KYC-Friendly Companies Establish ‘Blockchain Association’ Lobbying Group in DC

High-profile cryptocurrency corporations and tech veterans are becoming a member of forces to kind the Blockchain Association — the very first DC-based lobbying group.

Fully-Fledged Lobbying Group

Prominent cryptocurrency corporations comparable to Coinbase, Circle, Protocol Labs, in addition to buyers in the sector like Digital Currency Group, Polychain Capital, and others, are among the many founding members of Blockchain Association, Washington Post reports.

The formation is designated to be the primary cryptocurrency lobbying group and it’s supposed to appeal federal lawmakers in addition to regulators who’ve already expressed curiosity in the sector.

The group additionally goals to place itself as a voice for corporations looking for to work inside the political system as an alternative of discovering methods to bypass it.

According to the report, the group can be initially centered on anti-money laundering (AML) and know-your-customer (KYC) rules, addressing the methods cryptocurrencies are at present handled beneath the prevailing US tax laws.

Regarding this level, Mike Lempres, Chief authorized and danger workplace at Coinbase, says:

The Blockchain Association is an effort to get the preeminent corporations in the house collectively so [policymakers] know they’re listening to from corporations that welcome regulation when it’s acceptable. […] We’re not corporations trying to recreation the system, however attempting to develop a authorized and regulatory system that’ll stand the take a look at of time.

Leaders of the Pack

Cementing its agency intentions, the Blockchain Association already has its very first rent, Kristin Smith. Smith is supposedly going to information the group throughout this early interval. Smith has severe expertise in lobbying as an aide to former Senator Olympia J. Snowe. Later on, she went on to foyer for

Reportedly, she can be making efforts in direction of educating policymakers and regulators in the house. She stated:

I’ve been spending numerous time doing numerous the fundamental training work in this house. […] I’m excited to focus solely on these points.


Also sharing his two cents on the matter was Jerry Brito, government director of DC-based cryptocurrency assume tank Coin Center. He added:

We’re glad to see this group arise. It’s good to have extra voices advocating for issues we agree about. But in all probability extra importantly for us, numerous of us undertaking “trade association” onto Coin Center, and we’re decidedly not that. When we get questions concerning the trade, we are able to ship them to those of us.

What do you consider the newly fashioned Blockchain Association? Don’t hesitate to tell us in the feedback under!

Images courtesy of Shutterstock.

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