Key Points
- 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.
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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.
Of the 56 cryptocurrency businesses and associations that have lobbied in 2023, the top 10 have spent $10.81 million in total up to this point.
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