Coinbase, a digital currency exchange headquartered in San Francisco, California. They broker exchanges of Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic and Litecoin with fiat currencies in around 32 countries and bitcoin transactions and storage in 190 countries worldwide. Coinbase has been quite popular in the industry and along with the other industry leaders.
On Tuesday morning, it was revealed that a collection of the leading firms in the industry would be coming together to form a “Blockchain Association.” The recently-created association released a press release to bring recognition to its goals, aspirations, and plans for the future.
To flourish the growth and development of the blockchain and crypto asset ecosystem, the group of like-minded industry leaders have formed. The crypto players believe that there is a lot of variety of “minefields” that can be discovered. The recent growth period of crypto had been breathtaking. The assortment hopes that concerns about consumer protection, fraud, manipulation and the like from regulators around the world are many areas that the crypto and blockchain technology can be put to use.
The founding members of the association revealed that it would be launching a Washington DC-based “non-profit trade association” that will be focused on pushing a unified narrative to U.S. regulatory bodies that are located in America’s capital. The Blockchain Association wrote to explain it further:
Our objective is to create a pro-innovation environment for the industry, meeting the growing global demand for accessible, transparent and democratic financial and technical systems. This could be possible if the cryptocurrency community and industry leaders would build a strong relationship that together will be able to educate the regulators and consumers about the up and coming technology and advance policies and regulations that enables innovation via crypto assets and decentralized systems.
The idea was shared among the leaders over coffee. dinners, video calls and formal meeting during the New York`s Blockchain Week to collaborate to form this group.
Mike Lempres who is Coinbase’s chief of legal and risk is one of those who laid the brick of this association explained his thoughts, noting:
The Blockchain Association is an effort to get the predominant companies in the space together so policymakers know they’re hearing from companies that welcome regulation when it’s appropriate. We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time. This news follows Coinbase’s move to establish a so-called “political action committee (PAC).” It was also revealed that Coinbase had started its own, in-house PAC, which are organizations that pool funds and donations in a bid to endorse governmental representatives that align with its ideology and aspirations.
These two recently-established organizations will likely only encourage this industry, but it may not be an instantaneous process because as the Blockchain Association pointed out, “there’s still a lot to be done.”