OpenSecrets: US Crypto Lobby Spending Reaches All-Time High

An independent group of experts, OpenSecrets, reported to Reuters that in the first nine months of 2023, spending by the US crypto lobby exceeded the level of 2022.

Participants in the cryptocurrency industry spent about $19 million on lobbying their interests in the US federal authorities from January to September — compared to $16 million during the same period last year.

The leaders of the past 2022 demonstrated the greatest activity — cryptocurrency exchanges Coinbase, Binance and Foris DAX, as well as a group of companies included in the Blockchain Association, have made significant financial efforts, experts say, to promote their interests..

“Our goal is to engage directly with policymakers, build relationships, and bridge the education gap to create a sound regulatory framework,” Blockchain Association CEO Kristin Smith explained to OpenSecrets..

OpenSecrets analysts state: a surge in spending on lobbying the interests of cryptocurrency companies in 2023 was a consequence of the collapse of the FTX Group and a series of enforcement claims from the US Securities and Exchange Commission (SEC) regarding the activities of the Coinbase and Binance exchanges.

As a result, market participants were forced to struggle with the negative consequences to try to restore business reputation and achieve the promotion of crypto-friendly legislation.

The day before, it became known about the detention of Spanish citizen Alejandro Cao de Benos, who was arrested in his homeland on charges of organizing a conference on blockchain, cryptocurrencies and methods of evading sanctions for users from North Korea.