A new report reveals that crypto company lobbying has quadrupled since 2018. Last year, these companies spent over $9 million to influence Congress members.
Crypto firm’s interest in lobbying spikes
Lobbying in the US is almost as old as its democracy. Over the years, several interest groups, companies, and trade associations have lobbied members of the congress when laws concerning them are due for deliberations.
Lobbying usually comes in various forms but mostly as donations to the political campaigns of these congress members.
While several civil societies criticize this for its likelihood of abuse and corruption, it has become a permanent part of the American political system.
Last year, the crypto industry was actively involved in the lobbying process. This isn’t surprising given the several talks about regulating the crypto industry since 2020.
Coinbase, Ripples, Meta dominate crypto lobbying firms
According to the report, the most notable donors were Coinbase, the Blockc
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