US Crypto Companies Establish Association That Advocates For Their Interests
Several American blockchain funds, cryptocurrency startups and exchanges have established the Blockchain Association in order to lobby their interests among lawmakers in Washington, DC, The Washington Post reports.
The newly formed association will concentrate its attention on issues and trends in education, work out draft laws and amendments, as well as dedicate its activity to normalize the existing relationships between legislators and startups. It is worth mentioning that there are such crypto companies as Coinbase, Circle, Polychain Capital, and Protocol Labs listed as the association promoters.
Coinbase Co-founder and CEO Brian Armstrong
Kristin Smith has become one of the first staff members of the association due to her vast work experience in the Senate; she is also known for lobbying Overstock.com. In an interview with The Washington Post, she stated that she will be in charge of supervision of the association's activities, as she paid much attention to education in lobbying. In essence, she is going to fully commit herself to it.
The foundation of the Blockchain Association can be considered an attempt to unite outstanding crypto companies in order to bring relevant information to politicians, hence it will be easier to leverage the regulation of the crypto sphere. The association intends to work out a legal framework that will be able to stand the test of time, said Mike Lempres, the Chief Legal and Compliance Officer at Coinbase.
At the initial phase of its work, the Blockchain Association will pay close attention to the tax legislation and KYС/AML with relation to crypto exchanges and blockchain startups.
As previously reported, a Congressman Bill Huizenga urged his colleagues in the legislative authority to mobilize efforts in the regulation of the crypto sphere.