Crypto companies annually allocate part of their capital to lobbying the interests of the blockchain industry. Since the beginning of 2022, issuers of stablecoins Tether, Circle and others have spent more than $1.3 million for these purposes.
The developer of the largest token, USDT, uses the services of the consulting firm FTI Government Affairs to promote the interests of its business.
Since the beginning of last year, Tether has allocated about $600,000 for these purposes, ProPublica reports. On average, quarterly crypto lobbying expenses in the Senate and House of Representatives amounted to $120,000.
Open Secrets estimates that the USDT developer funded $270,000 of lobbying groups in the first quarter.
The issuer of the second largest USDC stablecoin, Circle, also spends large sums to defend the interests of the crypto sector. Its partner is the consulting firm Invariant.
Circle has been collaborating with her since the end of 2021. The company spent more than $560,000 on crypto lobbying in Congress, ProPublica estimates.
