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High profile companies and cryptocurrency technology veterans are set to form a Blockchain Association to tackle issues downing the cryptocurrency value. Members of the association are entrepreneurs and investors who are building a ‘solid backbone’ behind cryptocurrencies.
As of now the value of Bitcoin may not be soaring as expected compared with previous year’s rapid heights. However, cryptocurrency officials flag-off an offensive campaign targeting policymakers and regulators who’ve taken an interest in cryptocurrencies.
Crytocurrency giants such as Coinbase and Circle, which operate most of the global virtual currency exchanges, are the mothers of the Blockchain Association while investors, such as Digital Currency Group and Polychain Capital, are also among the crypto-gurus in the circle.
“It is pleasing to see these organizations take this huge step,” said Brito, a Washington-based cryptocurrency director of the Coin Center. “It’s great to have more voices advocating for things we agree about. The industry is getting matured,” Brito added.
The Blockchain Association means to wind up the cryptocurrency industry’s best campaigning association in Washington on policy issues, depicting itself as a voice for organizations that need to work inside the political framework as opposed to staying away from it. Addressing how crypotocurrencies are dealt with under U.S tax Law, and disclosing to policymakers how hostile to illegal tax avoidance and know-your-client regulations apply to the business are the major priorities of this Association amongst others.
“The Blockchain Association is a push to get the overwhelming organizations in the space together so [policymakers] know they’re got notification from organizations that appreciated direction when it’s appropriate,” said Mike Lempres, Coinbase’s chief legal and risk officer. “We’re not organizations hoping to diversion the framework, but rather endeavoring to build up a legitimate and administrative framework that’ll stand for time long,” he added.
The Association has highlight survival by hiring experts who know the nitty-gritty in the world economy: Kristin Smith, who was an aide to the then-senator Olympia J. Snowe. “I have been investing a considerable measure of energy completing a great deal of the fundamental education in this space,” said Kristin who is relied upon to direct the Association through its initial advances. ”I’m eager to focus only on these issues.” Also, the Association went on to lobby on blockchain issues for overstock.com, the internet retailer who began accepting payments in Bitcoin in 2014.
The technology on which cryptocurrencies are based springs up questions about monetary regulations and in most cases consumers have become the victims of crypto scams that have invited the attention of state and federal bodies.
This isn’t the first time that blockchain advocates have looked to play the Washington impact game. Five years prior, organizations such as the Bitcoin Foundation assumed a comparative part. In recent months policymakers have been confronted with issues relating to cryptocurrency as investors have flocked to Bitcoin and other virtual currencies.