Bitcoin price may go down as compared to meteoric heights of last year. Several high profile cryptocurrency companies and Tech veterans recently said they are creating the Blockchain Association. This is the first fully-fledged lobbying group in Washington D.C that represents investors and entrepreneurs building off behind bitcoin technology.
Birth of Blockchain Association
Companies like Coinbase and Circle joined the initial push. These companies are some of the most popular Virtual Currency Exchanges in the world and technology Protocol Labs that are start-ups.
Polychain Capital and Digital Currency Group are also among the founding members. The group first hire; Kristin Smith, an aide to then R-Maine and also lobbied on Blockchain issues for Overstock.com that accept payments in bitcoin in 2014. Smith who is expected to guide this trade group through its early stages, said that he had been spending a lot of time educating people in the area.
Policymakers in the recent months have faced an array of cryptocurrency issues since investors have flooded bitcoin and similar virtual currencies. The technology of cryptocurrencies raises questions in the digital and financial sectors due to many people falling victims of scams thus attracting federal regulators and state attention.
Exchange Commissions and Securities have also highlighted the growing profile of bitcoins and other cryptocurrencies.
The Plans of Crypto-Industry in D.C
It aims to become the top lobbying organization in Washington D.C in the cryptocurrency industry, especially on policy issues, at the same time portraying itself as a company that works in the political system instead of circumventing it- as Airbnb and Uber have recently done.
It will also address how U.S tax law treats cryptocurrencies and also explain how know-your-customer and anti-money-laundering regulations apply to the industry.
Five years ago bitcoin foundation played the same role as Blockchain Association. Although it was an all in one organization acted as a think tank, lobbying group, represented industry and individual consumers and as a standard-setting body.
Jerry Brito, a Washington-based cryptocurrency think tank and an executive director of coin center said that the field of cryptocurrency has developed with interested groups and distinct sectors.
He added that the industry is growing seeing the rise of a purpose-specific trade group. He also said that it is good to have voices advocating for what we agree about and a place where folks can refer when questions about the industry arise.