In 2023, U.S. cryptocurrency lobbying expenses have surged, reaching heights never seen before.

The American crypto sector is on the verge of smashing its lobbying spending record in 2023, driven by a renewed push to fix tarnished images and advocate for policies favoring digital currency, as shown by recent data. OpenSecrets .

In the first three quarters of 2023, cryptocurrency firms have allocated $18.96 million on lobbying, eclipsing the $16.1 million spent in the same timeframe of 2022. This increase comes despite notable setbacks within the industry. FTX , a former top spender in the sector.

Coinbase Cryptocurrency exchanges like FTX have led the way in lobbying efforts, investing $2.16 million, followed closely by Foris DAX (Crypto.com), the Blockchain Association, and additional stakeholders. These entities strive to influence legislators to devise regulations that would benefit the crypto landscape. Binance \"We aim to directly connect with lawmakers, foster relationships, and fill the educational gaps to develop a practical regulatory framework,\" mentioned Kristin Smith, CEO of the Blockchain Association.

The presence of crypto businesses in Washington has been on the rise. Sam Bankman-Fried, the former head of FTX, previously made headlines there before being convicted on fraud charges.

Following scandals like the FTX collapse Legal Challenges Ignite Increase in Crypto Lobbying

The industry is under elevated scrutiny from the U.S. Securities and Exchange Commission, especially following lawsuits targeting Coinbase and other platforms. These legal tribulations have spurred a greater push for lobbying.

Crypto companies are advocating for the SEC to approve a spot Bitcoin ETF, which would potentially attract a broader range of investors. Additionally, they celebrated a legislative success in July when important bills advancing regulatory clarity for the crypto industry were approved by congressional committees. Binance Despite facing various legislative obstacles, companies like Coinbase are maintaining their lobbying efforts, frequently meeting with lawmakers. These persistent initiatives demonstrate the industry's determination to cultivate a more favorable legislative and regulatory landscape.

As the cryptocurrency sector moves through this critical juncture, the ramped-up lobbying signifies a strategic move to shape policy and regulatory outcomes favorably. Their involvement in the U.S. could be crucial in determining the future landscape of cryptocurrency regulations and acceptance. Bitcoin ETF Please remember that the content provided here should not be considered legal, tax, investment, financial, or any other type of advice. Always invest only what you can afford to lose and consult with a financial advisor if unsure. For further information, we recommend reviewing the terms and conditions along with the support resources provided by the issuer or advertiser. At MetaversePost, we strive for accurate and unbiased reporting, but market dynamics may shift unexpectedly.

Nik is a seasoned analyst and writer at Metaverse Post, adept at providing cutting-edge insights into the rapidly evolving tech landscape, with particular expertise in areas like AI/ML, XR, VR, on-chain analytics, and blockchain innovation. His writings resonate with a diversified readership, helping them stay ahead in the techno-business realm. Holding a Master’s degree in Economics and Management, Nik possesses a deep understanding of the complexities of the business arena and its interplay with emerging technologies.

Cryptocurrencylistings.com has launched a revamped mobile application, aimed at enhancing the cryptocurrency trading experience.