The Bitcoin [BTC] and cryptocurrency craze has reached the shores of Washington power circles, with big players in the field coming together to form something called the Blockchain Association. The news which was announced on Tuesday by the companies involved has stated that group aims to become a lobby setup striving to make cryptocurrencies’ case in America’s capital. Blockchain Association will represent the people behind blockchain technology such as entrepreneurs and investors.
Major cryptocurrency bigwigs such as Coinbase and Circle have also decided to be involved in this major page in fintech history, with both the cryptocurrency exchanges pledging resources to push cryptocurrencies towards mainstream adoption. Coinbase was also in the news recently when the company announced that it was working on launching a crypto Exchange Traded Fund [ETF], partnered with Blackrock.
The other companies involved in the development of the Blockchain Association are Protocol labs, Digital Currency Group and Polychain Capital. Mike Lempres, Coinbase’s Chief Legal and Risk Officer has stated:
“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 Blockchain Association follows in the footsteps of the Bitcoin Foundation, an organization that came into the fore five years back that envisaged cryptocurrency adoption. The Bitcoin Foundation functioned with the aim of restoring Bitcoin’s reputation after it was rocked by several scandals and scams. As of now, the members of the Blockchain Association have stated that the need of the hour is to educate and inform people about digital assets and to gain a proper foothold in society.
Members have also stated that this is the right time for a policy body that prioritizes Bitcoin to come to the field especially after all the Securities and Exchanges Commission regulations and policies. He proposed body will also have think tanks involved with it, with an integral cog being Coin Center. Coin Center is a Washington DC-based crypto think tank that has been working to create awareness about the digital assets amongst the general public. Jerry Brito, the Executive Director of Coin Center said:
“We’re happy to see this organization stand up. It’s good to have more voices advocating for things we agree about. But probably more importantly for us, a lot of folks project ‘trade association’ onto Coin Center, and we’re decidedly not that. When we get questions about the industry, we can send them to these folks..”
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