Jan 14, 2020 18:30 UTC
Jan 14, 2020 at 18:30 UTC
Ripple Spent $170,000 for Lobbying in 2019
Ripple Labs, like many other big firms across the world, is allegedly involved in influencing legislation in the US at either the local, federal or state levels.
Last year, the total amount of expenses spent by Ripple Lab summed up to $170,000, confirms a report. By far, this is lower than what the Silicon Valley company has spent on lobbying in 2018.
As opensecrets.org indicates, Ripple Labs outplayed a total amount of $170K on lobbying, represented by 6 lobbyists in that year.
None of the 6 lobbyists was former members of the congress. However, 4 of them were revolvers accounting for 66.67%, while still, the remaining two were Ripple officials.
The research company, claiming to be nonpartisan in tracing the record money as well as lobbying on elections and public policy, confirmed that the agency that Ripple lobbied in 2019 is the Executive Office of the President, while the issues include two finance-associated matters, one banking and one Science and technology issues.
Besides, Ripple along with a few other 8 top organizations lobbied the Token Taxonomy Act of 2019 that has a bill number – H.R.2144.
Other companies which lobbied the Token Taxonomy bill last year are the MasterCard Inc, IBM Corp, US Chamber of Commerce and Blockchain ASSN, among others.
Ripple Labs, as revealed on CRP’s website, spent $100,000 lobbying expenditure in the Q1 of 2019, $20,000 in the Q2, $50,000 in the Q4 and none in the Q4.
As compared to 2018, the remittance organization spent as much as $280,000 less on lobbying expenditures, which records a reduction of about 62%. In 2018, Ripple Labs had spent as much as $450,000 on petitioning expenditures.