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Crypto firms have embarked on a lobbying blitz this year and have reportedly spent $5 million in the first 3 quarters as regulation looms
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Cryptocurrency firms ramped up spending during 2021 to lobby US lawmakers as the industry faces potential legislation, with the tab ballooning to about $5 million over a few months, according to The Economist.
The spending took place during the first nine months of this year and the amount was calculated using public disclosures, the magazine reported in its December 11 edition. Roughly $2.5 million of the funds were spent between July and September, a quadrupling over the same period in 2020.
The amount of money spent employs the equivalent of 86 full-time staff, a surge from just one in 2016, the report said. It also said crypto exchange Coinbase spent $625,000 on lobbyists in the third quarter alone and payments
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