US Crypto Firms Break Lobbying Spending Records in 2023

By exceeding prior numbers from the same period in 2022, the US cryptocurrency business is making news by breaking new records for lobbying expenditures in 2023. As per a recent Reuters research, the business as a whole expended an astounding $18.96 million on lobbying over the first three quarters of the year, indicating a noteworthy surge of $2.86 million in comparison to the same period in 2022.

With $2.16 million contributed to the industry’s efforts, Coinbase, a major participant in the cryptocurrency area, emerged as the biggest spender in lobbying for 2023. Foris DAX, the company behind Crypto.com and other significant companies, was the second-highest spender; however, their precise expenditure details were not made public.

Kirstin Smith, CEO of The Blockchain Association, emphasized the industry’s objective of establishing direct engagement with policymakers. She stated in a Reuters interview, “Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a commonsense regulatory framework.”

Coinbase’s Grassroots Lobbying Campaign

As part of its aggressive lobbying efforts, Coinbase initiated a grassroots campaign in September with the goal of advancing its regulatory goals. According to a spokesman for the top US-based cryptocurrency exchange, Coinbase, the company is actively looking to meet with lawmakers one more time in the upcoming weeks.

Coinbase is primarily concentrating its lobbying efforts on pushing two important proposals that have already been approved by a House of Representatives Congressional Committee. These proposals seek to resolve long-standing ambiguities in the cryptocurrency sector by bringing clarity to the regulatory framework that applies to cryptocurrency enterprises.

The US cryptocurrency business is committed to aggressively shaping and influencing regulatory changes in the emerging world of digital assets, despite obstacles and scandals like as the collapse of FTX in late 2022. This is demonstrated by the industry’s increasing spending on lobbying.