US Encryption Industry Lobbying Fees Surge in 2022

02/28/2023 11:02 • Tech Ticker • 97 views

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%

Interpret the above information:

According to the data of OpenSecrets, a non-partisan non-profit organization, the US encryption industry lobbying fees reached $25.57 million in 2022, which is an increase of 121.41% compared with $11.54 million in 2021. This increase in the lobbying fees highlights the importance of the US encryption industry in the economy and the level of competition among the players in the industry.

The data also revealed that Coinbase, Robin Hood, and Binance.US were among the top players in the industry who hired lobbyists, with Coinbase paying the highest amount of $3.3 million to 32 lobbyists, followed by Robin Hood paying $1.84 million to 20 lobbyists, and Binance.US ranking ninth in the list by paying $0.96 million. These companies invested heavily in lobbying to influence policies that could affect their operations positively, such as legislation around cryptocurrencies, privacy, and data security.

The surge in lobbying fees in 2022 can be attributed to several factors. Firstly, the growing adoption of cryptocurrencies and blockchain technology has increased the demand for encryption services, and as such, the industry’s players are keen to maintain a favorable environment for their operations. Secondly, the ongoing debate around the use of encryption in fighting crime and national security concerns has put the industry under scrutiny, making lobbying a necessary tool to counter any negative perception.

While the increase in lobbying fees may be seen as a necessary move by the industry players, it raises concerns about the influence they wield in shaping policies that govern the industry. The high amount paid in lobbying fees could give these companies a competitive advantage over smaller players who may not have the same financial resources to compete in the lobbying space.

In conclusion, the surge in lobbying fees in the US encryption industry highlights the growing importance of the industry in the economy and the level of competition among the players. The amount paid in lobbying fees by companies such as Coinbase, Robin Hood, and Binance.US underscores the importance of lobbying in shaping policies that could impact the industry. However, the high amount paid raises concerns about the potential influence companies can wield in shaping legislation that could give them an unfair advantage over smaller players.

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US Encryption Industry Lobbying Fees Surge in 2022

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

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