Between 2017 and 2023, lobbying spending by the crypto industry increased by 1,386%, from $2.72 million to $40.42 million, according to a study by Social Capital Markets.

Almost 60% of the total expenditure ($78.94 million from $131.91 million) fell on 2022 and 2023.

The top 5 companies that have invested the most in industry lobbying since 2017 are as follows:

1) Apollo Global Management — $28.71 million;

2) Managed Funds Assn — $21.96 million;

3) CME Group — $10.19 million;

4) Coinbase — $8.45 million;

5) Block Inc (Square Inc) — $6.37 million.