Blockchain companies in the United States are coming together to promote blockchain and cryptocurrency legitimacy in the form of a new blockchain lobbying group based in Washington DC.
Lobbying the American government
Named “The Blockchain Association”, the group is to represent investors and entrepreneurs in the blockchain/cryptocurrency space who are seeking to operate compliantly with the US political system. Furthermore, the group is setting out address the ongoing and numerous issues relating to the taxation and classification of cryptocurrencies in present US law.
The group will also be with lawmakers to develop clear policies on anti-money laundering (AML) and Know-Your-Customer (KYC). As the new entity grows, it will begin other efforts, although these short-term goals will be the early focus.
As reported by the Washington Post, the founding members of the association have been confirmed as Coinbase, Circle, Polychain Capital, Digital Currency Group and Protocol Labs. The backgrounds of these companies cover certain areas such as technology, cryptocurrency exchanges and investors.
Mike Lempres, Coinbase’s chief legal and risk officer, explained the rationale behind this effort: “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.”
The association has begun recruiting already, beginning with former Republican lobbyist and former congressional staff member Kristin Smith on board, as well as Protocol Lab’s General Counsel Marvin Ammori. Founder of public sector technology company Hangar, Josh Mendelsohn is also taking a position.
Jerry Brito, executive director of the non-profit research and advocacy group Coin Center, is reported to have said that the emergence of such associations is a sign of a maturing industry.
Time for change
It appears as though the United States is undergoing radical changes at institutional and governmental levels; in late July, blockchain technology in public sector projects also received a guidebook from a US-based IT industry trade association called CompTIA.
The guide offers insights into how public sector leaders should approach blockchain technologies should they wish to implement and adopt the technology into public sector projects.
In July also, the US Chamber of Digital Commerce published a paper called ‘Understanding Digital Tokens: Market Overviews & Guidelines for Policy Makers and Practitioners’, a document that covers regulations, the need for legal clarifications as well as token classification.
Other entities within the US political system are also making bullish charges for blockchain and cryptocurrency regulation, with the Chairman of the Commodity Futures Trading Commission (CTFC) believing that the United States is falling behind the rest of the world with regards to blockchain innovation.
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