U.S. Crypto Lobbying Set to Reach Record High Spending in 2021

• Record High U.S. Lobbying Spending Anticipated From Cryptocurrency Industry
• Leading Crypto Lobbyists of 2022
• Last Year's Major Contributors
• SEC's Actions Against Crypto Exchanges
• Proposed Revisions to Crypto Tax Rules

Record High U.S. Lobbying Spending Anticipated From Cryptocurrency Industry

The cryptocurrency industry in the United States is projected to reach an unprecedented height in lobbying expenditure this year, as reported by Reuters. Through the third quarter, crypto firms have already spent approximately $18.96 million on lobbying, a notable increase from the $16.1 million spent in the same period the previous year. This data is based on research conducted by OpenSecrets.

Leading Crypto Lobbyists of 2022

Crypto exchange Coinbase (COIN) continues its trend from the previous year as the highest spender, contributing $2.16 million to the cause. Other significant contributors include Foris DAX, the owner of Crypto.com, Binance, and the Blockchain Association. These organizations, however, did not immediately respond to inquiries for further comment.

Last Year's Major Contributors

In the previous year, one of the leading contributors was the now bankrupt crypto exchange, FTX$3.28 -5.38%. The increase in this year's total lobbying expense indicates that other crypto firms may have escalated their efforts. This follows the dramatic fall of FTX, which involved their founder, Sam Bankman-Fried, being convicted of fraud.

SEC's Actions Against Crypto Exchanges

This year is also marked by the U.S. Securities and Exchange Commission (SEC) taking legal action against crypto exchanges for violations of securities laws. Additionally, the SEC has kept the industry in anticipation over the approval of a spot bitcoin exchange-traded fund (ETF).

Proposed Revisions to Crypto Tax Rules

The U.S. lawmakers have advocated for modifications to the proposed crypto tax rules.

Edited by Jonathan Stoker