Ripple Labs, like any other large company, has been reportedly involved in trying to influence regulators in the US at different levels. According to the Ripple Labs report, the lobbying expenses of this crypto company during the last year were 170,000 USD. Compared to the previous year, 2018, these expenses are very minimal.
According to a Washington-based research organization, opensecrets.org, the crypto company had spent 170,000 USD on lobbying for six lobbyists. All of them were not members of the US congress previously and two of the six were Ripple Labs staff members, Ron Hammond as well as Ryan Zagone.
The firm that conducts research on lobbying for elections and tracking money as well as claims to be neutral, stated that the Executive Office of the President was lobbied last year by Ripple Labs. The issues that Ripple Labs lobbied for were one technology-related, one associated with banking as well as two finance issues.
After that, Ripple Labs, together with eight other large corporations, lobbied the 2019 Token Taxonomy Act. Some of these companies were the United States Chamber of Commerce, the Blockchain Association, the IBM Corporation as well as Mastercard Inc.
According to the research, the crypto asset company in the first quarter of last year spent around 100,000 USD for lobbying, 20,000 USD in the second quarter and 50,000 USD in the third quarter. Comparing these numbers to the previous year, in 2019 Ripple Labs had spent 280,000 USD (or over 60 percent) less on lobbying. In 2018, almost half a million USD was spent on lobbying by Ripple Labs and that same yaer Ripple Labs was accused of bribing in order to get XRP on the Coinbase crypto exchange platform.
Ripple has been a great investor for crypto startups as well as a link to the global financial system. In order to get more news on Ripple & XRP price, have a look at Ripple Price updates and Ripple (XRP) Price Predictions.