A Historic Increase in Regulatory Interactions
November witnessed a remarkable surge in SEC filings mentioning “bitcoin,” reaching an all-time high. Data from The Block reveals that 1,074 filings referenced bitcoin, a significant 35.1% increase from the same period last year and a 32.6% rise from the previous record in May.
Earnings Reports and Regulatory Engagement
The spike in November, which saw a 100% increase from October’s 527 filings, is notable. However, it aligns with the quarterly earnings report period, typically marked by an uptick in filings. This pattern, as noted by The Block’s Rebecca Stevens, coincides with crypto-related companies submitting their 10-Qs and 8-Ks.
Broader Implications for Crypto Adoption
This trend is not just a statistical anomaly but a reflection of growing adoption and recognition of cryptocurrency. Analysts see this as an indication of firms’ burgeoning interest, particularly in the burgeoning ETF market.
Grayscale’s Prominent Role
A significant portion of these filings, almost 40, originated from the Grayscale Bitcoin Trust. Many of these were tied to public statements by Grayscale executives, especially concerning a potential GBTC conversion, indicating an increased regulatory engagement by major crypto asset managers.
Crypto Lobbying Efforts Intensify
In 2023, the crypto industry set a new record in lobbying expenditures, reaching $18.96 million in the first three quarters, surpassing last year’s $16.1 million. This surge, as reported by OpenSecrets and Reuters, reflects the industry’s proactive stance in shaping favorable legislation, despite reputational challenges and ongoing legal battles.
Key Players in the Lobbying Arena
Coinbase has been at the forefront, spending $2.16 million on lobbying efforts. Other significant contributors include Foris DAX, Crypto.com, the Blockchain Association, and Binance Holdings.
Anticipation for a Bitcoin ETF and Regulatory Dynamics
The industry eagerly anticipates the SEC’s decision on a spot bitcoin ETF, which could be a pivotal development for crypto accessibility. Despite challenges, including lawsuits against major players like Coinbase and Binance, the sector remains optimistic, buoyed by recent legal victories such as the SEC’s loss against Ripple.
