Ripple Labs and Crypto Lobbying in the US
American blockchain payments company, Ripple Labs Inc., is among the top spenders in crypto lobbying efforts in the United States. Lobbying is a significant aspect of the corporate finance ecosystem as entrepreneurs strive to get lawmakers’ support for policies that can transform their ecosystems. According to Coingecko’s latest report, Ripple Labs has committed $3,460,000 to this drive from 2019 to date.
In December 2020, the Securities and Exchange Commission (SEC) filed a lawsuit against Ripple Labs, alleging that the company sold XRP to investors as securities. Over three years, the firm fought these claims in court, incurring legal costs of over $200 million. Despite financial concerns, Ripple Labs advocated for clearer regulations in the US, engaging in lobbying efforts.
Throughout this year, the company has spent $710,000 in its lobbying efforts, ranking it as the 8th largest crypto lobbying spender.
Other Major Crypto Lobbyists
The Coingecko report reveals that crypto firms and organizations have spent a total of $56.32 million since 2019. Coinbase, engaged in a legal battle with the SEC, has spent $2,160,000 lobbying lawmakers this year. This figure compares with $1,535,000 from Crypto.com and $1,470,000 from the Blockchain Association.
Despite significant legal victories by industry players this year, there continues to be a demand for the US to introduce more robust regulations to guide the industry in its desperate attempts to grow.
Hot Take
The growing crypto lobbying efforts in the US highlight the industry’s push for recognition and regulatory clarity for sustained growth and development.
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