US Crypto Firms Set Lobbying Spending Record in 2023
US cryptocurrency companies have set a new record for lobbying spending in 2023, according to a report by Reuters. In the first three quarters of the year, the industry spent a total of $18.96 million on lobbying, surpassing the amount spent during the same period in 2022 by $2.86 million.
Coinbase Leads the Way
Coinbase, the largest US crypto firm, has emerged as the top spender, allocating $2.16 million towards lobbying efforts in 2023. Following closely behind is Foris DAX, the operator of Crypto.com and other major firms, although their exact spending was not disclosed.
Building Relationships and Educating Policymakers
Kirstin Smith, CEO of The Blockchain Association, emphasized the importance of engaging with policymakers and establishing relationships to create a sensible regulatory framework for the industry. Coinbase has also launched a grassroots lobbying campaign and plans to arrange more meetings with lawmakers in the coming weeks.
Pushing for Regulatory Clarity
Reuters reports that Coinbase aims to promote two bills that have already been passed by a Congressional Committee in the House of Representatives. These bills seek to provide clarity on which regulations apply to crypto firms.
Hot Take: US Crypto Firms Invest Heavily in Lobbying for Regulation
The US crypto industry’s significant spending on lobbying in 2023 demonstrates its commitment to shaping favorable regulations. By engaging directly with policymakers and building relationships, companies like Coinbase are striving to bridge the education gap and establish a commonsense regulatory framework. This proactive approach reflects the industry’s recognition of the importance of regulatory clarity for its long-term growth and legitimacy.
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