Cryptocurrency lobbying expenditure doubles in 2021; Robinhood spends the most

Cryptocurrency lobbying expenditure has doubled to $4.92M in 2021, as digital asset advocates tried to support the space amid regulatory scrutiny, according to a report from Crypto Head. Of course, the more money that an entity can spend on lobbying, the greater effect it can have on political decision making, the report noted. Last year, financial services platform Robinhood (NASDAQ:HOOD) spent the most on lobbying for a total of $1.35M, followed by Ripple Labs (XRP-USD) at $900K and crypto exchange Coinbase (NASDAQ:COIN) at $785K. Marqeta (NASDAQ:MQ), Algorand (ALGO-USD), Binance and Chainalysis individually spent less than $300K. Looking at the number of crypto lobbyists in 2021, Coinbase (COIN) topped the list with 23 lobbyists, Robinhood (HOOD) had 16 and Ripple (XRP-USD) had 12. The majority of Coinbase's lobbyists were so-called revolvers, meaning they are well-connected and understands the process of government decision making, according to the report. In the crypto ecosystem,