Top cryptocurrency groups have doled out millions of dollars on lobbying in 2022 as Congress weighs regulations aimed at cracking down on the industry, especially in the wake of FTX's collapse, according to disclosures reviewed by the Washington Examiner.
Eight major players in the cryptocurrency world have shelled out over $10.4 million combined to lobby during the first three quarters of 2022, disclosures show. The spending haul by the organizations comes after 2021 lobbying expenditures for the industry as a whole clocked in at just over $9 million, according to a March analysis of disclosures by Public Citizen, a liberal think tank.
"The recent events surrounding the collapse of FTX show us now, more than ever, how important comprehensive market structure legislation that brings clarity to the treatment of digital assets is to the survival of this ecosystem in the U.S.," said McHenry, who has vowed that he will make regulating cryptocurrency a priority.
Coinbase has lobbied in connection to several bills, including the Responsible Financial Innovation Act, a measure sponsored by Sens. Cynthia Lummis and Kirsten Gillibrand , which aims to"create a complete regulatory framework for digital assets," according to a press release. "The cryptocurrency industry strives to be as unregulated as possible," Craig Holman, a government affairs lobbyist for Public Citizen, told the Washington Examiner.
Trailing Crypto.com with $1 million disclosed in expenditures is FTX, whose former CEO Sam Bankman-Fried is facing up to 115 years in prison after the Justice Department charged him with eight counts of fraud, money laundering, campaign finance violations, and conspiracy. “But to be clear, the FTX scandal has little to do with traditional market volatility, and much to do with manipulation, lack of transparency, haphazard or non-existent compliance, the list of allegations grows by the day," said Boring."This is precisely why the Chamber of Digital Commerce’s engagement with policymakers on Capitol Hill is important. Our industry has a global market capitalization of almost $1 trillion.
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