Coinbase, Binance, Kraken Among Top 10 Crypto Firms In Lobbying US Lawmakers
Portfolio Pulse from Khyathi Dalal
Cryptocurrency companies have spent $18.96 million on lobbying US lawmakers as of the end of Q3 2023, surpassing last year's $16.1 million. Coinbase Global Inc (COIN) leads with $2.16 million spent. The sector is likely to set a new record in 2023. Increased lobbying follows lawsuits from the SEC, with Coinbase and Binance facing actions for not registering tokens. The industry seeks to influence legislation, with two major bills approved by a congressional committee. FTX, now bankrupt, was among the top spenders in 2022.
December 05, 2023 | 7:59 pm
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Coinbase Global Inc is the top spender on lobbying among crypto firms, with $2.16 million spent in 2023. The company's efforts come as it faces regulatory challenges, including lawsuits from the SEC.
Coinbase's significant investment in lobbying reflects its proactive approach to shaping crypto regulation and dealing with legal challenges. While this may help in the long term, the short term impact on the stock is likely neutral as the market has already factored in ongoing regulatory scrutiny.
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