Crypto Lobbying Group Established In Washington DC By Industry Leaders
Coinbase, Protocol Labs and other industry leaders have formed a cryptocurrency lobbying group in Washington DC called the Blockchain Association to further improve and regulate the industry.
A number of blockchain funds, exchanges and startups are looking to lobby Washington D.C lawmakers as they announced the launch of the new Blockchain Association, reports Washington Post.
Despite the Bitcoin price and the entire market in a bear cycle, industry officials are not waiting for the next spike, instead choosing to pave the way for mass crypto adoption by lobbying federal lawmakers and regulators who seem to have taken interest in cryptos.
The group will concentrate on solving policy issues and how cryptocurrencies are treated from a tax perspective.
Coinbase leads the charge
Tech giants and a number of high-profile cryptocurrency companies announced on Tuesday, September 11 that they are forming the Blockchain Association, with Coinbase, Protocol Labs, Digital Currency Group and Polychain Capital leading the charge.
The association is the first of its kind in Washington representing entrepreneurs and investors involved with cryptocurrencies and blockchain technology.
One of the first experts hired by the lobby group to guide them through the process is Former Senate aide and Overstock.com blockchain lobbyist Kristin Smith. She added that she has spent a lot of time doing educating herself on the crypto space and she is now ready to tackle the relevant issues.
Reports also suggest that Protocol Labs general counsel Marvin Ammori and Hangar founder Josh Mendelsohn will serve as advisors to the association.
The Blockchain Association is set to serve mainstream companies that are interested in operating within the country’s political system. It will mainly focus on solving policy issues and how cryptocurrencies are treated by the country’s tax law.
Asides that, the association will also work with lawmakers regarding critical issues such as anti-money laundering (AML) and Know Your Customer (KYC) policy development in the crypto sphere.
While commenting on this latest development, Mike Lempres, Coinbase’s Chief Legal and Risk Officer stated that the association is a coming together of the leading companies in the space.
They wish to let the lawmakers know that they welcome regulation of the cryptocurrency space when it warrants.
This is a welcomed development as lawmakers have been battling with some cryptocurrency issues over the past few months due to the entry of investors into the market. Consumers have become the victim of scams as the sector lacks proper regulation.
This isn’t the first time that blockchain advocates have sought to lobby with lawmakers. Five years ago, companies like Bitcoin Foundation played a similar role but they served as a think tank, a lobbying group, and a standard-setting group.
The industry has expanded since then and the demands have changed.
Interest in crypto market rises despite the bear cycle
Despite the prices of cryptocurrencies falling massively since the start of the year, there has been an increasing interest in the market.
Companies like Coinbase, NASDAQ, and others continue to develop crypto solutions products as they anticipate the entry of institutional investors.
A recent report by SharesPost revealed that investors are still bullish on cryptocurrency prices, with most of them looking to buy more cryptocurrencies over the next year.