Cryptocurrency Industry Spends Record $18.96 Million in Federal Lobbying So Far in 2023

cryptonews.com:

The cryptocurrency industry has spent a staggering $18.96 million in federal lobbying in the first three quarters of 2023.

The figure surpasses the $16.1 million spent during the same period in 2022, Reuters  reported , citing data from nonprofit research group OpenSecrets. 

The record-breaking spending occurred despite the high-profile collapse of crypto exchange FTX last year, which had previously ranked among the top ten lobbying spenders. 

In 2022, crypto companies, including FTX, collectively invested nearly $22 million in lobbying efforts.

Leading the pack once again is Coinbase, the largest cryptocurrency exchange in the United States, which spent $2.16 million on lobbying. 

Other prominent spenders include Foris DAX, the operator of Crypto.com, the Blockchain Association, and Binance Holdings.

“Our goal is to engage directly with policymakers, build relationships, and bridge the education gap to build a commonsense regulatory framework,” said Kristin Smith, CEO of the Blockchain Association.

The cryptocurrency companies’ increased presence in Washington reflects their efforts to mend their reputations following a series of scandals that unfolded last year. 

One notable incident was the collapse of FTX, whose former CEO, Sam Bankman-Fried, had been a familiar figure in Washington. 

In a Manhattan federal court, Bankman-Fried was recently found guilty of fraud.

In addition to reputation management, crypto firms are grappling with mounting regulatory scrutiny, particularly from the U.S. Securities and Exchange Commission (SEC), which accuses the industry of non-compliance with its rules. 

The SEC’s lawsuits against Coinbase and Binance in June, alleging failure to register tokens, have become focal