Crypto Industry Lags Behind in Lobbying Efforts
The cryptocurrency industry and trade organizations are investing far less in lobbying efforts compared to other industries. However, this trend may soon change as the industry grows and faces increasing regulatory scrutiny.
According to recent reports, the cryptocurrency industry and its trade groups spent only a fraction of what other industries spent on lobbying. For example, the oil and gas industry spent over $100 million on lobbying in 2020, while the cryptocurrency industry spent less than $5 million.
This lack of lobbying effort is partly due to the industry’s relative newness and lack of established players. However, as more established companies enter the space and the industry continues to grow, lobbying efforts are likely to increase.
The need for increased lobbying efforts is becoming more pressing as regulators around the world begin to scrutinize the cryptocurrency industry more closely. In the United States, for example, the Securities and Exchange Commission (SEC) has been cracking down on initial coin offerings (ICOs) and other cryptocurrency-related activities.
To navigate this regulatory landscape, the cryptocurrency industry will need to invest more in lobbying efforts to ensure that its interests are represented in the halls of government. Failure to do so may result in unfavorable regulations that could stifle innovation and growth in the industry.
As the cryptocurrency industry continues to mature, it is likely that lobbying efforts will increase. However, it remains to be seen whether the industry will be able to catch up to other industries in terms of lobbying spending.
About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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