The cryptocurrency sector appears poised to record a new high in federal lobbying expenditures, as crypto companies look to mend their image and promote supportive legislation, according to statistics disclosed to Reuters by the nonprofit research entity OpenSecrets. In the initial three quarters of 2023, cryptocurrency companies allocated $18.96 million toward lobbying efforts, contrasting with the $16 million expended during the corresponding period last year. This expenditure continued despite the notable collapse of the biggest cryptocurrency exchange at the time, FTX, which was among the top 10 spenders the year before.
Last year organizations such as FTX spent about $22 million on lobbying. The biggest cryptocurrency exchange in the United States, Coinbase (COIN.O), led the pack with a $2.16 million donation, followed by the Blockchain Association, Binance and Foris DAX, the company that runs…
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