Record Lobbying by US Crypto Firms in 2023
In 2023, the US cryptocurrency sector has set new benchmarks with its increased expenditure on lobbying efforts, as per a recent Reuters report.
The collective spending on lobbying amounted to $18.96 million during the initial three quarters of the year, marking a $2.86 million surge compared to the same period in 2022.
Despite the significant setback caused by the collapse of the crypto exchange FTX in late 2022—a major lobbyist—the industry’s lobbying investments have soared.
Among the prominent spenders, Coinbase leads the pack, allocating $2.16 million towards lobbying initiatives this year. Following closely is Foris DAX, the company overseeing Crypto.com and other significant entities, although their specific spending remains undisclosed.
Kirstin Smith, CEO of The Blockchain Association, emphasized the intent behind these lobbying endeavors, stating to Reuters, “Our aim is direct engagement with policymakers, fostering relationships, and filling the knowledge gap to establish a pragmatic regulatory framework.”
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Coinbase, in a bid to influence policies, initiated a grassroots lobbying campaign in September, aiming to schedule more meetings with lawmakers in the imminent weeks.
Reuters reported Coinbase’s efforts to drive the progression of two pivotal bills, already approved by a Congressional Committee in the House of Representatives, aiming to clarify the regulatory scope concerning crypto firms.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
