Crypto Industry’s Lobbying Spending Sets a New Record: Going All Out or Going Broke?

U.S. Cryptocurrency Lobbying on Track to Reach Record Spending in 2021

US crypto lobbying to set record spend this year.

Cryptocurrency companies are not holding back when it comes to influencing policymakers! According to a report by OpenSecrets, U.S. lobbying spending by the crypto industry is set to reach new heights this year. It’s like the crypto companies have taken the saying “go big or go home” and given it a crypto twist – “go all out or go broke!”

But exactly how big is this spending spree? Well, hold on to your Bitcoin wallets, because the figures will knock your socks off! By the end of the third quarter, crypto companies had splurged a jaw-dropping $18.96 million on lobbying, up from $16.1 million in the same period last year. That’s enough money to buy a private island and hire a team of butlers to serve you piña coladas, all with a click of a button!

Leading the race of the crypto spenders is none other than the granddaddy of exchanges, Coinbase (COIN). With a whopping $2.16 million spent on lobbying, Coinbase is like the crypto industry’s version of Wall Street. It’s flexing its financial muscles, making it rain on the politicians like confetti at a Las Vegas crypto party. But Coinbase isn’t alone in this spend-fest. Other big spenders include Crypto.com owner Foris DAX, Binance, and the Blockchain Association. They’re all waving their checkbooks and vying for the policymakers’ attention.

Last year, the infamous bankrupt exchange FTX was one of the top spenders. But this time, it seems other crypto companies are making up for lost ground. Maybe they saw how FTX went down in flames and thought, “Hey, we don’t want that kind of drama in our lives!” It’s like they’re racing to fix the damage caused by FTX’s spectacular demise, where founder Sam Bankman-Fried was found guilty of fraud. They’re determined to show the world that they’re the good guys, the ones who play by the rules, and can make it rain in the crypto world without causing financial chaos.

• Criminal Investigation Unit of the IRS Cracks Down on Digital Asset Reporting
• Watch out SEC, Judge raises doubts on accuracy of DEBT Box case and sanctions loom!
• El Salvador’s Bitcoin-Loving President Steps Aside to Woo Voters for Reelection

Speaking of chaos, the crypto industry has been in a bit of a tangle with the U.S. Securities and Exchange Commission (SEC). The SEC seems to have its finger on the “pause” button when it comes to approving a spot bitcoin exchange-traded fund (ETF). It’s like the SEC is the strict teacher who keeps sending the students to detention instead of letting them go to recess. And to add some spice to the mix, the SEC has been suing crypto exchanges left and right for violating securities laws. It’s like a game of whack-a-mole, where the crypto exchanges are the moles and the SEC is wielding a regulatory hammer.

So why are these crypto companies just throwing money around like it’s Monopoly currency? Well, my fellow crypto enthusiasts, it’s because they want a seat at the policymaking table. It’s like they’re showing up to a fancy restaurant and saying, “Excuse me, but we’d like to order everything on the menu, please.” They know that by investing in lobbying, they can shape the regulations and policies that govern the crypto world. It’s their way of saying, “We’re here to stay, and we want to be taken seriously!”

As the crypto industry continues its lobbying blitz, one thing’s for sure: they’re not just rattling the politicians’ cages; they’re shaking them with explosive force. Whether this unprecedented spending spree will yield the desired results is yet to be seen. But one thing is certain – the crypto industry is on a mission to make its mark and forge a path towards mainstream acceptance. So grab your popcorn, folks, because this crypto rollercoaster is far from over!

Now, dear readers, what are your thoughts on the crypto industry’s lobbying extravaganza? Do you think it will make a difference in the regulatory landscape? Let’s discuss in the comments below! And remember, don’t forget to hodl onto your sense of humor in this wild ride we call the crypto world!

We will continue to update Blocking; if you have any questions or suggestions, please contact us!