Reuters reported on December 5 that US lobbying spending by the cryptocurrency industry is on track to hit a record high this year.

According to a report citing OpenSecrets research, crypto-asset companies spent $18.96 million on lobbying activities by the end of the third quarter, compared to the same period last year. This is an increase from $16.1 million (approximately 2.4 billion yen).

As in 2022, cryptocurrency exchange Coinbase was the biggest spender with $2.16 million (approximately 324 million yen). Crypto.com owner Foris DAX, Binance and industry group Blockchain Association are also big spenders. Neither company nor organization has yet responded to CoinDesk’s request for comment.

Last year, bankrupt exchange FTX was at the top. This year’s numbers come as other crypto companies repair damage caused by the dramatic collapse of FTX, whose founder Sam Bankman-Fried was convicted of fraud last month. This suggests that asset companies may be stepping up their efforts.

Also this year, the U.S. Securities and Exchange Commission (SEC) sued several exchanges for violating securities laws, leaving the industry in limbo over the approval of a Bitcoin physical exchange-traded fund (ETF).

｜Translation: CoinDesk JAPAN
｜Edited by: Toshihiko Inoue
｜Image: Shutterstock
｜Original text: US Crypto Lobbying on Course for Record Spend This Year