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Shocking Report: US Crypto Companies Ramp Up Lobbying Spending After FTX Collapse in 2023

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Companies connected to the crypto and blockchain industry in the United States reportedly spent roughly $3 million more on lobbying in the first three quarters of 2023 than over the same period in 2022.

According to a Dec. 5 Reuters report citing data from U.S. government transparency group Open Secrets, crypto firms spent roughly $19 million on lobbying from January to September 2023, roughly 19% more than they did over the same period in 2022. Coinbase reportedly led the spending on lobbying at more than $2 million, followed by Crypto.com, Blockchain Association, and Binance.

Before its collapse in November 2022, FTX had been one of the biggest spenders in the crypto space on donations to U.S. lawmakers’ campaigns and marketing efforts. Former FTX CEO Sam Bankman-Fried, who was found guilty of 7 felony charges related to fraud at the exchange, used customer deposits to donate millions to political campaigns.

Related: Crypto lobby spending in US set to beat 2022 record: Report

With many crypto firms claiming the United States has a great deal of regulatory uncertainty surrounding digital assets, company executives sometimes travel to Washington D.C. and meet with lawmakers. The allegations against Bankman-Fried included donations to politicians — many of which were later returned. Coinbase CEO Brian Armstrong has also met with many lawmakers, presumably to discuss digital asset regulation.

Magazine: BlackRock meets with SEC over ETF, Binance’s new era begins and SBF loses release bid: Hodler’s Digest, Nov. 19-25