Millions Weren’t Enough for Crypto Bill: Major Exchange Outspent Goldman Sachs in Lobbying

While the CLARITY Act, which would regulate U.S. crypto markets, failed to pass the Senate, nearly $8 million was spent on lobbying efforts related to the bill in the first half of the year.

According to a review by CoinDesk of federal lobbying disclosures, crypto companies and industry groups spent more than $13 million on lobbying in Washington during the first six months of 2026. About $8 million appeared in filings related to Congress’s efforts to regulate crypto markets.

That figure is separate from the more than $100 million in election funds created to support pro-crypto candidates. Lobbying expenditures cover teams that meet with officials drafting laws and regulations to convey the requests of companies and industry groups. Because disclosures can cover multiple issues, it is not possible to determine with certainty that the entire $8 million was spent solely on the CLARITY Act.

Coinbase outspent Goldman Sachs on lobbying

Coinbase spent about $2.2 million on lobbying activities that also included work on the CLARITY Act. According to OpenSecrets data, the major exchange ranked among the top 10 spenders on lobbying in the securities and investment sector, outspending Goldman Sachs and Andreessen Horowitz.

Kraken’s spending came close to $1 million. Digital Currency Group, Jump Crypto, and Paradigm were also among the companies lobbying for the bill.

Of the roughly $8 million total tied to the bill, $2.4 million went to outside lobbying firms and $2.1 million went to lobbyists for industry associations. Companies’ in-house lobbying teams used the remainder. The Blockchain Association also said it held more than 380 meetings with congressional staff and federal officials on various policy issues.

Millions spent, but why was no agreement reached?

Despite the intensive outreach, the CLARITY Act’s failure to pass the Senate has raised questions about whether crypto companies can act in unison. Corey Frayer, a former SEC official and director of investor protection at the consumer advocacy group Consumer Federation of America, argued that companies had significant disagreements over key provisions of the bill.

Coinbase, however, believes the efforts were not in vain. Company spokesperson Julia Krieger said the bipartisan measure was close to becoming law and had laid the groundwork for steps by the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

It remains unclear whether the bill will get another opportunity during the brief legislative session at the end of the year. Meanwhile, lobbying efforts continue at regulatory agencies. The Blockchain Association said it was reassessing its resources based on its members’ priorities and would step up its work with the SEC and CFTC.