According to a study by OpenSecrets, lobbying expenses by the cryptocurrency industry in the United States are set to reach a historic high in 2023.
By the end of the third quarter of 2023, cryptocurrency companies had already spent $18.96 million on lobbying activities. These figures, revealed in a study conducted by OpenSecrets, indicate an increase compared to the $16.1 million spent during the same period the previous year.
Most active lobbyists
For the second consecutive year, Coinbase, the renowned cryptocurrency exchange, stands out as the largest contributor to these expenses, with an outlay of $2.16 million. Other significant contributors to the funding include Foris DAX, the owner of Crypto.com, Binance, and the Blockchain Association group.
Increase in spending compared to previous years
In 2022, FTX, the cryptocurrency exchange now bankrupt, was also among the major spenders. The increase in expenses this year could suggest that some companies in the industry have stepped up their funding efforts to address the damage caused by FTX’s bankruptcy.
Throughout the year, the United States Securities and Exchange Commission (SEC) filed several legal actions against cryptocurrency exchanges for violations of securities laws.
