The U.S. cryptocurrency industry has reached a new milestone in 2023 with its lobbying expenditures hitting a record $18.96 million in the first three quarters, surpassing the $16.1 million spent in the same period last year. This surge in lobbying investment comes as the industry navigates through a challenging year, including the fallout from FTX's collapse. Despite these setbacks, firms like Coinbase have taken the lead in lobbying efforts, spending $2.16 million to influence favorable crypto legislation and regulations.
Key players contributing to these efforts include Foris DAX (operator of Crypto.com), the Blockchain Association, and Binance Holdings. Kristin Smith, CEO of the Blockchain Association, highlighted the industry's strategic focus on engaging directly with policymakers to bridge knowledge gaps and establish a sensible regulatory framework.
The crypto sector's intensified lobbying is also a response to ongoing legal challenges, including lawsuits from the U.S. Securities and Exchange Commission against Coinbase and Binance for alleged rule violations. Additionally, there is a growing anticipation for the SEC's approval of a spot bitcoin ETF, which could significantly expand cryptocurrency accessibility.
Disclaimer: Please note that the information provided in this article is based on the referenced research articles. It is essential to conduct further research and analysis before making any investment decisions. The cryptocurrency market is highly volatile, and investors should exercise caution and consult with financial professionals before engaging in cryptocurrency trading or investment activities.
