Crypto Industry Lobby Expenditure Set to Break Records in 2023
Global, 5th December 2023: The cryptocurrency sector is poised to mark a fresh record in federal lobbying expenditures in 2023, signaling a resurgence in firms’ efforts to bolster their image and promote favorable legislation, as revealed by data from OpenSecrets, a nonprofit research group.
During the initial three quarters of 2023, crypto companies dedicated $18.96 million to lobbying endeavors, surpassing the $16.1 million spent in the corresponding period of 2022. Notably, despite the significant setback of FTX, a top lobbying spender, companies collectively allocated nearly $22 million to lobbying efforts the previous year.
Coinbase, the prominent U.S. cryptocurrency exchange, maintained its lead by spending $2.16 million, followed closely by Foris DAX, operating Crypto.com, along with the Blockchain Association and Binance Holdings.
Kristin Smith, CEO of the Blockchain Association, articulated the industry’s objective: “Our aim is direct engagement with policymakers, fostering relationships, and bridging the knowledge gap to establish a pragmatic regulatory framework.”
The crypto sphere faces escalating regulatory scrutiny, notably from the U.S. Securities and Exchange Commission (SEC), which accuses the industry of violating its regulations. This scrutiny intensified after the SEC’s lawsuits against Coinbase and Binance in June, alleging token registration failures, claims both companies refute.
