According to Reuters on Tuesday, the cryptocurrency business is expected to spend a record amount on lobbying in the United States this year.According to a study citing statistics by OpenSecrets, cryptocurrency corporations spent $18.96 million on lobbying by the end of the third quarter, up from $16.1 million in the same period previous year.
With $2.16 million spent as of 2022, cryptocurrency exchange Coinbase (COIN) is the largest spender.Other large spenders include the blockchain association, Binance, and the owner of Crypto.com, Foris DAX.CoinDesk reached out to all of the organizations, but none of them responded right away.
One of the biggest spenders last year was the defunct cryptocurrency exchange FTX.The statistic for this year implies that other cryptocurrency companies might have increased their endeavors to rectify the harm inflicted by the abrupt collapse of the exchange, in which founder Sam Bankman-Fried was found guilty of deception last month.Additionally, this year has seen the U.S. Securities and Exchange Commission (SEC) file lawsuits against cryptocurrency exchanges for breaking securities laws and delaying the industry’s licensing of an exchange-traded fund (ETF) for spot bitcoin.