Money Talks: Crypto is the New Lobbying Tool in Washington

All lobbyists pay for favors from political contenders, often fundraising thousands of dollars for campaigns of those they’re trying to woo.

When cryptocurrencies like Bitcoin and Etherium came along, the world of finance proliferated. And now, the small and large business sectors are quick to accept both Bitcoin and Etherium and several smaller cryptocurrencies instead of U.S. dollars.

The newest customer on the market for cryptocurrency is none other than Washington D.C.

Who, What, Why

Companies like Google, Apple, Amazon, Facebook (Meta), and Microsoft are among the tech giants who spent millions in 2021 to lobby for or against bills that would impact their fiscal policies.

Their main goal was to stop the American Innovation and Choice Online Act. This bill would block tech companies from giving preference to their own companies or products.

Lobbying Doesn’t Stop at the Doors of Congress

Lobbying doesn’t stop at Capital Hill either. Meta, threatened by TikTok’s rise, shelled out considerable money to run a smear campaign against the Chinese-owned social platform.

With little knowledge of how or why lobbying happens, it’s easy to make assumptions based on half-truths and misinformation.

One great thing about cryptocurrency becoming a tool for lobbyists is that it opens the door for previously unheard voices to be heard loud and clear. Whether that will make any significant change remains to be seen.

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