US crypto firms are reportedly breaking records when it comes to how much they spent on lobbying in 2023.
According to a new report from Reuters, the US crypto industry spent a total of $18.96 million on lobbying in the first three quarters of 2023, $2.86 million more than the same period in 2022.
These figures are despite the massive collapse of the crypto exchange FTX at the end of 2022, which was in the top ten in terms of lobbying.
Coinbase, the crypto company that has spent the most so far in 2023, has invested $2.16 million in lobbying efforts, while Foris DAX, the company that operates Crypto.com and several other major companies, came in second, although not it specified how much they spend.
As Kirstin Smith, CEO of The Blockchain Association, said in a statement to Reuters:
“Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a common-sense regulatory framework.”
A spokesperson for Coinbase, which launched a grassroots lobbying campaign in September, told Reuters that the largest US-based crypto exchange is currently pushing for more meetings of lawmakers in the coming weeks.
According to Reuters, Coinbase hopes to advance two major bills that have already been passed by a Congressional committee within the House of Representatives that would clarify which regulations apply to crypto companies.
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