The market value of the cryptocurrencies is over $2 trillion.
Jack Taylor is a photographer.
According to The Economist, the tab for lobbying the US lawmakers for the cryptocurrencies industry will balloon to about $5 million over a few months.
The spending took place during the first nine months of the year and the amount was calculated using public disclosures, according to the magazine. Between July and September, the funds were spent at a quadrupling rate.
The amount of money spent employs 86 full-time staff, a surge from just one in 2016 according to the report. Block has spent more than 1.7 million dollars on lobbyists since April 2020, and it was reported that the exchange Coinbase spent $625,000 on lobbyists in the third quarter alone.
Block had a name change. Jack Dorsey, who co-founded the payments company that he co-founded, left the helm of the micro-blogging site to devote more time to it.
The report said there are "reams of regulations" that could affect the industry. Protection of consumers from fraud, taxation ofcryptocurrencies, and reducing systemic risk are some of the issues under consideration.
The market for cryptocurrencies has reached a $3 trillion valuation for the first time this year, as a result of an overall surge in prices. The market cap moved to $2.2 trillion on Friday.
Business Insider has an original article.
