A collection of blockchain and crypto heavyweight companies based in the United States has announced plans to form the Blockchain Association which would be the first lobbying group in the capital representing the interests of the blockchain industry.
In the five major companies making up the newly founded association, technology startup Protocol Labs is the only blockchain giant not affiliated with cryptocurrencies, with the remaining heavy players consisting of Coinbase, Digital Currency Group, and Polychain capital, all heavily invested in the crypto market.
According to a recent report by the Washington Post, the lobbying organization would be based in the capital of the United States of America and would be representing cryptocurrency and blockchain affiliated companies, investors, entrepreneurs, ventures and firms based in the country.
The overall objective of the lobbying group is to ensure blockchain and cryptocurrency related interests are well represented in the political system especially at the fore of influencing politics and government decisions, like policy issues and the United States tax law. The group followed up with an announcement on its official blog highlighting the overall objective of the group:
“Our objective is to create a pro-innovation environment for the industry, meeting the growing global demand for accessible, transparent and democratic financial and technical systems. To do that, we’ll foster collaboration between the community and industry leaders, educate policymakers and the public on the benefits of blockchain and related technologies, and advocate for public policy that cultivates and enables innovation and improves lives.”
The group would dive straight into significant actions according to Coinbase’s Chief Legal and Risk Officer, Mike Lempres and is already looking to the implementation of various policies under consideration. Amongst other things, the Blockchain Association already plans on working tightly with lawmakers on anti-money laundering (AML) and Know Your Customer (KYC).
He explained that the group is not an association of big players looking to ‘game’ the system as some people expect; instead, the association is striving to build a functional legal system that would be around for much longer than what many would come to expect, prospering and effectively standing the test of time. Lempres added that:
“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.”