This summary text is fully AI-generated and may therefore contain errors or be incomplete.
Companies in the crypto and blockchain industry in the United States have reportedly increased their spending on lobbying in 2023 compared to the previous year. According to data from U.S. government transparency group Open Secrets, these companies spent approximately $19 million on lobbying from January to September 2023, which is about 19% more than the same period in 2022. Coinbase was the leading spender, with over $2 million, followed by Crypto.com, Blockchain Association, and Binance. Former FTX CEO Sam Bankman-Fried, who was convicted of fraud charges, used customer deposits to donate millions to political campaigns. Many crypto firms believe that there is regulatory uncertainty surrounding digital assets in the United States, leading company executives to travel to Washington D.C. to meet with lawmakers.