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Crypto Industry In The US Sets Sights On Record Lobbying Expenditure In 2023

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According to a Reuters report, the cryptocurrency industry has witnessed a surge in lobbying spending as companies strive to repair their reputations and advocate for favorable legislation.

Despite facing regulatory scrutiny and high-profile scandals and lawsuits from the US Securities and Exchange Commission (SEC), which has taken the lead in enforcing the industry, Reuters has reported that crypto companies have invested significant resources in engaging with policymakers and trying to build a reasonable regulatory framework.

Crypto Companies Ramp Up Lobbying Spending

According to data from the nonprofit research group OpenSecrets, cryptocurrency companies spent a record-breaking $18.96 million on lobbying in the first three quarters of 2023.

This figure represents a significant increase from the $16.1 million spent during the same period in 2022. Remarkably, this surge in lobbying expenditure occurred despite the notable collapse of FTX, which was among the top spenders in the previous year. In 2022, crypto companies, including FTX, allocated nearly $22 million to lobbying efforts.

Among the top spenders, Coinbase, the largest cryptocurrency exchange in the United States, led the pack by investing $2.16 million in lobbying activities. Following closely were Foris DAX, the operator of Crypto.com, the Blockchain Association, and Binance Holdings.

These companies believe that engaging directly with policymakers, fostering relationships, and bridging the education gap are crucial steps in establishing a sensible and practical regulatory framework.

Per the report, cryptocurrency companies have been actively expanding thei

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Author: Ronaldo Marquez

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