According to a report by The Economist, the cryptocurrency industry spent $5 million on lobbying activities in the US Senate in the first three quarters of 2021.
It was noteworthy that half of this money was spent in the 3rd quarter, when the recovery in cryptocurrencies began.
At this time last year, $1.2 million was spent on lobbying. While the money paid to lobbying activities has quadrupled, we see that the crypto industry has begun to care about this issue.
The expenditures are as follows; Coinbase has been the biggest backer of these initiatives, spending $625,000 in the third quarter. Jack Dorsey’s company, formerly Square, now known as Block, has spent more than $1.7 million on lobbying since April.
It seems that the money spent is not wasted. There is substantial support for the crypto industry from the wing of US senators. Lobbying activities are considered to be effective in increasing adoption.
In addition, recently, crypto money platform managers had the chance to express themselves before the congress for the first time. In the 5-hour session at the Congress, the leading names of the crypto money industry made a presentation to the Congress on the importance of cryptocurrencies and the effects of future regulations.
Although the attitudes of countries towards cryptocurrencies vary, it is welcomed that the USA does not approach this issue with a harsh stance. It is considered that lobbying activities are effective in the formation of this attitude.