Stablecoin issuers including Tether, Circle and others have spent more than $1 million to lobby lawmakers since 2022

05/19 07:22

Stablecoin issuers, including Tether, Circle and others, have spent more than $1 million lobbying lawmakers on Capitol Hill since the beginning of 2022. Stablecoins have recently become a focus of attention in Washington, D.C., as pressure grows to introduce regulation of digital assets pegged to the U.S. dollar. Tether has enlisted the lobbying efforts of the law firm of Michael Jason Lee, a consulting firm with ties to both parties. According to public interest media outlet ProPublica, Tether has spent around $600,000 since the beginning of 2022, including $120,000 per quarter on lobbying the US Senate and House of Representatives. Circle, on the other hand, began lobbying with strategic consulting firm Invariant in late 2021 and has spent at least $560,000 since then, with the company's quarterly lobbying budget currently standing at $100,000.

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