Cryptocurrency Companies Double Cost of Lobbying Their Interests in the US
Cryptohead.io has predicted crypto lobbying spending has more than doubled 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 over $9.5 million to protect their interests.
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.
Ripple, the largest lobbyist in the US, has spent over the past five years almost $2 million to promote its interests.
At the beginning of last year, some companies representing the blockchain industry announced their intention to significantly increase spending in order to promote the concept of reasonable crypto regulation and protect the interests of the industry.
