives and 35 out of the 100 seats in the Senate, not to mention numerous local elections. This can be a great opportunity, and the recent activity suggests that the crypto industry is ready to make a move.
Crypto lobby has already doubled its expenditures from $2.3 in 2020 to $4.9 in 2021. This is still very far from over $57M officially spent by the commercial banking lobby in 2021, but it is a good start, and 2022’s numbers are likely to be significantly bigger.