• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Crypto

Crypto Industry In The US Sets Sights On Record Lobbying Expenditure In 2023

Ronaldo Marquez
by Ronaldo Marquez
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to a Reuters report, the cryptocurrency industry has witnessed a surge in lobbying spending as companies strive to repair their reputations and advocate for favorable legislation. 

Despite facing regulatory scrutiny and high-profile scandals and lawsuits from the US Securities and Exchange Commission (SEC), which has taken the lead in enforcing the industry, Reuters has reported that crypto companies have invested significant resources in engaging with policymakers and trying to build a reasonable regulatory framework.

Crypto Companies Ramp Up Lobbying Spending 

According to data from the nonprofit research group OpenSecrets, cryptocurrency companies spent a record-breaking $18.96 million on lobbying in the first three quarters of 2023. 

This figure represents a significant increase from the $16.1 million spent during the same period in 2022. Remarkably, this surge in lobbying expenditure occurred despite the notable collapse of FTX, which was among the top spenders in the previous year. In 2022, crypto companies, including FTX, allocated nearly $22 million to lobbying efforts.

Related Reading: Ethereum Insider Details How The SEC Has Gone ‘Completely Rogue’

Among the top spenders, Coinbase, the largest cryptocurrency exchange in the United States, led the pack by investing $2.16 million in lobbying activities. Following closely were Foris DAX, the operator of Crypto.com, the Blockchain Association, and Binance Holdings. 

These companies believe that engaging directly with policymakers, fostering relationships, and bridging the education gap are crucial steps in establishing a sensible and practical regulatory framework.

Per the report, cryptocurrency companies have been actively expanding their presence in Washington to mend their reputations following a series of scandals in the previous year. 

One noteworthy incident was the collapse of FTX, where its former CEO, Sam Bankman-Fried, faced fraud charges and was found guilty by a Manhattan federal court jury. Additionally, regulatory scrutiny has intensified, with the SEC accusing Coinbase and Binance of failing to register tokens, allegations that both companies deny.

Favorable Legislative Efforts Intensified

According to Reuters, a key goal driving the lobbying efforts is the SEC’s approval of a spot Bitcoin (BTC) exchange-traded fund (ETF). The industry believes such approval would open the doors to millions of new investors and further mainstream adoption, coupled with significant price gains that would leave the bear market far behind.

Crypto companies have also sought to advance legislation in the House of Representatives. In July, the digital asset companies achieved a victory when a congressional committee passed two significant bills that aim to clarify to crypto companies on applying existing financial rules. 

Although these bills have yet to progress further, crypto lobbyists remain persistent. Coinbase, for instance, launched a grassroots advocacy campaign in September and plans to continue engaging with lawmakers through further meetings in the coming weeks.

Related Reading: BlackRock Has Actually Seeded Its Bitcoin Spot ETF, What This Means

Overall, as the industry continues to evolve, the outcome of ongoing lobbying efforts and regulatory developments will shape the future landscape of cryptocurrencies and their broader acceptance within traditional financial systems.

Crypto
The total crypto market cap consolidation is above $1.5 trillion on the daily chart. Source: TOTAL on TradingView.com

Featured image from Shutterstock, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Ronaldo Marquez

Ronaldo Marquez

Follow

Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

Full Profile

Related Posts

Best Altcoins to Buy After US Senate Confirms Tokenized Stocks Are Still Securities

Best Altcoins to Buy After US Senate Confirms Tokenized Stocks Are Still Securities

2 hours ago
Best Crypto to Buy as Banking Giants Now Predict at Least Two Rate Cuts in 2025

Best Crypto to Buy as Banking Giants Now Predict at Least Two Rate Cuts in 2025

2 hours ago
Pepenode presale reaches $800k allows users to mine meme coins

Pepenode’s Presale Reaches $800K As It Allows Users to Create Virtual Crypto Mining Rigs

8 hours ago
Crypto

Crypto Boom Soon? Major Banks Predict At Least 2 Rate Cuts After Weak Labor Data

1 day ago
Trump Media

Trump Media Invest $105M In CRO Following Crypto.Com Treasury Agreement

1 day ago
MARA Bitcoin holdings near $6b Bitcoin Hyper gains

MARA’s Bitcoin Treasury Nears $6B After Mining 705 $BTC in August, Fueling Bitcoin Hyper’s $14M Presale

1 day ago

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    23 hours ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    23 hours ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    1 day ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    2 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.