US Crypto Firms Break New Record, Spending $18.96 Million on Lobbying in 2023: Report

US crypto firms are reportedly breaking records in terms of how much theyve spent on lobbying in 2023.

According to a new report by Reuters, the US crypto industry spent a combined $18.96 million on lobbying in the first three quarters of 2023, $2.86 million more than it spent during the same period in 2022.

These numbers are despite the massive collapse of the crypto exchange FTX in late 2022, which was a top-ten spender in terms of lobbying.

Coinbase, the crypto firm that has spent the most so far in 2023, poured in $2.16 million toward lobbying, while Foris DAX, the company that operates Crypto.com and several other large firms, came in second, though it was not specified how much they spent.

As stated by Kirstin Smith, CEO of The Blockchain Association, in a statement to Reuters,

“Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a commonsense regulatory framework.

A spokesperson for Coinbase, which launched a grassroots lobbying campaign in September, told Reuters that the top US-based crypto exchange is currently pushing for more lawmaker meetings in the coming weeks.

According to Reuters, Coinbase is hoping to advance two key bills that have already been passed by a Congressional Committee within the House of Representatives that would clarify which regulations apply to crypto firms.

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This article was originally reported on The Daily Hodl.