The post Coinbase Leads Dramatic Lobbying Surge Amid Bitcoin ETF Push, Reports 3,475% Expenditure Increase appeared on BitcoinEthereumNews.com.

The cryptocurrency industry has ramped up its lobbying efforts, with expenditures seeing a staggering rise in recent years. According to a recent study, the total spending on lobbying by the crypto sector in the U.S. has surged 1,386% since 2017, reflecting a growing urgency to influence policy. Coinbase’s unprecedented increase in lobbying activities highlights the industry’s shift towards securing favorable regulations amid a challenging regulatory environment. This article delves into the significant growth in lobbying expenditures within the cryptocurrency industry, emphasizing major players and their strategies in response to regulatory scrutiny. Surge in Crypto Lobbying Efforts Amid Regulatory Scrutiny The cryptocurrency industry has experienced an extraordinary growth in lobbying expenditures, with recent reports indicating a substantial uptick over the past several years. A detailed analysis by Social Capital Markets reveals that the industry’s total spending on lobbying in the United States has skyrocketed 1,386% from 2017 to the present. This trend underscores a strategic response to an increasingly complex regulatory landscape, particularly in light of heightened enforcement actions initiated by the U.S. Securities and Exchange Commission (SEC) against key industry players. Coinbase at the Forefront of Lobbying Initiatives A significant contributor to this lobbying surge is Coinbase, which has witnessed a staggering 3,475% increase in its lobbying expenditures—from just $80,000 in 2017 to approximately $2.9 million in 2023. Notably, around 74% of Coinbase’s total lobbying expenditure occurred in the last two years alone, indicating a concentrated effort to influence both legislators and regulatory outcomes during a crucial time for the company. This aggressive approach aligns with Coinbase’s strategic goals of ensuring a favorable regulatory environment that can accommodate its operational needs and future growth. Other Major Players Join the Fray Coinbase is not alone in its lobbying efforts; other firms in the cryptocurrency space have also ramped up spending significantly.…

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Filed under: News - @ September 8, 2024 10:11 am