$13 Million Spent on Crypto Lobbying Fails to Secure Clarity in US Regulations

Crypto companies and industry groups have spent over $13 million on lobbying efforts in Washington during the first six months of this year, according to a review by CoinDesk of federal lobbying disclosures.

About $8 million of that amount is directly tied to Congress's efforts to regulate crypto markets, although it's unclear how much was specifically focused on the CLARITY Act.

Coinbase outspent Goldman Sachs and other major players in the sector, with over $2.2 million spent on lobbying activities that included work on the CLARITY Act.

The Blockchain Association held more than 380 meetings with congressional staff and federal officials on various policy issues, including crypto regulation.

Coinbase spokesperson Julia Krieger said the company believes the efforts were not in vain, as the bipartisan measure was close to becoming law and laid the groundwork for steps by the SEC and CFTC.