Cryptocurrency exchange Binance has significantly increased its investment in lobbying over the past two years.
Binance and Binance.US spent more than $1 million lobbying politicians in 2023-2023, according to new data provided by OpenSecrets, a US nonprofit that tracks political campaign donations. In total, Binance Holdings invested $850,000 in 2023, and Binance.US spent $340,000, both significantly more than the previous year.
Binance.US led the spending last year by investing more than $1 million in lobbying for Binance.US and just $50,000 for Binance worldwide, according to the report.
These lobbying efforts in 2022 focused on two specific bills: the Digital Consumer Protection Act and the Lummis-Gillibrand Responsible Financial Innovation Act, according to the report.
However, Binance is not the only cryptocurrency company investing in new lobbying efforts: Coinbase has spent about twice as much as Binance, with more than $2.1 million spent in 2023, while Kraken spent around $888,000 on lobby this year.
In total, 56 companies have spent approximately $20 million on crypto lobbying in the US, with Coinbase leading among crypto companies, and only 10 companies contributing more than half of the total crypto resources to influence government officials.
