Crypto Bookies Pay IDR 294 Billion for the Future of Bitcoin Tech – 16 hours ago

Jakarta, CNBC Indonesia – The cryptocurrency industry will set a record for spending the most on lobbying United States (US) authorities, according to data from non-profit research firm OpenSecrets.

Over the past year, the crypto industry has been struggling to clean up its reputation after being hit by a series of incidents. Starting from the FTX case to Binance.

The crypto industry seems ready to rise again to gain public trust. One way is to lobby the US authorities to establish ‘friendly’ regulations.

In the last three quarters of 2023, crypto companies spent US$ 18.96 million (Rp. 294 billion) to lobby US authorities. This figure is much higher than the same period in 2022. At that time, the industry ‘only’ spent US$ 16.1 million.

Last year, FTX spent the most money lobbying regulators. In total, crypto companies including FTX spent US$ 22 million in the negotiation process with policy makers.

This year, Coinbase, which is the largest crypto company in the US, led lobbying expenditures of US$ 2.16 million. Next followed by Foris DAX, Blockchain Association, and Binance Holdings.

“Our goal is to interact directly with policy makers. Build relationships and bridge education to build a policy framework that makes sense for the industry,” said CEO of the Blockchain Association, Kristin Smith, quoted by Reuters, Wednesday (6/12/2023).

In addition to cleaning up crypto’s reputation, the industry is also lobbying local authorities to avoid strict regulations coming from the US Securities and Exchange Commission (SEC).

Lobbying spending peaked after the SEC sued Coinbase and Binance last June. Both were accused of failing to register their tokens. This claim was then denied.

Not only that, the industry is also pushing the SEC to approve the formation of crypto funds or ‘exchange-traded-funds’ (ETFs). If crypto becomes an ETF, it is predicted that traditional investors will be interested in putting money in crypto.

Crypto instruments will become mainstream in the investment world. That way, public interest and trust will increase.

[Gambas:Video CNBC]

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