Cryptocurrency Industry Spends Record $18.96 Million in Federal Lobbying So Far in 2023

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By BitcoinWiki News

Key Takeaways:

– The cryptocurrency industry spent $18.96 million in federal lobbying in the first three quarters of 2023
– This surpasses the $16.1 million spent during the same period in 2022
– Coinbase, the largest cryptocurrency exchange in the United States, spent $2.16 million on lobbying
– Crypto companies are working to advance legislation in the House of Representatives
– The industry is advocating for the approval of a spot bitcoin exchange-traded fund (ETF)
– The SEC’s lawsuits against Coinbase and Binance have become focal points for the industry’s lobbying efforts
– A grassroots advocacy campaign has been launched by Coinbase in September
– Bitcoin reached a 20-month high recently
– A crypto advocacy group called Stand with Crypto Alliance was launched in August


The cryptocurrency industry has spent nearly $19 million on federal lobbying in the first three quarters of 2023, surpassing the amount spent in the same period in 2022. Despite the collapse of FTX, crypto companies are increasing their lobbying efforts in Washington. Leading the pack is Coinbase, which has spent $2.16 million on lobbying. Other prominent spenders include Foris DAX, the operator of Crypto.com, the Blockchain Association, and Binance Holdings. The industry is working to mend its reputation and address regulatory scrutiny, particularly from the SEC. It is also advocating for the approval of a spot bitcoin exchange-traded fund. The industry has been pushing for the advancement of crypto bills in the House of Representatives, and Coinbase has launched a grassroots advocacy campaign and a crypto advocacy group.

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