Washington D.C.-based Klein/Johnson Group, a bipartisan lobbying group that was contracted by San Francisco-based Ripple and several other cryptocurrency firms, is reportedly accepting a portion of its payment in Ripple’s digital currency, XRP.
According to a recent report by Bloomberg, the crypto coalition plans to pay Klein/Johnson roughly $25,000 and 10,000 XRP per month. The lobbying firm notes that it will convert the XRP price to USD once it discloses the payments on federal lobbying forms. At current prices, the XRP payment equates to roughly $5,600.
The new coalition, which is calling itself the “Securing America’s Internet of Value Coalition,” includes Coil, a company that will facilitate digital payments for entertainment and content; Hard Yaka, an investment firm focusing on digital assets; and PolySign, a startup that is looking to be a crypto custodian.
The group plans to work with D.C. politicians to push for regulatory clarification for major issues facing the industry, including whether to classify digital currencies like XRP as either a currency or security.
Speaking to the reasoning behind the coalitions decision to pay Klein/Johnson in XRP, Chris Larsen, executive chairman of Ripple said, “It gives them some upside and gives them some risk. Hopefully, it gives them a taste of the industry in a way that hits home.”
XRP has been gaining momentum in recent weeks and is currently battling ETH to be the second largest cryptocurrency in the AltDex 100 Index (ALT100), a benchmark index for large-cap altcoins and tokens.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.