According to the analytical portal Money Mongers, the annual costs of crypto companies to promote and support project lobbying structures have grown from $2.5 million in 2017 to $25.57 million in 2022.

The total amount of funds directed by cryptocurrency companies to promote their projects over the past six years has reached $51 million, of which about $26 million was spent in 2022. Money Mongers analysts concluded that since direct advertising of digital assets is prohibited in most countries where the cryptocurrency industry is actively developing, crypto companies directed these funds to lobby their interests in legislative bodies.

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For example, in 2022, Coinbase spent $3.39 million lobbying cryptocurrency, making it the leader in this spending category. It is followed by Blockchain Association and Robinhood with about 2 million each. Coinbase spending has increased by 4,137% over the past six years, from $80,000 to $3.39 million. At the same time, in 2022, the increase in costs was 122%, from 1.52 million to 3.30 million.

Since 2017, Ripple’s spending on lobbying has increased by 2,060%, from $50,000 to $1.08 million. Over the same period, FTX.US has recorded a 1,340% increase in lobbying costs, from $50,000 to $720,000. Binance.US sent for crypto lobbying about $1 million in 2022, and the total amount of costs increased by 500% from $160,000 in 2021.

Money Mongers analysts noted that in the face of tightening advertising rules, lobbying has taken a vital place in the development of the cryptocurrency sector. One form of it has been the regular public campaigning by individuals or organizations to force elected officials to take specific public policy actions in favor of their programs.

Recall that earlier this month, the British regulator proposed introducing a two-year prison sentence for unauthorized advertising of cryptocurrencies.