Kraken Leads EU Crypto Lobbying Efforts in 2024, Outspending Coinbase

Kraken's parent company, Payward, emerged as the top spender in EU crypto lobbying in 2024, surpassing competitors like Coinbase, according to data from Corporate Europe Observatory and LobbyControl. Payward spent between $323,000 and $430,000, employing 2.75 full-time-equivalent lobbyists to engage with EU institutions ahead of the full implementation of the Markets in Crypto-Assets Regulation (MiCA) on December 30, 2024.

This spending surge reflects a broader industry trend, with crypto firms increasing lobbying budgets by roughly 25% year over year. Coinbase followed with expenditures of $216,000 to $323,000, while Bitpanda and Binance maintained previous-year levels. Digital banking platform Revolut also registered significant lobbying activity, highlighting the growing intersection of traditional finance and crypto.

The data, which only covers direct lobbying of EU institutions like the European Commission, underscores the sector's commitment to shaping clear regulatory frameworks. In comparison, tech giants like Meta spent over $10.7 million, dwarfing crypto industry efforts. Observers note that MiCA's rollout offers exchanges an opportunity to influence practical implementation standards, amid warnings from the EU's Anti-Money Laundering Authority about financial crime risks.