{"id":54497,"date":"2021-12-10T17:56:21","date_gmt":"2021-12-10T15:56:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=54497"},"modified":"2025-09-03T20:43:48","modified_gmt":"2025-09-03T17:43:48","slug":"media-crypto-firms-spent-5m-lobbying-in-washington-in-2021","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-crypto-firms-spent-5m-lobbying-in-washington-in-2021\/","title":{"rendered":"Media: Crypto firms spent $5m lobbying in Washington in 2021"},"content":{"rendered":"<p>In the first nine months of 2021, cryptocurrency companies spent about $5 million lobbying the U.S. Senate. Half of that money was spent in the third quarter, and it was four times higher than the amount spent in the same period last year, <a href=\"https:\/\/www.economist.com\/finance-and-economics\/crypto-lobbying-is-going-ballistic\/21806674\">The Economist<\/a> reports, citing public data.<\/p>\n<p>The cryptocurrency exchange Coinbase emerged as one of the main backers of the effort. From July through September alone, the company directed about $625,000 to these efforts. Another major player \u2014 Jack Dorsey\u2019s Square (<a href=\"https:\/\/u1f987.com\/en\/news\/square-to-rename-to-block-as-it-focuses-on-blockchain-projects\">now Block<\/a>) \u2014 spent more than $1.7 million lobbying since April 2020.<\/p>\n<p>The publication noted that as regulation of the sector tightens, this trend is gaining momentum beyond the United States. For example, in Brussels, industry representatives engaged 52 lobbyists.<\/p>\n<p>The sector\u2019s companies are also developing their own regulatory proposals. In 2021, <a href=\"https:\/\/u1f987.com\/en\/news\/coinbase-proposes-a-new-federal-regulator-for-cryptocurrencies\">Coinbase<\/a> and the cryptocurrency exchange <a href=\"https:\/\/u1f987.com\/en\/news\/ftx-outlines-proposals-for-regulating-the-crypto-industry\">FTX<\/a> proposed similar regulatory initiatives.<\/p>\n<p>That the industry\u2019s lobbying efforts are bearing fruit is reflected in the positions of regulators in the United States and Europe. In September, the <span data-descr=\"U.S. Federal Reserve\" class=\"old_tooltip\">Fed<\/span> chair Jerome Powell said that his agency <a href=\"https:\/\/u1f987.com\/en\/news\/jerome-powell-the-fed-has-no-plan-to-ban-cryptocurrencies\">does not intend to ban cryptocurrencies<\/a>. In the following month, the U.S. Securities and Exchange Commission approved the first Bitcoin futures <span data-descr=\"exchange-traded fund\" class=\"old_tooltip\">ETF<\/span>.<\/p>\n<p>On December 8, Congress <a href=\"https:\/\/u1f987.com\/en\/news\/crypto-executives-testify-before-the-us-congress\">held hearings with top executives from the crypto industry<\/a>. Attorney Jack Cherwinski described the hearing as \u201cevidence of the industry-community engagement in Washington.\u201d<\/p>\n<p>In November, the non-profit Blockchain Association <a href=\"https:\/\/u1f987.com\/en\/news\/blockchain-association-raises-4m-for-lobbying-the-crypto-industry-in-the-us-congress\">raised $4 million for lobbying<\/a> the industry&#8217;s interests in Congress.<\/p>\n<p>Follow ForkLog news on <a href=\"https:\/\/twitter.com\/ForkLog\" target=\"_blank\" rel=\"nofollow noopener\">Twitter<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the first nine months of 2021, cryptocurrency companies spent about $5 million lobbying the U.S. Senate. Half of that money was spent in the third quarter, and it was four times higher than the amount spent in the same period last year.<\/p>\n","protected":false},"author":1,"featured_media":54498,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36],"class_list":["post-54497","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation"],"aioseo_notices":[],"amp_enabled":true,"views":"9","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54497","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=54497"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54497\/revisions"}],"predecessor-version":[{"id":54499,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/54497\/revisions\/54499"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/54498"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=54497"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=54497"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=54497"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}