U.S. Crypto Lobbying on Course for Record Spend This Year

U.S. lobbying spending by the cryptocurrency industry is on course to hit a record high this year, Reuters reported on Tuesday.

Crypto companies spent $18.96 million on lobbying by the end of the third quarter, up from $16.1 million in the same period last year, according to a report citing research by OpenSecrets.

As in 2022, crypto exchange Coinbase (COIN) is the biggest spender, with $2.16 million. Crypto.com owner Foris DAX, Binance and the crypto trade group the Blockchain Association are other big spenders. None of the organizations immediately responded to CoinDesk's request for comment.

Last year, bankrupt crypto exchange FTX was among the top spenders. This year's figure suggests other crypto firms may have ramped up their efforts to repair the damage caused by the exchange's dramatic demise, which saw founder Sam Bankman-Fried being found guilty of fraud last month.

This year has also seen the U.S. Securities and Exchange Commission (SEC) suing crypto exchanges for violating securities laws and keeping the industry waiting over the approval of a spot bitcoin exchange-traded fund (ETF).

Read More: U.S. Lawmakers Urge Treasury to Revise Proposed Crypto Tax Rules