Just like many big companies around the world, Ripple Labs is allegedly involved in influencing legislation in the United States at either the federal, local or state levels.
In the year 2019, the total amount of Ripple Lab’s lobbying expenses summed up to $170,000, a report has confirmed. This is by far lower than what the Silicon Valley company spent on lobbying in 2018.
According to opensecrets.org, a not-for-profit research group based in Washington D.C, Ripple Labs outplayed a total of $17OK on lobbying, represented by 6 lobbyists that year.
Of the 6 lobbyists, none were former members of the congress, 4 were revolvers accounting for 66.67%, while the remaining two were Ripple officials, Ryan Zagone and Ron Hammond.
The research firm which claims to be nonpartisan in tracking the record money and lobbying on elections and public policy confirmed that the agency lobbied by Ripple last year is the Executive Office of the President, while the lobbied issues include two finance-related matters, one banking and one Science and technology issues.
Then, Ripple alongside some other 8 top organizations lobbied the Token Taxonomy Act of 2019 which has a bill number H.R.2144.
Other firms that lobbied the Token Taxonomy bill in 2019 are the Blockchain ASSN, US Chamber of Commerce, IBM Corp and MasterCard Inc, among others.
As revealed on CRP’s website, Ripple Labs spent $100,000 lobbying expenditure in the first quarter of 2019, $20,000 in the second quarter, $50,000 in the third quarter and none in the fourth quarter.
Compared to 2018, the remittance firm spent $280,000 less on lobbying expenditures, recording a reduction of 62%. In 2018, Ripple Labs spent $450,000 on petitioning expenditures.
Opensecrets.org is the official website of the Center for Responsive Politics (CRP). It was founded by former U.S. Senators Frank Church (D-Idaho) and Hugh Scott of Pennsylvania in the year 1983. CRP also helps to criticize what is known as “dark money.”
Meanwhile, in 2018, Ripple, according to Bloomberg, was accused of buying its way into Coinbase crypto exchange by offering the company a huge sum before XRP was later listed on the exchange in 2019. However, there is no tangible evidence to substantiate the claim.