Ripple spent $ 170,000 of XRP on lobbying in the administration of U.S. President Donald Trump.
Ripple, who unlocks 1 billion XRP on the first day of each month and generates serious revenue, indirectly explained what he was doing with some of that money. According to data released by the OpenSecrets website, it was revealed that Ripple used approximately $ 170,000 of the fund to lobby within the U.S. government.
Ripple Works For The Cryptocurrency Sector
That means about 740,000 XRP is spent when calculated at a unit price of $ 0.23. Although Ripple's move was met with backlash by some cryptocurrency investors, Ripple may have probably been quite useful to the industry. Taking into account how effective the U.S. government in particular can be in shaping the cryptocurrency sector in general, the $ 170,000 ripple spent could go back millions of dollars.
That's not actually the only step Ripple has taken for pro-cryptocurrency regulations. Firm CEO Brad Garlinghouse has previously written an open letter to the US Congress, addressing the importance and future of cryptocurrencies. Ripple last ran a full-page cryptocurrency ad on one of the most widely read newspapers in the US, The Wall Street Journal.