Major Crypto Companies to Form Blockchain Association in Washington

The largest U.S. cryptocurrency firms are going to create their association with a view to lobby Washington on the industry-related issues.

Photo: Unsplash

Photo: Unsplash

Though at the current moment, the crypto market is experiencing a decline, especially in comparison with the previous year’s skyrocketing growth, the industry’s leaders are not going to wait for any specific occasion to solve the issues concerning regulation.

As it has been informed, the country’s major cryptocurrency companies and tech veterans are going to create the Blockchain Association. The industry’s association is to become the first lobbying group of its kind in Washington. It will represent the interests of investors and entrepreneurs who are working with this cutting-edge technology.

This new organization’s mission is to achieve stabilization of relations between crypto startups and the nation’s lawmakers via offering result-oriented education and legal changes. The list of the first members of the association includes a number of prominent names.

Operators of the world’s leading digital currency exchanges, Coinbase and Circle, as well as a successful tech startup Protocol Labs and a number of major investors, including Digital Currency Group and Polychain Capital, are among the organization’s founding members.

The personality of one of the first association’s employees has been already revealed. Her name is Kristin Smith who is a former Senate aide and a blockchain lobbyist of Overstock.com, the online retailer that was one of the first that started to accept payments in Bitcoin in 2014.

According to Smith, who is said to manage the trade at the first stages, she has been “spending a lot of time doing a lot of the basic education work in this space” and now she is “excited to focus exclusively on these issues”.

Moreover, it has become known that Protocol Labs general counsel Marvin Ammori and Hangar founder Josh Mendelsohn will become the advisors of the group.

Commenting the aims of the Blockchain Association, Coinbase’s chief legal and risk officer, Mike Lempres said:

“The Blockchain Association is an effort to get the preeminent companies in the space together so [policymakers] know they’re hearing from companies that welcome regulation when it’s appropriate. We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time.”

At the very beginning of its functioning, the new association will pay its special attention to such issues as tax laws and know-your-customer/anti-money laundering solutions that could be applied in relation to crypto exchanges and text startups.

It is not the first case when blockchain enthusiasts have tried to establish effective communication with lawmakers. Nearly 5 years ago, there were some organizations that played a similar role. But at that time these organizations were all in one: expert commissions, lobbying group and standard-setting bodies.

Now, according to experts, the industry is much more developed and is ready to be heard. “We’re happy to see this organization stand up. It’s good to have more voices advocating for things we agree about”, said Jerry Brito, executive director of the Coin Center.

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