While US Cryptocurrency Lobbying Activities Prepare to Break a Record, Coinbase Ranked at the Top!

in the USA cryptocurrency While regulation efforts continue, lobbying activities continue to increase.

ReutersAccording to the news, the cryptocurrency industry is breaking records in lobbying expenditures in 2023 to repair the reputation of companies and develop more moderate crypto legislation.

According to research data shared with Reuters by the non-profit research company OpenSecrets, Due to the collapse of FTX and other difficulties (Terra-LUNA collapse and other bankruptcies..), crypto companies spent $ 18.96 million on lobbying activities in the USA in the first three quarters of 2023.

Crypto companies spent $16.1 million on lobbying activities in the same period in 2022.

According to research data, the largest cryptocurrency exchange in the USA coinbase While Coinbase was the leader by spending $2.16 million on lobbying activities, Crypto.Com owner Foris DAX, Blockchain Association and Binance Holdings followed.

Speaking to Reuters, Blockchain Association CEO Kristin Smith said, “A.Our goal is to directly engage with policymakers in the US, build relationships, and create a common-sense regulatory framework in the crypto industry. “said.

As you may remember FTX It suddenly went bankrupt in November 2022, causing prices to collapse.

FTX.US, the US arm of FTX, one of the exchanges that spent the most on lobbying activities in 2022 after the bankruptcy, announced that it was leaving US lobbying activities.

At this point, OpenSecrets analysts told Reuters that the increase in lobbying spending in 2023 compared to 2022 indicates that crypto companies in the United States are increasing their efforts to repair the damage caused by FTX’s sudden bankruptcy.