bitcoinBTC/USD
$ 20,539.00
ethereumETH/USD
$ 1,185.77
tetherUSDT/USD
$ 1.00
cardanoADA/USD
$ 0.462805
xrpXRP/USD
$ 0.333359
usd-coinUSDC/USD
$ 1.00

Regulatory Uncertainty Behind Crypto Lobbying Expenses Doubling in 2021

The lobbying expenses that have been made recently show the rising worries of crypto and blockchain businesses concerning crypto regulators.

The lobbying expenses that have been made recently show the rising worries of crypto and blockchain businesses concerning the upcoming regulators that will have a say in the regulation of the cryptocurrency industry. 

The cryptocurrency lobbying expenses surged in 2021, as they incurred a rise of 116%. $4.9 million of those expenditures were allocated to influence legislators and public officials, where the highest spendings are associated with the likes of Ripple, Coinbase, and Robinhood.

The overall amount of spending on lobbying has climbed dramatically since 2017. Lobbying expenses soared by the most substantial amount, from $200,000 to $920,000 in 2018. However, the most significant real rise occurred between 2020 and 2021, when spending increased by $2.65 million, having doubled from the year before. 

Over the course of five years, the combined crypto lobbying spending had topped $9.56 million by the end of 2021. If the annual growth rate keeps rising in 2022, this sum might rise to $15 million or even higher by the end of 2022, per the Crypto Head research.

In 2021, Robinhood was the company that had the biggest expenditures on cryptocurrency lobbying, contributing $1.35 million to the cause. Seeing how swiftly Robinhood has grown into a prominent participant in the cryptocurrency industry, the fact that it only added crypto trading options to its platform only in the beginning of 2018 says a great deal.

Likewise, the blockchain business responsible for Ripple (XRP) – the popular cryptocurrency contributed $0.9 million as the second-largest commitment. Next in line was Coinbase, having contributed a total of $0.79 million. Binance, compared to its other competitors in the industry, merely contributed to $0.02 million, seeing as the crypto exchange platform previously had troubles with US regulators.

Moreover, financial reports for the Senate and the House of Representatives between December of 2020 and 2021, disclosed that members of Congress exchanged a total of $570,000 in cryptocurrency.

Due to the legality of cryptocurrency lobbying, because elected representatives traded in cryptocurrencies while being cognizant of the discussions and arguments that resulted in President Biden’s legislative agenda, it expresses concern about the legitimacy of the trading process. 

Although blockchain technology has developed, some cryptocurrency enthusiasts are fearful that authorities and legislators may misconstrue it entirely. Lobbying is permissible in American politics, and lobbyists may be seen in nearly every industry.

Also read:

Related News

Meta Continues With Its NFT Plans

Meta stated that its other cryptocurrency initiatives are proceeding according to schedule after announcing the end of its Novi project. Non-fungible tokens (NFT) have been developing for a while by the company. The Novi initiative, which enables remittances and international money transfers, will shortly be shut down, the company announced recently. According to the company, the project will no longer operate as of September 1. Users of Novi were informed

Read More »

Bitcoin’s Lightning Network Now Available for Argentina From OpenNode Partnership With Lemon Cash

OpenNode, a supplier for Bitcoin payments, has teamed with Lemon Cash, a well-known Latin American bitcoin wallet service. The wallet’s cooperation with OpenNode allows over 1 million Lemon Cash users to now access Bitcoin’s Lightning Network. “This partnership is yet another example of our capability and belief in Bitcoin as the new base layer for global payments… We’re proud to support Lemon’s mission and its desire to scale and benefit

Read More »
LuckyBlock is a worldwide game and competition platform with play to earn rewards using blockchain protocols. They have already given many prizes to the participants of the game.

Lucky Block Partners with Crypto Academy

Lucky Block has partnered with Crypto Academy, as we look forward to many updates and launches ahead.  Lucky Block has reached a partnership with Crypto Academy, the renowned Crypto Marketing Agency, and Informational and Educational portal. With an incredible success rate in helping cryptocurrency-focused startups grow in the industry, the partnership with Crypto Academy is a stepping stone in the exciting journey ahead for Lucky Block. LuckyBlock is a worldwide

Read More »

My Coins

bitcoinBitcoin
$ 20,539.001.43%
ethereumEthereum
$ 1,185.774.16%
cardanoCardano
$ 0.4628051.3%
tetherTether
$ 1.000.45%

Newest Videos on YouTube

We inform and educate people about Cryptocurrencies and Blockchain technology.

© Copyright 2021, All Rights Reserved,
Crypto Academy

Bitcoin

Contact Us

For any question conatct us through:

sales@crypto-academy.org

Disclaimer: All information and materials on this website are for educational purposes only. Crypto-academy.org does not provide any form of financial advice. Cryptocurrencies are highly volatile, therefore any form of investing carries a high level of risk to your capital. It is recommended that you seek professional advice prior to implementing any investment or financial plan.

We do not ask you for your Cryptocurrency / We do not hold your Coins / We do not ask for Private Keys / Be aware of scammers and imposters.

Contact us only through: sales@crypto-academy.org