Foreign media: Tether and Circle have cumulatively invested over $1 million in lobbying legislators since early 2022.

According to BlockBeats news on May 19th, stablecoin issuers including Tether, Circle, and other companies have spent over $1 million lobbying lawmakers on Capitol Hill since early 2022, as reported by Cointelegraph. Tether reportedly hired the law firm of Michael Jason Lee for lobbying work, and has spent around $600,000 since early 2022, with quarterly spending of $120,000 on lobbying the US Senate and House of Representatives, according to public interest media ProPublica. Meanwhile, Circle began lobbying work with strategic consulting firm Invariant at the end of 2021, and has since spent at least $560,000, with a quarterly lobbying budget of $100,000.