In a bid to represent investors and entrepreneurs involved in blockchain-powered projects, several high-profile cryptocurrency firms and technology veterans are to form a Blockchain Association in Washington D.C.
The Blockchain Association will be the lobbying group in the U.S. capital to solely represent blockchain-centered investors and startups.
Among the companies joining the Washington-based Blockchain Association, is Coinbase, the largest cryptocurrency exchange in the United States.
Circle, the cryptocurrency investment platform aimed at beginners, is also part of the Association, alongside other high-profile technology companies, including Protocol Labs.
Other founding members of the Blockchain Association are prominent cryptocurrency investors, including Polychain Capital and the Digital Currency Group.
The Blockchain Association intends to become the leading lobbying organization in Washington in the cryptocurrency industry, exploring issues related to different digital currency policies. The group aims to be a voice for mainstream organizations that want to comply with the political system rather than avoiding it.
Cryptocurrencies and U.S. tax law
One of the first tasks of the Blockchain Association is to address the issue of cryptocurrency and U.S. tax law. The group will set about informing policymakers how anti-money laundering can apply in the cryptocurrency sector.
Talking to the Washington Post, Mike Lempres, chief legal and risk officer at Coinbase, spoke of Blockchain Associations’ objectives:
“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.”
Donald Trump joins the race to clamp down on crypto crime
News of the launch of an association in Washington aimed at developing sound, regulatory systems within the cryptocurrency specter follows the announcement in July this year that Donald Trump plans to create a new cryptocurrency task force.
Trump’s crypto task force is aimed at clamping down on cyber criminals by investigating crimes related to blockchain and cryptocurrency.
With President Trump getting involved in the cryptocurrency industry and a Blockchain Association being formed by high-profile crypto and tech companies, it seems the United States is serious about stamping out the crime and regulatory issues that are holding the blockchain and digital currency market back.
Gabrielle Pickard-Whitehead is a freelance journalist and copywriter based in the Peak District, UK. Since 2006, Gabrielle has followed her passion for writing and has sculptured a rewarding career out of her love for the written word. Gabrielle thrives on creating compelling content related to current affairs, politics, financial news and the latest advancements in technology and innovation. Gabrielle is excited about having the chance to write about the constantly-evolving world of crytocurrency and enabling people to learn more about this rapidly-advancing digital asset.