The interaction between Capitol Hill and the cryptocurrency industry is more and more intensive every passing day as the effort to regulate the growth of crypto is not working, but instead, the industry is going through tremendous growth and popularity. A report released by a crypto analytic startup Crypto Head suggested that a lot of crypto companies have expended a lot of money on lobbying in the year 2021. For starters, companies like Robinhood, Coinbase, Blockchain Association and Ripple labs are included in the list. These companies have been the lobbying leaders for the past five years but with dissimilar rankings.
Here is a glimpse of the crypto-lobbying landscape in the United States.
The benchmark of influence
Last year Robinhood had spent US 1.35 million on lobbying, and according to the sources, it is the one and only crypto-related company that has spent more than one million dollars. In second place is Ripple Labs, spending US 900,000 dollars. In the initial three quarters of 2021, US 5 million was spent just by the crypto-lobbying organizations, as stated by The Economist.
The executive director of blockchain Association Kristin Smith has said that the Crypto Head report has several factors that need to be noted because different companies have focused on different prospects hoping for a positive outcome. As an example, she further stated that the main priority of her organization is to help the United States Treasury Secretary Janet Yellen understand that crypto is not just something to boost the financial backing of criminal organizations, it is more than that.