- By Q3 2023, lobbying expenditures by cryptocurrency corporations had reached $18.96 million, possibly setting a record.
- Important crypto laws were approved by a congressional committee in 2023, demonstrating the industry’s effective legislative efforts.
As of the end of Q3, bitcoin companies were spending $18.96 million on lobbying, which is more than they were spending during the same period last year ($16.1 million), according to a report by OpenSecrets. According to this pattern, the industry is expected to surpass previous records for lobbying spending in 2023.
What Happened: According to CoinGecko data, as of November 21, 2023, Coinbase Global Inc. spent the most money ($2.16 million). Owner of Crypto.com, Foris DAX, spent $1.19 million, Binance spent $1.19 million, and the Blockchain Association, a trade group for cryptocurrency, spent $1.47 million. Kraken has $888,000 worth of cryptocurrency lobbying.
It is revealed by OpenSecrets that Binance and Binance.The US spent over $1 million on political lobbying. In 2023, Binance invested $850,000, along with Binance.US spent $340,000, CoinDesk reports.
CryptoCaster Quick Check:
The U.S. Securities and Exchange Commission (SEC) sued a number of cryptocurrency companies in 2023 for allegedly breaking securities laws, which forced many in the sector to step up efforts to conform to legal requirements. Following Coinbase and Binance’s SEC lawsuits for allegedly neglecting to register tokens, lobbying experienced a surge.
“Our objective is to establish direct communication with policymakers, cultivate connections, and close the knowledge gap in order to construct a sensible regulatory structure,” stated Kristin Smith, CEO of the Blockchain Association, in a statement that was obtained by Reuters.
FTX, the defunct cryptocurrency exchange, was formerly among the biggest spenders in 2022. Companies spent nearly $22.2 million on lobbying during the course of 2022.
Potential Impact: In 2023, cryptocurrency companies actively pushed favorable legislation in the U.S. House of Representatives in addition to resolving regulatory challenges. Their efforts paid off in July when two significant laws intended to elucidate financial regulations for cryptocurrency enterprises were passed by a congressional committee. The Lummis-Gillibrand Responsible Financial Innovation Act and the Digital Consumer Protection Act are the names of these bills.
According to Reuters, Coinbase started a grassroots advocacy effort in September and is currently planning further talks with lawmakers in the coming weeks.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt