- Changpeng Zhao links a March 8 report about crypto lobbyists in a tweet.
- The report shows the top 10 cryptocurrency businesses that lobby for the sector. Binance is not among them; CZ responds.
On April 11, Changpeng Zhao – better known as CZ – tweeted a March 8 report about crypto lobbyists. Zhao captioned the link to the research with “Damn, looks like we need to do our share…”. This is in response to Binance not being among the Top 10 Crypto Lobbyists in the United States.
Damn, looks like we need to do our share…Source: https://t.co/zjOVFOaT98. pic.twitter.com/eqGiUbs2hx
— CZ Binance (@cz_binance) April 11, 2022
The report was published by Public Citizen, a non-profit advocacy group and think tank based in Washington, D.C, United States. The “Key Findings” of the report focused on the increase of cryptocurrency proponents in the past three years. In fact, the lobbying spending in the cryptocurrency sector quadrupled from $2.2 million in 2018 to $9 million in 2021.
According to the report, the biggest lobbying spenders in the crypto sector were Coinbase (NASDAQ:COIN), Ripple Labs, and Blockchain Association. Each of these companies spent over $2 million on lobbying between 2018 and 2021.
In addition, there were other crypto-allied businesses that lobbied for the sector. The two biggest among these were the U.S. Chamber of Commerce and Meta Platforms (formerly Facebook (NASDAQ:FB)). The former reported 32 lobbyists on cryptocurrency issues, while the latter reported 27 and an additional 4 for Diem, Facebook’s now-defunct crypto effort.
With these statistics and CZ’s Twitter (NYSE:TWTR) replies on the matter, it can be inferred that he truly desires to push crypto adoption even further. Additionally, he seems to want to carry the burden on himself and Binance to push that cause.
But need to contribute our share to the cause, lol…— CZ Binance (@cz_binance) April 11, 2022
Despite plenty of Binance supporters encouraging CZ in his replies, the Binance CEO maintains a somber tone in regard to the topic.
That’s the point. We need to do more.— CZ Binance (@cz_binance) April 11, 2022
All these could lead up to potential lobbying efforts by Binance in the near future.