High Profile Cryptocurrency Firms Hope to Influence US Law

A group of cryptocurrency luminaries and businesses have announced the formation of a US lobbying entity based in Washington known as the Blockchain Association. The creation of the political solicitation group was initiated by firms such as Circle, Coinbase, Polychain Capital, and the Digital Currency Group.

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Digital Currency Businesses Initiate US Lobbying Group Called the Blockchain Association

This week a group of well-known cryptocurrency firms announced the launch of a US lobbying organization called the Blockchain Association. Cryptocurrency and blockchain firms such as Coinbase, Circle, Digital Currency Group, and Polychain Capital have been revealed as some of the founding members of the blockchain advocacy group. The Blockchain Association claims to be the first wholly-dedicated lobbying organization that aims to seek influence over the law in regards to the blockchain and cryptocurrency industry.

According to reports, the Republican lobbyist Kristin Smith, tech entrepreneur Josh Mendelsohn, and former congressional staffer Marvin Ammori will lead the Blockchain Association’s staff. Moreover, Smith has experience in the political spectrum and has lobbied for blockchain issues back in 2014.                   

“I’ve been spending a lot of time doing a lot of the basic education work in this space,” explains Smith during the announcement. “I’m excited to focus exclusively on these issues.”

Coinbase Chief Legal and Risk Officer Hopes to Bolster a ‘Regulatory System That Will Stand the Test of Time’

The news follows the recent political action committee formed by Coinbase. According to Reuters, the funds raised by the San Francisco firm’s committee could be used for US elections. The Blockchain Association focus will be an advocacy group that bolsters digital currency and blockchain technology within the political system’s laws.

The chief legal and risk officer at Coinbase, Mike Lempres, says the group aims to create long-lasting standards. “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,” Lempres emphasized.

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.

US law and the government have been dealing with blockchain and cryptocurrency transmission for years now and there have been many bills passed over the last year. Further, since the inception of the Bitcoin protocol, many other groups have tried to influence US congressional leaders. However, the Blockchain Association will be the first full-fledged lobbying entity designed to specifically lobby US bureaucrats.                 

What do you think about the Blockchain Association? Let us know in the comment section below. 

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