Cryptocurrency companies are increasing their lobbying spending in an effort to repair their reputations and advocate for favorable legislation, according to a Reuters report. Despite facing regulatory scrutiny and high-profile scandals, these companies are investing significant resources in engaging with policymakers and building a reasonable regulatory framework. In the first three quarters of 2023, cryptocurrency companies spent a record-breaking $18.96 million on lobbying, surpassing the $16.1 million spent during the same period in 2022. Coinbase, the largest cryptocurrency exchange in the United States, led the pack by investing $2.16 million in lobbying activities. The industry’s key goal is to obtain the SEC’s approval of a spot Bitcoin exchange-traded fund (ETF), which is believed to open the doors to new investors and further mainstream adoption. Crypto companies have also been working to advance legislation in the House of Representatives. Despite the challenges they face, these companies remain persistent in their lobbying efforts, as the outcome will shape the future landscape of cryptocurrencies and their acceptance within traditional financial systems.

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Information	Details
Geography	North America
Countries	🇺🇸
Sentiment	neutral
Relevance Score	1
People	Sam Bankman-Fried
Companies	Coinbase, Binance Holdings, Foris DAX, the Blockchain Association
Currencies	Bitcoin
Securities	None