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Crypto Lobbying in the US Jumped 116% in 12 Months With $9.56 Million Spent in 2021

News Feed - 2022-02-08 02:02:58

Crypto Lobbying in the US Jumped 116% in 12 Months With $9.56 Million Spent in 2021


Cryptocurrency and blockchain firms are concerned about the future legislation revolving around the cryptocurrency industry and money spent on lobbying cemented this fact. A recently published study indicates that money spent on crypto lobbying jumped 116% in 12 months with $9.56 million leveraged to seek to influence from politicians and public officials. Millions of Dollars Were Spent on Crypto Lobbying and Interest Representation in 2021


While the digital currency and blockchain industry has matured a great deal, a number of crypto advocates are concerned about regulation and politicians misunderstanding an innovative technology.


This month researchers from cryptohead.io published a study that highlights crypto lobbying in 2021. In U.S. politics, the act of persuading bureaucrats into interest representation is lawful, and lobbyists are found in nearly every American industry.



Cryptohead.io study written by James Page shows the California-based financial services company Robinhood Markets, Inc., was the largest spender in 2021 when it comes to crypto lobbying.


Out of the $9.56 million aggregate spent, Robinhood contributed $1.35 million or roughly 14.12% of the crypto lobbying expenditure last year. Ripple Labs the blockchain organization behind the crypto token xrp (XRP) was the second-largest crypto lobbying spender.



Ripple Labs spent $900,000 toward these efforts in 2021 and was followed by Coinbase which spent $785,000. While Coinbase leveraged 23 lobbyists last year, Robinhood deployed 16, and Ripple Labs utilized 12 lobbyists in 2021.


The numbers spent in 2021 exceeded 2020 by 116%, according to cryptohead.io’s study. Moreover, the researchers also measured the expenditures paid for lobbying since 2017, and Ripple Labs has spent the most funds.


Since 2017, cryptohead.io’s data claims that Ripple Labs spent $1.95 million on crypto lobbying while Robinhood utilized $1.625 million. Coinbase spent around $1.465 million but the Blockchain Association was the third-largest crypto lobbying spender since 2017 with $1.610 million spent.



Since 2017, cryptohead.io’s data says Block.one has spent around $940K on crypto lobbying. Cryptohead.io utilized data from the organization Open Secrets which gives estimates on how much firms spend on interest representation.


The Open Secrets list also details how many lobbyists a company employs. Cryptohead.io’s in-depth research about crypto lobbying written by James Page can be read in its entirety here. Tags in this story 116%, Blockchain Association, blockchain firms, Bureaucrats, Coinbase, crypto firms, crypto lobbying, crypto lobbying companies, Cryptocurrencies, cryptohead.io, Digital Currencies, interest representation, James Page, lobbying, lobbyist, number of lobbyists, Open Secrets, persuading bureaucrats, politicians, public officials, Ripple Labs, Robinhood, U.S. politics


What do you think about the amount of money companies spent on crypto lobbying last year? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. 17 Crypto Firms Form a Market Integrity Coalition Aimed at Bolstering a Sensibly-Regulated Industry NEWS | 14 hours ago Bitcoin, Ethereum Technical Analysis: Bitcoin Hits $43,000 After Tesla Announcement NEWS | 17 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons, cryptohead.io, Previous articleUS Senator: China’s Digital Currency Could Subvert US Sanctions, Enhance Surveillance Capabilities Next articleLBank Exchange Will List FutureCoin (FUTURE) on February 9th, 2022 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNansen Report Highlights Growth of Defi and NFTs in 2021


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