<p><span style="font-weight: 400;">As 2021 is coming to a close, one of the largest players in the cryptocurrency lobby has seen a surge in membership and funding. </span></p> <p><span style="font-weight: 400;">The Blockchain Association, a 501(c)6 trade association for the crypto industry, has been a player in Washington, DC since its founding in 2018. But 2021 has seen record growth. </span></p> <p><span style="font-weight: 400;">Membership has risen from 28 firms to 65 since January 1. Meanwhile, the 2020 budget that was just shy of $2 million has gone up to nearly $8 million, according to executive director Kristin Smith and the association’s most recently filed 990 forms. </span></p> <p><span style="font-weight: 400;">Among the most recent members are Solana Labs, Republic, Dapper Labs, Tacen and Messari. </span></p> <p><span style="font-weight: 400;">While the beginning of the year saw a bull market for tokens, a flurry of action on Capitol Hill and around financial regulators this year heightened interest in politics across the board. </span></p> <p><span style="font-weight: 400;">Perhaps the highest-profile moment was a fight in the Senate over IRS reporting language that seemingly implicated node operators and miners. That fight corresponded to an industry-wide expansion of lobbying spending, which especially impacted the </span><a href="https://www.theblockcrypto.com/post/122119/crypto-trade-associations-saw-lobbying-boom-amid-congressional-infrastructure-fight"><span style="font-weight: 400;">more prominent crypto trade associations</span></a><span style="font-weight: 400;">. </span></p> <p><span style="font-weight: 400;">“We’ve nearly doubled since August with the infrastructure fight. I think that was an eye-opening moment for a lot of people in the industry,” said Smith. “It’s obviously awesome for the Blockchain Association, but also because it shows that the crypto industry is serious about engaging in Washington.”</span></p> <p><span style="font-weight: 400;">The new roster of members also reflects a rise in market interest in NFTs and gaming. Smith notes that these newly prominent use cases have been helpful for conversations with regulators, because “it’s a lot easier for a policymaker to see an NFT and visualize what a digital collectible is than to visualize what a bitcoin is.”</span></p> <p><span style="font-weight: 400;">The rise in members brings along with it challenges in coordination. Similarly, there have been a number of new trade associations, PACs, and other political organizations to emerge in D.C. in recent months. </span></p> <p><span style="font-weight: 400;">At the time, </span><a href="https://www.theblockcrypto.com/post/114244/the-blockchain-associations-kristin-smith-breaks-down-whats-next-in-washingtons-bitcoin-policy-fight"><span style="font-weight: 400;">Smith told The Block’s Frank Chaparro</span></a>: <span style="font-weight: 400;">"We went from zero to 60 overnight, and we have caught the attention of the entire policy-making class in Washington." </span></p> <p><span style="font-weight: 400;">As for funding, the Blockchain Association saw a major boost not necessarily from membership dues, but rather from a </span><a href="https://theblockchainassociation.org/blockchain-association-announces-4-million-in-new-funding-from-top-crypto-companies-kicks-off-campaign-to-raise-additional-funds/"><span style="font-weight: 400;">high-profile raise</span></a><span style="font-weight: 400;"> in November, which saw the Filecoin Foundation matching contributions. </span><span style="font-weight: 400;">The new budget has enabled an expansion of the </span><a href="https://www.theblockcrypto.com/linked/123794/blockchain-association-hires-two-new-executives-to-lead-policy-and-government-relations"><span style="font-weight: 400;">Blockchain Association’s roster</span></a><span style="font-weight: 400;">. </span></p> <p><span style="font-weight: 400;">“But really to be a mature trade association we need to be at about $20 to $30 million,” Smith said. </span></p><br /><span class="copyright"><p>© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.</p> </span>