According to nonprofit research group OpenSecrets, cryptocurrency companies spent $18.96 million on lobbying in the first three quarters of 2023, compared to $16.1 million during the same period in 2022. Despite the meltdown of crypto exchange FTX, which had been a top-ten spender, the industry was on track to hit a new record for federal lobbying spending. Coinbase led the pack again, spending $2.16 million, followed by Foris DAX, which operates Crypto.com, the Blockchain Association, and Binance Holdings. The industry has been expanding in Washington to mend their reputations following a string of scandals last year, and to combat growing regulatory scrutiny, especially from the U.S. Securities and Exchange Commission.