As the blockchain and crypto industry continues to grow, it is expected that more organizations are formed to protect the interest of investors and enthusiasts in the space.
According to a report from Washington Post, one of such groups have been formed and comprises mainly of US-based blockchain and cryptocurrency companies. It will be “the first fully-fledged lobbying group” representing the space in one of the world’s most famous cities.
Founding members of the new group are your popular guesses, with top-US exchanges, Coinbase, and Circle among the ranks. Technology start-up Protocol Labs and some of the biggest investors in the industry, Digital Currency Group, and Polychain Capital have come together for this course.
While it may not be the biggest news on the day, it actually gives evidence that the crypto and blockchain industry is growing to “maturity.”
Best Things Expect From The New “Blockchain Association” in DC
The new Blockchain Association will represent mainstream companies in the space who are operating within the US. It will serve as a channel that allows the seamless operation of such companies within the political system and also addresses policy issues such as taxation.
The new lobby group also holds a lot of promise when it comes to how quick the industry settles within the global financial system. Yes, the group has revealed that it will work closely with US lawmakers to develop anti-money laundering (AML) and Know Your Customer (KYC) policies for the crypto space.
Ultimately, developing a legal and regulatory system that’ll stand the test of time” is a long-term target of the group as revealed by Mike Lempres, Coinbase’s Chief Legal and Risk Officer. In subsequent comments made in the publication, he reaffirmed that companies within the industry are not trying to ‘game the system’.
“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,” he added
Jerry Brito, executive director of a non-profit research group, Coin Center also expressed delight at the new development. Such a purpose-specific trade group would serve as a reference point for questions about the crypto industry.
“We’re happy to see this organization stand up,” Brito said. “It’s good to have more voices advocating for things we agree about.”
In the middle of stormy times in the markets, a union of the crypto industry’s biggest players in DC gives hope that the blockchain and crypto game will last long into the future.
Blockchain and crypto enthusiasts also understand that organizations such as the new Blockchain Association will be pivotal as the industry pushes toward global dominance in the years ahead.