Crypto firms set to blow last year's lobbying spend out of the water
The crypto industry spent almost as much on federal lobbying in the first three quarters of this year than it did in the whole of 2022, according to non-profit research group OpenSecrets. According to the data provided to Reuters, crypto companies splashed $22 million on lobbying efforts last year. This is set to be eclipsed, however, with spending in the first nine months of 2023 hitting just shy of $19 million. The news is all the more surprising considering that one of last year’s biggest spenders, FTX, has collapsed. According to the data, US-based exchange Coinbase was the biggest spender, plowing $2.16 million into lobbying. The exchange is followed closely by Crypto.com owner Foris Dax, the Blockchain Association, and Binance Holdings. According to Reuters, much of the increased spending can likely be attributed to crypto companies doing all they can to fight increasingly negative perceptions of the space after a host of scandals in recent years. Many are also attempting t...
