Several leading U.S. based blockchain and crypto companies are planning to form Blockchain Association, the first lobbying group which will represent the blockchain industry in Washington D.C. The five founding members of the association will be crypto exchange Coinbase Inc., Digital Currency Group Inc., Circle Inc., Polychain Capital LLC, and technology start-up Protocol Labs Inc. The association will serve as the unified voice of the blockchain industry in Washington. Blockchain exchanges, funds, and start-ups are planning to lobby Washington lawmakers with the Blockchain Association.
According to chief legal and risk officer of Coinbase, Mike Lempres the association will bring the blockchain and crypto companies together to advocate for reasonable regulation. The companies of the association do not want to game the system but want a legal and regulatory system for the industry that will stand and test the time. The Blockchain Association will work closely with the lawmakers on anti-money laundering and know your customer policy development. Companies of the crypto space welcome the association. The executive director of Coin Center, Jerry Brito said that the formation of such a group means the blockchain industry is maturing.
Kristin Smith, former Senate will be one of the first employees of the association. Kristin is spending lots of her time doing basic education work in the crypto space. She will guide the organization once it starts out. General Counsel of Protocol Lab, Marvin Ammori and founder of Hangar Josh Mendelsohn will advise the Blockchain Association.
The main focus of the association will be education as well as legal changes as part of an effort to normalize the relationship between crypto companies and lawmakers. The association will be located in Washington D.C. The association will represent the investors and entrepreneurs who are engaged in blockchain projects and looking forward to operating within the political system, addressing policy issues and treatment of cryptocurrencies by U.S. tax law.
The association will foster collaboration between community and blockchain industry leader, educate policymakers and the general public about the blockchain technology and its benefits. The policymakers also have to navigate the trust, safety, security concern, and consumer protection.