Crypto companies have doubled the cost of lobbying interests in the US

by in Cryptocurrency News


Back at the beginning of last year, some companies representing the blockchain industry announced their intention to significantly increase spending to promote the concept of reasonable crypto regulation and protect the interests of the industry.

Startup predicts that crypto lobbying spending had more than double in 2021. The team’s research says that in 2021, lobbyists spent $4.9 million to promote their projects.

For comparison, in 2020 this amount was $2.3 million. The figures were obtained from open sources. Over the past five years, crypto businesses have spent more than $9.5 million to protect their interests.

Trending: Ethereum developer Afri Schoedon diagnosed with coronavirus

In 2017, blockchain startups allocated only $200,000 for these purposes. About $5 million was spent on crypto lobbying in the United States, while Wall Street financial giants invested almost $3 billion in 2020 alone to promote their projects.

The largest lobbyist in the US is Ripple. Over the past five years, she has sent almost $ 2 million to promote her interests.