Crypto Industry Spent $8 Million Lobbying for Failed Clarity Act

The crypto industry directed $8 million toward lobbying for the Digital Asset Market Clarity Act during the first half of 2026, according to federal disclosures. Despite the significant expenditure, the legislation failed to move forward in the U.S. Senate.

Coinbase led the lobbying efforts, spending approximately $2.2 million on advocacy for the bill. Other notable participants included Kraken, which spent nearly $1 million, alongside the Digital Currency Group, Jump Crypto, and Paradigm. In total, the industry spent more than $13 million on lobbying across various issues during the six-month period.

The industry utilized a mix of internal staff and at least 42 outside lobbying firms to push its agenda. Of the $8 million specifically linked to the market structure bill, $2.4 million went to third-party firms, while $2.1 million supported lobbyists employed by trade associations. The remainder funded influence operations run directly by crypto companies.

Some industry critics, including former SEC official Corey Frayer, pointed to internal disagreements as a potential hurdle. Frayer noted a lack of unification among industry players regarding significant policy decisions within the bill.

Despite the legislative setback, some industry representatives highlighted progress. A spokesperson for Coinbase, Julia Krieger, stated that the company's efforts helped bring bipartisan legislation to the brink of passage and established a foundation for ongoing regulatory work at the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The Blockchain Association reported that its members held over 380 meetings with congressional staff and federal officials, including five fly-ins and 15 staff briefings. The group is now shifting its focus toward working with the SEC and CFTC as the industry continues to navigate the regulatory landscape.