US Crypto Companies Spend More on Lobbying in 2023 than FTX Collapse: Report
Companies related to the crypto and blockchain industry in the United States spent more than $3 million more on lobbying in the first three quarters of 2023 than the same period in 2022.
A Dec. 5 Reuters report, citing Open Secrets data from the U.S. government transparency group, reported that crypto companies spent about $19 million on lobbying from January to September 2023, up 19 percent from the same period in 2022. Spending over $2 million to compromise, followed by Crypto.com, Blockchain Association and Binance.
In the year Before its collapse in November 2022, FTX was one of the biggest spenders in the crypto space, with donations to US lawmakers' campaigns and marketing efforts. Former FTX CEO Sam Bankman-Fried, who pleaded guilty to seven felony charges related to fraud at the exchange, used customer deposits to give millions to political campaigns.
RELATED: Crypto Lobby Spending in US Set to Beat 2022 Record: Report
Many crypto companies say the United States has significant regulatory uncertainty over digital assets, with company executives sometimes traveling to Washington, D.C., to meet with lawmakers. The allegations against Bankman-Fried include donations to politicians – many of which were later returned. Coinbase CEO Brian Armstrong has met with several lawmakers, presumably to discuss digital asset regulation.
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