Blockchain Association: Cryptocurrency firms influencing US laws

Blockchain Association

The U.S. based Blockchain Association created by a group of cryptocurrency experts and businesses naming Coinbase, Circle, Polychain Capital, the Digital Currency Group. It was formally announced by the group for US lobbying organization called ‘Blockchain Association’. The Blockchain Association will be headed by the founders of renowned cryptocurrency and blockchain firms. The Blockchain Association expected to have claimed the first dedicated lobbying organization aiming to support the U.S. law pertaining to blockchain and cryptocurrency industry.

As per the official report, a tech entrepreneur Josh Mendelsohn, the Republican lobbyist Kristin Smith, and former congressional staffer Marvin Ammori will head the Blockchain Association. Additionally, Smith has gained deep insight into the political perspectives and already influenced the blockchain issues in 2014. He profusely said “I’ve been spending a lot of time doing a lot of the basic education work in this space,” explains Smith during the announcement. “I’m excited to focus exclusively on these issues.”

The news comes instantly after the recent political action committee organized by Coinbase. As per the valid source of Reuters, the capital raised by the San Francisco firm’s based committee will be used for U.S. elections. The major focus of the Blockchain Association is to recommend and support blockchain technology on legality front.

Mike Lempres, Chief Legal and Risk officer at Coinbase, focuses to introduce long-lasting standards saying that “the Blockchain Association is an effort to get the preeminent companies in the space together so policymakers know they’re hearing from companies that welcome regulation when it’s appropriate.”

Besides this, U.S. laws and regulators have actively been dealing with the cryptocurrency and blockchain transmission since a couple of years now with numerous bills passed so far. Further speaking on the subject matter, there are a number of groups that have already tried to influence U.S. Congressional leaders since the inception of the Bitcoin protocol. However, the Blockchain Association is claiming to be the first full-fledged lobbying entity created by lobbying U.S. bureaucrats!!

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