Major Crypto Entities Launch DC-Based Lobby Group

Several principle companies in the US cryptocurrency industry have formed a lobby group to help push crypto acceptance at the national level. According to an article in the Washington Post, the Blockchain Association is the first lobby group established for the blockchain industry on Capitol Hill and is designed to represent entrepreneurs and investors within the US political system.

The group was created by a number of crypto leaders, including Coinbase, Circle, Protocol Labs, Polychain Capital and the Digital Currency Group.  It is located in Washington, DC and will work to address policy issues and the acceptance of crypto by US tax laws. It will also establish alliances with lawmakers to develop policies for Know Your Customer (KYC) and anti-money laundering regulations.  

Coinbase Chief Legal and Risk Officer Mike Lempres explained, "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. 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 past July, Coinbase created a political action committee (PAC) in order to raise funds to lobby for crypto on Capitol Hill, as well as on regional levels.  The creation of the PAC and the Blockchain Association are being viewed as a sign of how the industry is evolving and maturing, which will ultimately lead to improved stability and acceptance.

Explained Jerry Brito, Coin Center’s executive director, "We’re happy to see this organization stand up.  It’s good to have more voices advocating for things we agree about. But probably more importantly for us, a lot of folks project 'trade association' onto Coin Center, and we're decidedly not that. When we get questions about the industry, we can send them to these folks."