Fintech-Related Lobbying Attracted $42 Million in Q1 2019


In a bid to carry out their agendas, firms have turned to lobbying. Citing statistics from the Federal Electoral Commission (FEC), news platform Roll Call reported that fintech firms spent $42 million as lobbying expenses in Q1 in 2019 alone.

The report considered the lobbying efforts of firms such as -based cryptocurrency Coinbase, Bitcoin payment Square, MasterCard, IBM and others. Per the report, of all the 80 companies that admitted to lobbying on fintech issues in the past quarter, over half spent on cryptocurrencies and blockchain technology.

A similar estimate was given by news site Politico for Q4 2018. Politico’s report revealed that 33 cryptocurrency companies had spent part of their budgets on blockchain-related lobbying in the quarter — almost triple the number that was recorded in 2017.

Unfortunately, the Roll Call report, especially regarding spending, was quite vague. For instance, while the Chamber of Commerce was recognized as the largest spender, the report didn’t state precisely how much was spent on lobbying.

However, vague as the Roll Call report may have been, it did that a primary point of concern for a majority of these companies included the tax implications of cryptocurrencies.

This article originally appeared on Bitcoin Magazine.

Ledger Nano S - The secure hardware wallet

Syndicated from bitcoinmagazine

Add a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.