The world’s biggest cryptocurrency firms have created the first industry association to lobby D.C. on issues related to digital assets and technology.
For example, Coinbase, Circle, the Digital Currency Group, and Polychain Capital and Protocol Labs will be a part of it.
The goal is to address how cryptocurrencies are treated under U.S. tax law. In addition, they’ll also explain how anti-money-laundering and know-your-customer regulations apply to the industry.
The Blockchain Association
As reported, the team will include Kristin Smith, a Republican lobbyist and former congressional staffer; Marvin Ammori, currently general counsel for Protocol Labs; and Josh Mendelsohn, a tech entrepreneur and founder of Hangar.
In fact, “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,” reports Coin Desk.
Seeking Change in D.C.
Not long ago, Coinbase created a political action committee (PAC) to lobby lawmakers. It stands to reason that Coinbase created the PAC to support election candidates ahead of the midterm elections. Candidates will presumably be pro-cryptocurrency.
However, Coinbase is not the only lobbying group
In 2014, the Bitcoin Foundation hired the Thorsen French Advocacy firm because it needed help informing lawmakers of benefits of digital currencies.
“When governments are properly informed about bitcoin’s promise, the technology’s social and economic benefits are recognized and its rapid innovation and adoption will increase,” said Bitcoin Foundation’s execute director at the time, as quoted by Brave New Coin. “The goal is to clear the decks, clear the way, so that the bitcoin community, businesses and people can build the services, expand out to more and more people the world over, and really deliver on the benefits that bitcoin promises.”
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