American blockchain payments company Ripple Labs Inc. has been named among the top spenders in crypto lobbying efforts in the United States.
Ripple Labs Doubles Down on Lobbying Efforts
Lobbying is considered a major part of the corporate finance ecosystem in Washington DC as entrepreneurs explore avenues to get lawmakers to support policies that can transform their ecosystems. According to Coingecko’s latest report, Ripple Labs has committed as much as $3,460,000 to this drive from 2019 to date.
As one of the pioneering firms in the blockchain payments scene, Ripple Labs faced a roadblock in the United States in December 2020 when the Securities and Exchange Commission (SEC) filed its lawsuit against the firm. The allegations at the time hinged on claims that the firm sold XRP to investors as securities.
For close to 3 years, the firm had to rigorously fight these claims in court, and though it came out victorious according to a July 13 ruling, the company reported spending over $200 million in legal costs.
While the financial aspect was a source of concern, Ripple Labs became visible in the call for clearer regulations in the US. While unannounced, some of the push from the firm came as lobbying efforts with the latest example showcased when the company’s Chief Executive Officer Brad Garlinghouse visited Washington DC in September to meet with lawmakers.
Thus far this year, the company has specifically spent a total of $710,000 in its lobbying efforts, placing it as the 8th largest crypto lobbying spender thus far.
Other Big Crypto Lobbyists
The Coingecko report is detailed and it highlights that a total of $56.32 million has been spent by crypto firms and organizations since 2019. Thus far this year, the tally sits at $20.07 and is on track to surpass the $22.23 million expended last year.
Coinbase is in the lead thus far this year as the Wall Street exchange, with its legal battle with the SEC, has spent a total of $2,160,000 lobbying lawmakers. This figure compares with the $1,535,000 from Crypto.com and $1,470,000 from the Blockchain Association.
Despite the substantial wins in legal battles by key players in the industry this year, the clamor remains for the US to introduce more robust regulation that can guide the industry in its frantic attempt to grow
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