80 firms including Mastercard & Coinbase spent $42M lobbying crypto & fintech legislation in Q1

posted 6 months ago
Around 40 entities lobbied for Bitcoin and blockchain-related causes in the United States in Q1 2019. Citing data from the Federal Electoral Commission, total quarterly lobbying expenditure reached over $42 million. Among the biggest spenders who lobbied on crypto related causes were accounting giants Ernst & Young and Accenture, the biggest of all was the US Chamber of Commerce. MasterCard paid a total of $720,000 for lobbying activities on issues including those related to cryptocurrencies.

Crypto industry businesses such as Coin Center and Coinbase lobbied regarding the Bank Secrecy Act. Those who lobby do so to influence legislation that affects the industry. For example, industry advocacy group Blockchain Association targeted an Ohio bill which plans to exempt cryptocurrencies from SEC securities regulation. On a related note, Andrew Yang, the 2020 presidential candidate, has promised to unify the patchwork crypto landscape, which varies state to state, as part of his election manifesto.
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