Why It Matters
Robinhood Markets is doubling down on Capitol Hill and within federal agencies to shape the regulatory environment around broker-dealers, securities trading, and cryptocurrency.
By the Numbers
Robinhood has maintained a sprawling lobbying operation since 2020, cycling through five separate firms and spending steadily as it pursues its regulatory agenda. Ballard Partners LLC has been the most visible presence, billing $90,000 in both the second and third quarters of 2025, dropping to $80,000 in the fourth quarter before climbing again to $110,000 for the most recent quarter.
The company has also engaged Sternhell Group, Williams Group, Blue Ridge Law & Policy PC, and Daly Consulting Group, each charging a consistent $60,000 per quarterly filing.
Broader Context
Cryptocurrency and capital markets regulation serve as consistent focus areas across all of Robinhood's lobbying firms. The company emphasized these issues when panelists appeared at the 2023 Flyover Fintech Conference, which focused on "The Current Regulatory Environment: How a Lack of Clarity Affects Digital Asset Retail Investing." Lucas Moskowitz, General Counsel at Robinhood, carries particular weight in these conversations. Moskowitz previously served as Chief of Staff under SEC Chairman Jay Clayton and as senior counsel in the SEC Division of Enforcement, giving him insider credibility in discussions over securities rules and digital assets.
The Bottom Line
By maintaining relationships across multiple lobbying shops, the company ensures consistent messaging on broker-dealer regulation, securities trading, and cryptocurrencies while avoiding dependence on any single firm.
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