Crypto Lobbying Spending Set to Break Records in 2023

Increased spending follows the collapse of FTX and heightened regulatory scrutiny, with firms pushing for approval of a bitcoin ETF.

Crypto companies have spent $18.96 million on lobbying in the first three quarters of 2023, compared to $16.1 million during the same period in 2022.
Coinbase is the largest spender on lobbying, having spent $2.16 million.
The increase in lobbying spend comes in the wake of the collapse of crypto exchange FTX and its CEO's subsequent fraud conviction.
Crypto firms are facing increased regulatory scrutiny, with the SEC suing Coinbase and Binance for allegedly failing to register tokens.
The industry is pushing for the approval of a spot bitcoin exchange-traded fund (ETF), which could open up the world's largest cryptocurrency to more investors.