Ripple To Lead Group Of Fintech Companies Pushing For Crypto-Friendly Government Policies

Ripple to lead the Securing America’s Internet of Value Coalition, an amalgamation of FinTech firms with the aim of influencing the government of the United States to implement crypto friendly policies.

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Ripple to lead the Securing America’s Internet of Value Coalition, an amalgamation of FinTech firms with the aim of influencing the government of the United States to implement crypto friendly policies.

Securing America’s Internet of Value Coalition

The Coalition is a group of FinTechs and businesses in the blockchain industry who have decided to pool their resources together to fund a campaign aimed at promoting a legal space that will favor the crypto industry in the United States.

The coalition was formed by Ripple Labs, Coil, Hard Yaka, and PolySign.

Moving past traditional awareness and promotion campaigns, the Coalition has decided to hire the services of a major law firm to take the fight directly to the legal field.

Lobbying for crypto future

Clearly influenced by the events in the United States, particularly with the Securities and Exchange Commission (SEC), the Coalition is looking to fund friendly legislation coming out of D.C.

The SEC has chosen to address cryptocurrencies as securities, rather than special assets or commodities, this has led to several crackdowns by the regulatory agency on cryptocurrency projects.

There seems to be a divide in the United States as to how best to define different cryptocurrencies including setting up a regulatory framework for the emerging industry.

Over the last couple of months, different courts in the United States have issued various contradicting rulings that add to the confusion, most recently with a federal judge stating that virtual currencies should be ruled as commodities.

Ripple is leading the coalition

Ripple, the third largest cryptocurrency when ranked by market capitalization, is the biggest partner in the coalition and is at the forefront of the movement.

In recent months, Chris Larsen, the executive chairman of Ripple, has stated that there has been a growing interest on the part of regulatory bodies and lobbies in general towards the issue of cryptocurrencies and blockchain technologies:

“We understand this is really complicated, and there is a lot of misinformation out there … The good news is there is a lot of interest in this topic in D.C.”

On September 27, the coalition announced that they would be retaining the services of Klein/Johnson Group, a bipartisan lobbyist group that focuses on issues related to FinTechs.

Over the last couple of years, Klein/Johnson Group has been working to provide advice on financial and technological services.

According to reports, Klein/Johnson will be paid $25,000 with an incentive 10,000 XRP, which will be declared as cash at the time of disclosing payments received.

The Coalition will benefit from Ripple’s presence as the group. Chris Larsen explains:

 “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.”

The Coalition has a positive outlook, especially now that SEC has new commissioners that have given the regulatory agency a positive view on the issue of cryptocurrencies and related assets.

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