High Profile Cryptocurrency Firms Hope to Influence US Law

cryptocurrency giant and a group of businesses have announced the formation of an American lobbying unit based in Washington Blockchain Association. In the formation of a political enticing group, such a circle was started by companies such as Coinbase, Polychain Capital, and Digital Currency Group.

 Digital Currency Businesses Initiate US Lobbying Group Called the Blockchain Association

This week a group of well-known cryptocurrency companies announced the launch of an American lobbying organization called the Blockchain Association. Cryptocurrency and blockchain firms such as Coinbase, Circle, Digital Currency Group, and Polychain Capital have revealed as some of the founding members of blockchain advocacy group. The Blockchain Association claims to have the first full dedicated lobbying organization that aims to seek influence on the law in relation to blockchain and cryptocurrency industry.

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According to the reports, Republican campaigner Christine Smith, tech-entrepreneur Josh Mendelson, and former Congress employee will lead the employees of the Marvin Ammori Blockchain Association. In addition, Smith has experience in political spectrum and has been lobbying for blockchain issues back in 2014.

"I have been spending a lot of time doing basic education in this area a lot of work," explains Smith during the announcement. "I'm excited to focus on these issues in particular."

 Coinbase Chief Legal and Risk Officer Hopes to Bolster a ‘Regulatory System That Will Stand the Test of Time’

The news is recently formed by the Political Action Committee Coinbase follows. According to Reuters, funds can be used for the American elections taken by the San Francisco firm's committee. Blockchain Association Focus is an advocacy group that will be digital currency and blockchain technology bolsters within the rules of the political system.

Coinbase's chief legal and risk officer, Mike Lempres, says the group has to make long lasting standards. "Blockchain Association gets preeminent companies in space to get together so policy makers know that they welcome the regulation of companies when it is appropriate to listen to, is an effort," emphasized Lempres.

US law and government has been dealing with blockquen and cryptocurrency transmission for the past few years and many bills have passed last year. Apart from this, since the introduction of the Bitcoin Protocol, many other groups have tried to influence the leaders of the American Congress. However, the Blockchain Association will be a complete lobbying unit for the first time, specially designed to lobby American bureaucrats.

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 What do you think about the Blockchain Association? Let us know in the comment section below.