Crypto lobbying expenditure skyrockets to almost $5 million last year. A new report revealed the biggest spenders!
Cryptocurrency advocates in the United States have been increasingly putting efforts to support the industry, with crypto lobbying spending growing significantly in recent years.at $4.9 million in 2021, more than doubling from $2.3 million in the previous year, according to a new study by the crypto analytics startup Cryptohead.io. The study is based on lobbying tracking data obtained from research and government transparency group Open Secrets.
According to Cryptohead’s findings, the total lobbying expenditure over the past five years amounted to more than $9.5 million. Back in 2017, the total spending on crypto lobbying equaled as low as $200,000.As Cryptohead estimated the U.S. crypto industry's lobbying expenditure at roughly $5 million, some analysts suggest that the industry is spending way more on things like political initiatives.
Ripple Labs is “possibly the most influential crypto company in the USA when it comes to affecting government policy and regulation,” the study notes. As previously reported, Ripple Labs has been under a lawsuit by the U.S. Securities and Exchange Commission since late 2020, with regulators alleging that the firm was involved in a
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