The ongoing efforts of a prominent venture capital firm to influence policy in Washington are gaining momentum, as evidenced by their reported expenditure of $1.49 million on federal lobbying this year. This figure, derived from official lobbying records submitted to Congress, highlights the firm’s commitment to advancing its agenda in the political arena.
According to a recent analysis of lobbying disclosures, the firm’s lobbying activities have intensified compared to previous years. In 2024, they allocated $1.8 million for lobbying efforts, while the expenditure for 2023 was $950,000. This upward trend indicates a strategic shift towards more active engagement in the political landscape.
What sets this firm apart from its competitors in the venture capital sector is its aggressive lobbying strategy. While many major firms report minimal to no federal lobbying activities, this firm has outpaced its industry peers. For instance, another well-known firm has reported only $120,000 in lobbying expenses this year, while another stands at $500,000. In contrast, the firm’s lobbying expenditure is slightly above that of its industry trade association.
In response to inquiries about their lobbying approach, representatives from the firm directed attention to articles authored by the co-founders, outlining their policy perspectives and the importance of a technology-driven future. One notable article emphasized their non-partisan stance, stating that they support candidates who advocate for a positive, technology-enabled future.
The firm’s internal lobbying team is focused on a broad spectrum of issues, including regulations surrounding digital assets, stablecoins, and artificial intelligence. Their lobbying efforts are not limited to cryptocurrency; they are also aiming to influence national defense priorities, as indicated by their recent lobbying disclosures.
For the first time, defense-related issues were explicitly mentioned in the firm’s third-quarter report for 2023, highlighting their interest in the National Defense Authorization Act. This focus on defense has continued in subsequent quarters, demonstrating a commitment to shaping legislation in this critical area.
Additionally, the firm’s lobbying activities have expanded to include the National Security Council, indicating a strategic alignment of financial and technological discussions with national security concerns.
Despite the firm’s previous support for a specific political figure in the last election, their internal policy team is characterized by a bipartisan approach, with leaders from both political parties contributing to their efforts.
The increase in lobbying expenditures coincides with the firm’s strategic push into regulated sectors such as defense and industrial technology, as well as emerging fields like artificial intelligence. Recently, they have bolstered their in-house policy expertise by hiring a former deputy national security advisor to focus on these areas.
It’s important to note that the amount spent on lobbying does not always equate to influence. For example, another venture fund reports minimal lobbying activity yet maintains significant access to key government officials. This illustrates that political influence can be exerted through various channels beyond registered lobbying.
Moreover, venture capital firms can also impact politics through political action committees (PACs). Recent reports indicate that this firm is supporting a new network of pro-AI PACs, further demonstrating their commitment to shaping the political landscape in favor of technology advancement.