Federal lobbying spending by Coinbase and several major crypto industry groups fell in the third quarter from the second quarter after the CLARITY Act stalled in the U.S. Senate in September, but total spending for the quarter still topped $4 million. The sector has now stayed above that level for six straight quarters.
The CLARITY Act was designed to create a regulatory framework for the digital asset market. Factors cited for the bill’s failure to advance included disagreements within the industry over yield-bearing stablecoin businesses, pressure from traditional banking groups, and disputes over ethics provisions tied to politicians’ crypto-related financial interests.
In the first half of 2026, the crypto industry spent more than $8 million pushing market structure legislation. Coinbase accounted for about $2.2 million of that total, while Kraken spent nearly $1 million. Some lobbying firms also ended their work with crypto industry clients during the third quarter.
Federal lobbying spending by Coinbase and several major crypto industry groups declined in the third quarter from the second quarter after the CLARITY Act stalled in the U.S. Senate in September. Even so, total spending for the quarter still exceeded $4 million, marking the sixth consecutive quarter above that level.
Why the CLARITY Act stalled
The CLARITY Act was intended to establish a regulatory framework for the digital asset market. Factors seen as contributing to the bill’s failure included disagreements within the crypto industry over yield-bearing stablecoin businesses, pressure from traditional banking groups, and controversy around ethics provisions tied to politicians’ crypto-related financial interests.
Spending in the first half of 2026
In the first half of 2026, the crypto industry spent more than $8 million to push market structure legislation. Coinbase spent about $2.2 million, while Kraken spent nearly $1 million. Some lobbying firms also ended relationships with crypto industry clients in the third quarter.
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