TechFlow news, according to Cointelegraph, stablecoin issuers including Tether, Circle, and others have spent over $1 million lobbying lawmakers on Capitol Hill since early 2022.
Public interest media ProPublica reported that Tether hired law firm Michael Jason Lee to conduct lobbying activities.
Since the beginning of 2022, Tether has spent approximately $600,000, allocating $120,000 per quarter to lobby the U.S. Senate and House of Representatives.
In addition, Circle has been working with strategic consulting firm Invariant on lobbying efforts since late 2021, spending at least $560,000. The company's current quarterly lobbying budget is $100,000.
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