From Cypherpunks to K Street
A decade ago, the idea of cryptocurrency lobbyists would have been laughable. Bitcoin was created specifically to circumvent government control. The original crypto community was deeply skeptical of Washington — and Washington was deeply skeptical of crypto.
That era is over. Today, the crypto industry maintains a permanent lobbying presence in Washington that rivals traditional financial services firms. Our analysis of federal lobbying disclosures shows $16.0M in total crypto-related lobbying expenditures — and the number is growing fast.
The Money Players
Ripple Labs and Coinbase lead the pack. Ripple — the company behind the XRP token — has spent approximately $3.9M on federal lobbying, much of it focused on its existential battle with the SEC over whether XRP is a security. Coinbase, the largest US crypto exchange, follows with $4.1M, lobbying on everything from stablecoin regulation to tax reporting requirements.
The Blockchain Association, the industry's primary trade group, has spent $1.3M representing the collective interests of crypto companies — from DeFi protocols to mining operations to NFT marketplaces.
What Crypto Is Lobbying For
The crypto industry's lobbying priorities have evolved dramatically. In the early days, the focus was simply on preventing an outright ban. Today, the industry is pushing for specific regulatory frameworks that would legitimize crypto while keeping the most restrictive regulations at bay:
- Market structure legislation — Crypto companies want Congress to clarify which agency regulates digital assets: the SEC or the CFTC. The industry strongly prefers the CFTC, which has a lighter regulatory touch.
- Stablecoin regulation — Companies like Circle (USDC) and Tether are lobbying for a federal stablecoin framework that would preempt state-by-state regulation.
- Tax clarity — The industry is fighting IRS reporting requirements that would treat DeFi protocols as “brokers” required to collect customer information.
- Banking access — Crypto firms have lobbied against “Operation Chokepoint 2.0” — alleged efforts by banking regulators to cut off crypto companies from the traditional banking system.
- Self-custody rights — Protecting users' ability to hold their own crypto without intermediaries.
The Political Transformation
Crypto's lobbying operation has been accompanied by an aggressive political strategy. The industry's super PACs spent over $130 million in the 2024 election cycle, making crypto one of the largest corporate donors in American politics. The strategy was bipartisan — funding both Republican and Democratic candidates who supported crypto-friendly regulation.
The results were immediate. Several vocal crypto critics lost their seats, and the new Congress includes dozens of members who have publicly embraced digital assets. The lobbying and political spending work in tandem: campaign contributions open doors, and lobbyists walk through them.
The Ripple Effect
Ripple Labs deserves special attention. The company's multi-year legal battle with the SEC — which alleged that XRP was an unregistered security — has been one of the defining regulatory fights in crypto history. Ripple didn't just fight in court; it simultaneously built a lobbying operation to shape the legislative landscape.
With $3.9M in lobbying expenditures, Ripple has pushed for legislation that would create a clear framework for classifying digital assets — one that would likely benefit XRP. The company's approach illustrates a broader trend: crypto firms using both litigation and lobbying as complementary strategies to shape regulation.
The Issue Code Trail
Crypto lobbying shows up across multiple issue codes in the federal database:
- BAN (Banking) — Stablecoin regulation, banking access, and financial services rules
- FIN (Financial Institutions) — SEC and CFTC jurisdiction, market structure
- TAX (Taxation) — IRS reporting requirements, tax treatment of digital assets
- MON (Minting/Money/Gold Standard) — Digital currency policy and monetary system reform
- TEC (Technology) — Blockchain technology, DeFi protocols, and Web3 infrastructure
The MON issue code — covering minting, money, and gold standard issues — has seen a 54.5% surge in lobbying, driven largely by crypto and digital currency advocacy.
Why It Matters
The crypto industry's transformation from an anti-establishment movement into a Washington lobbying powerhouse is one of the most remarkable political stories of the decade. An industry built on the premise of decentralization and disintermediation is now playing the most centralized game in America: influencing Congress.
The $16.0M in crypto lobbying spending represents a bet that Washington will ultimately determine the industry's future — and that the companies spending the most on influence will shape the rules in their favor. For an industry that once promised to make government irrelevant, it's a striking irony.
Explore the Data
Search crypto lobbying clients and track the money flowing through K Street.