Crypto Veterans Forming Influential Washington Blockchain AssociationSeptember 12, 2018
Federal law makers and regulators have taken interest in cryptocurrencies. Several cryptocurrency companies consisting of tech veterans and hi-profile crypto companies stated that they are forming the Blockchain Association.
The Blockchain Association, based in Washington, will be the first of its kind fully operational lobbying group, which will represent blockchain entrepreneurs and investors who fund the technology behind cryptocurrencies like Bitcoin.
Despite, the price of Bit coin trending very low when compared to the meteoric height of the past year, the cryptocurrency industry makers are not going to wait for the next best spike in the investor demand in order to decide on their next cryptocurrency market making moves. The industry officials are continuing with their plans.
The blockchain association is likely to work as a charm offensive targeting federal lawmakers and regulators.
Several popular virtual currency exchanges and blockchain technology startups are among the founding members. Digital Currency Group, Polychain Capital, Coinbase, and Circle are a few to name faces you will see in the list of founding members of the blockchain association.
“I’ve been spending a lot of time doing a lot of the basic education work in this space,” stated, Kristin Smith, who will be guiding the association in its early steps. “I’m excited to focus exclusively on these issues.”
In recent months, an array of cryptocurrency issues are challenging the cryptocurrency industry. The argumentative intent of legislators and regulators is stronger than ever towards virtual currencies.
Intense interrogation on blockchain technology is increasing by the day due to regulators becoming curious and investigative to ensure authenticity and reliability when approving new cryptocurrency companies.
Regulators are trying hard to ensure the safety of investors. Every move of the regulators are meant to prevent consumers of cryptocurrency from becoming victims to digital currency scams.
State and Federal regulators have been greatly attracted to the growing profile of cryptocurrency companies. Congressional hearings and decisions at the Securities and Exchange Commission were mostly focused on taking advantage of the digital technology without victimizing its investors.
“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,” remarked Mike Lempres, chief legal and risk officer at a well-established cryptocurrency company. “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 Blockchain Association is focussed on becoming the top lobbying organization in Washington with regards to policy matters. They are establishing themselves as the reliable voice for the mainstream companies who are willing to work in coordination with the legislators and political system as opposed to circumventing it — A lot similar to companies like Uber and Airbnb who have worked in the past.
With distinct sector and interest groups, Jerry Brito, executive director of a well-established crypto firm has to say “We’re happy to see this organization stand up,” Brito added “It’s good to have more voices advocating for things we agree about.”