By Hannah Lang
WASHINGTON (Reuters) – The cryptocurrency industry was on track to hit a new record for federal lobbying spending, after a year in which firms scrambled to repair their reputations and advance friendly legislation, according to data provided to Reuters by nonprofit research group OpenSecrets.
Crypto companies spent $18.96 million in the first three quarters of 2023 on lobbying, compared with $16.1 million during the same period in 2022. That was despite last year’s spectacular meltdown of crypto exchange FTX, which had been a top-ten spender. Last year, companies including FTX spent nearly $22 million on lobbying in total.
Coinbase, the largest U.S. crypto exchange, led the pack again, spending $2.16 million, followed by Foris DAX, which operates Crypto.com, the Blockchain Association and Binance Holdings.
“Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a commonsense regulatory framework,” said Kristin Smith, CEO of the Blockchain Association, in a statement.
Crypto companies have been expanding in…
