The cryptocurrency industry spent roughly $8 million lobbying for the CLARITY Act that failed a key Senate vote last month, according to a report published on Wednesday.
Coinbase Leads Lobbying Effort
During the first half of 2026, cryptocurrency companies spent $13 million on lobbying activities, with $8 million earmarked for the CLARITY Act, according to CoinDesk’s analysis of federal lobbyist disclosures.
Major contributors to the bill included Coinbase Global Inc. (NASDAQ:COIN), which spent roughly $2.2 million, and a16z crypto, Andreessen Horowitz’s cryptocurrency investment unit, which poured $1.5 million.
Vlad Tenev-led Robinhood Markets Inc. (NASDAQ:HOOD) shelled out $860,000 to push the law, while cryptocurrency conglomerate Digital Currency Group, led by Barry Silbert, contributed $790,000.
Despite this significant financial commitment, the legislation failed to advance in the Senate.
Coinbase didn’t immediately return Benzinga’s request for comment.
The report mentioned 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.
Lobbying is legal in the U.S. but must be disclosed through federal filings. This differs from bribery, where money is directly paid to guarantee a specific official action or vote.
Big Crypto Money in Politics
This lobbying effort unfolds amid growing backlash over the cryptocurrency sector’s political spending. Sen. Elizabeth Warren (D-Mass.) and Sen. Bernie Sanders (I‑Vt.) have been some of the most outspoken critics.
Sanders has been an outspoken critic of big money in politics, describing it 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. Fairshake, a cryptocurrency-focused super PAC, has contributed nearly $94 million as of Aug. 31, according to Federal Election Commission data.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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