Major Crypto Companies Form DC Lobbying Group

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Such companies as Coinbase, Circle, Digital Currency Group, Polychain Capital and Protocol Labs have already made some moves towards the creation of the Association and started adjusting legislative regulations. 

Some of the biggest players in digital currency market decided to collaborate in the form of Blockchain Association. Such companies as Coinbase, Circle, Digital Currency Group, Polychain Capital and Protocol Labs have already made some moves towards the creation of the Association and started adjusting legislative regulations. The purpose of this collaboration is to establish stable relationships between cryptocurrency startups and lawmakers.

Kristin Smith, a lobbyist, former aide of Senate, and actual representative of American online retailer Overstock.com, was elected to be the head of Blockchain Association. He eagerly accepted the position, denoting that he had been working in the field for a long time then and was pleased to focus on these specific issues. Marvin Ammori, Protocol Labs representative, and Josh Mendelsohn, Hangar co-founder, were selected to join the advisory board.

According to the law consultant and risk assessment manager at Coinbase Mike Lempres, the Association will unite major companies to demand and protect reasonable regulations for blockchain. He says that Blockchain Association is an attempt to consolidate large companies because lawmakers pay attention to their opinion regarding the regulations. Lempres stresses that these large companies are not looking for profit, but do their best to develop regulations that would withstand test of time.

Blockchain Association will tribute special attention to tax legislation, KYC rules and anti-money-laundering laws with relation to cryptocurrency exchanges and startups. Coin Center CEO Jerry Brito summed up that the bigger the number of companies in the collaboration, the greater the chance for cryptocurrency companies to be heard.

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