Crypto Lobbying Effort Falls Flat as $8 Million CLARITY Act Push Fails Senate Vote
The cryptocurrency industry poured $8 million into lobbying efforts for the CLARITY Act, which failed to advance in the Senate last month. According to a report by CoinDesk, Coinbase Global Inc., led the effort with $2.2 million spent on lobbying activities. A16z crypto, Andreessen Horowitz's cryptocurrency investment unit, contributed $1.5 million.
Other major contributors included Vlad Tenev-led Robinhood Markets Inc., which shelled out $860,000, and Digital Currency Group, led by Barry Silbert, contributing $790,000. The report notes that about half of the registered lobbyists work in-house for cryptocurrency companies, while the rest represent the sector through external firms or trade groups.
The CLARITY Act's failure has sparked criticism from lawmakers like Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (I-Vt.), who have described big money in politics as 'legalized bribery'. The cryptocurrency industry, which emerged as a dominant lobbying force in the 2024 elections, has also mobilized for this year's cycle.