A crypto lobbying boom is sweeping Washington

Crypto lobbying may be K Street's hottest new business, according to a new report from Public Citizen.

The left-leaning consumer advocacy group said the number of lobbyists representing the industry reached 320 last year — up from 115 in 2018. Spending quadrupled too, reaching $9 million, from $2.2 million just three years earlier.

A lot of that money came from Coinbase, Ripple and the Blockchain Association: All three spent more than $2 million on lobbying during the years that the report examined, according to the group.

Washington powerhouses from outside the core of the crypto industry also got in, with the U.S. Chamber of Commerce and Meta each listing more than 30 lobbyists working on the issue (including four for Meta's now-defunct Diem project).

The report also noted several former high-profile government officials — from both parties — who either became crypto lobbyists or went to work in the industry.