Sun, April 21, 2024

Crypto Recovery: Lobby, Legislation, and Resilience

Crypto exchanges sell tokens that have been declared illegal by the SEC

In the ever-evolving landscape of cryptocurrencies, the first three quarters of 2023 witnessed a remarkable surge in federal lobbying spending by industry players, particularly in the crypto staking platform sector. Crypto companies, facing scandals and regulatory scrutiny, invested $18.96 million in lobbying to repair reputations and influence favourable legislation. This surge comes in the aftermath of the high-profile collapse of FTX, once a top-ten spender. It emphasizes the industry’s commitment to crypto recovery and resilience in the crypto staking platform space.

Crypto Signals

Coinbase, the largest US crypto exchange, spearheads a lobbying blitz by investing $2.16 million in direct engagement with policymakers. CEO Kristin Smith leads the Blockchain Association, emphasising dedication to fostering relationships and closing the knowledge divide for regulatory clarity. Following FTX’s crisis and legal actions against ex-CEO Sam Bankman-Fried, crypto companies fiercely resist regulatory scrutiny, especially from the SEC. In June, lobbying intensified as the SEC sued Coinbase and Binance for alleged registration rule violations, vehemently denied by both.

Legislative Strides and Ongoing Efforts

During the crypto bear market and regulatory challenges, the industry actively pushes for favourable legislation in the House of Representatives, particularly in day trading crypto. In July, crypto lobbyists celebrated a victory when a congressional committee passed two bills to clarify existing financial rules for crypto companies. Although these bills await further advancement, industry players, particularly Coinbase, are unwavering in their efforts. Coinbase’s September-launched grassroots advocacy campaign persists, showcasing a dedication to shaping crypto regulations and industry recovery through upcoming lawmaker meetings.

In conclusion, as the crypto industry actively engages in the political sphere, the increased lobbying spending reflects a strategic move to navigate the complexities of regulatory challenges and rebuild trust. Coinbase persists in prioritising crypto recovery, showcasing an unwavering commitment to shaping a positive regulatory landscape despite setbacks and uncertainties. The industry, learning from past scandals, takes a proactive stance, shaping legislation and fueling recovery from the crypto bear market.

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