Crypto Industry Spent $8 Million on Clarity Act Lobbying

The crypto industry invested $8 million in lobbying for the Clarity Act, which failed to progress in the U.S. Senate despite extensive efforts.

News AnalysisCrypto Sector Invested $8 Million in Lobbying Efforts for Clarity Act

In the first half of this year, the crypto industry allocated millions to lobbying efforts, mainly focused on advancing the U.S. market structure bill that ultimately did not progress.

By Jesse Hamilton|Edited by Nikhilesh DeSep 30, 2026, 1:16 p.m. EDT6 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedIn Facebook Email Make preferred on Coinbase, led by CEO Brian Armstrong, was a significant player in lobbying efforts as the crypto sector aimed to advance its market structure bill this year. (Jesse Hamilton/CoinDesk)SummaryShow

The crypto industry's lobbying expenditures totaled over $13 million in the first half of the year, primarily aimed at advancing the Clarity Act, which failed to progress in the U.S. Senate.
CoinDesk's review of lobbying disclosures revealed that Coinbase was the leading spender, with numerous other crypto firms and trade groups also employing their own lobbyists.
Additionally, the industry engaged at least 42 external lobbying firms, contributing millions to their efforts.

The crypto sector is well-known for its substantial political contributions and advocacy organizations, yet this year it attempted to translate nearly $8 million into tangible political outcomes through lobbying efforts focused on establishing a regulatory framework for U.S. digital asset markets.

During the first half of 2026, numerous paid lobbyists descended upon Capitol Hill as the Senate deliberated on the Digital Asset Market Clarity Act. Approximately half of these registered lobbyists were employed directly by crypto firms, while the remainder were affiliated with outside firms or trade associations. Despite their extensive efforts, they have not yet succeeded in achieving their objectives.

According to CoinDesk's analysis of federal lobbying disclosures, the crypto industry spent upwards of $13 million on lobbying within that six-month timeframe. A significant portion—$8 million—was specifically associated with the market structure legislation in Congress, although the disclosures do not clarify how much was directed toward other issues that may have been pursued concurrently.

This amount does not include the over $100 million in campaign contributions aimed at supporting favorable politicians in Congress, nor does it account for the tens of millions spent annually on advocacy groups like the Digital Chamber, Blockchain Association, and Crypto Council for Innovation, although some membership fees do contribute to lobbying efforts. Instead, this represents a more targeted approach to lobbying, focusing on direct representation of client interests in discussions with federal lawmakers and policy-makers.

(Jesse Hamilton/CoinDesk)

In the pursuit of the Clarity Act, the industry allocated approximately $2.4 million to third-party lobbying firms that actively advocate for various causes. Additionally, $2.1 million was directed toward lobbyists employed by trade associations, while the remainder of the $8 million supported the lobbying activities of crypto companies themselves.

The specific lobbying efforts and objectives are not always clearly defined in the filings, but CoinDesk’s review of the disclosures related to the $8 million legislative campaign indicated some references to Congress's attempts to develop a regulatory framework for cryptocurrencies. The remaining $5.4 million spent on lobbying (which was not explicitly linked to the Clarity Act) might also have contributed to that overarching goal, given vague descriptions such as "issues relating to cryptocurrency" or "financial services." Some funds were more clearly identified as targeting tax legislation, digital mining concerns, or efforts to influence U.S. regulators drafting crypto rules.

The Crypto Council for Innovation highlighted that its lobbying efforts, which amounted to $610,000, were utilized "across a range of topic areas including tax, GENIUS Act implementation, countering illicit finance, anti-money-laundering requirements, and market structure."

The Blockchain Association reported conducting over 380 meetings with congressional staff and federal officials. Chief Policy Officer Lindsay Fraser noted that the group organized five fly-ins and 15 staff briefings addressing various issues including market structure, decentralized finance, tax policy, and national security.

Coinbase's Lobbying Investment

In its efforts to advance the Clarity Act, Coinbase dedicated around $2.2 million to lobbying, which included advocacy for the bill, while Kraken contributed nearly $1 million, according to their disclosures. Other prominent contributors included the Digital Currency Group, Jump Crypto, and Paradigm.

Did their lobbying efforts ultimately lead to success, or can any benefits be recognized?

"We're proud of what Coinbase’s in-house team and outside advisers achieved," stated Coinbase spokesperson Julia Krieger. She added that the company's efforts—being the largest single lobbying spender in the crypto space—"helped bring comprehensive, bipartisan market structure legislation close to passage and laid the groundwork for regulatory actions now underway at the Securities and Exchange Commission and the Commodity Futures Trading Commission."

Coinbase's lobbying expenditures positioned it among the top ten in the overall securities and investment lobbying category, even surpassing industry giants like Goldman Sachs Group Inc. and Andreessen Horowitz.

U.S. law mandates that lobbying activities be disclosed through federal filings, although informal lobbying often occurs during social events. CoinDesk's analysis focused solely on the first two quarters of the year, utilizing the latest available filings and excluding data from 2025, which also saw significant lobbying activities in the crypto sector.

Among firms not explicitly linked to the Clarity Act, four digital asset companies exceeded the million-dollar mark in lobbying expenditures related to crypto issues, with Coinbase leading at $2.2 million, followed by $1.5 million from Andreessen Horowitz, $1.4 million from Binance, and Crypto.com, which spent $1.2 million.

Typically, industry companies and trade associations allocate the majority of their lobbying budgets to their in-house lobbyists. When hiring external lobbying firms, their funds are distributed among at least 42 different lobbying entities, although some firms received significantly larger amounts than others.

Checkmate Government Relations secured approximately $1.8 million in crypto-related lobbying funds during the first half of 2026, primarily from Binance. This North Carolina-based firm is a relatively new player in the lobbying arena, yet it represents a broad range of corporate interests, including healthcare, technology, financial services, tobacco, and firearms, and is closely associated with Republican interests and the Trump administration.

(Jesse Hamilton/CoinDesk)

Another notable firm in the industry is the Sternhell Group, led by veteran lobbyist Alex Sternhell, which received $660,000 from crypto-related clients during the same period, with three of its four top clients originating from the crypto sector, as indicated in the filings.

Neither Sternhell nor Checkmate responded to inquiries regarding this year's lobbying activities in the crypto sector.

Among the outside firms heavily involved in the legislative campaign for the crypto industry were Michael Best Strategies, Goldstein Policy Solutions (which merged with Federal Hall Policy Advisors), and Phronesis DC, each receiving at least $200,000 for their work in the first half of 2026.

Challenges of Coordination

Throughout the Clarity Act negotiations, meetings with government officials and lawmakers often involved a wide array of lobbyists. Some insiders noted that the industry faced challenges in aligning its efforts effectively.

Critics of the sector, such as Corey Frayer, a former SEC official now serving as director of investor protection at the Consumer Federation of America, observed significant internal conflicts and a lack of cohesion among industry players regarding key policy decisions related to the bill. He remarked, "Crypto companies tend to disregard the advice of experienced compliance professionals they hire; they often ignore the counsel of external law firms; and I would not be surprised if they spent considerable resources on lobbyists, both internal and external, whose guidance they overlook."

However, lobbying is not necessarily a straightforward endeavor. While the industry did not manage to persuade the U.S. Senate to pass the Clarity Act—and even the most optimistic observers are uncertain whether there will be another opportunity during the short, post-election period known as the lame duck session—there are still noteworthy advancements to recognize.

The crypto sector's consolation for not securing a new law is that the legislation had never progressed this far previously, potentially laying a foundation for future efforts, particularly where bipartisan support was achieved. Additionally, more lawmakers are now better informed about cryptocurrency than they were last year.

As U.S. market regulators continue to shape crypto policies, including proposing complex new regulations, lobbying efforts persist, with crypto advocates actively engaging with agency officials, just as they did during the Clarity Act negotiations.

"Following this month's Senate vote on Clarity, we're assessing the current situation and ensuring that our time and resources align with our members’ priorities," stated Blockchain Association's Fraser, noting that part of this will involve "intensifying our collaboration with the SEC and CFTC."

As Krieger from Coinbase aptly noted, "Washington is a long game."

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