Several Cryptocurrency and Blockchain bigwigs such as Polychain Capital and Coinbase have come together to form Blockchain Association, a group that will lobby for their interests. It has been revealed that the Washington-based organization will be especially involved in the hardest policy-making issues in the industry. The association has emerged at a time when various countries are establishing a way to regulate the promising technology. The consortium will ensure the interests of both the consumers and technology are safeguarded.
New Association For Cryptocurrency And Blockchain
Cryptocurrency companies have joined hands to establish a trade group called Blockchain Association. Some of the prominent Crypto-firms linked to this organization are the Polychain Capital, Digital Currency Group, Protocol Labs, Circle, and Coinbase. Together, these companies could be regarded as the inaugural members of this group.
The new NGO has an uphill task in convincing the various players in the Cryptocurrency and Blockchain industry to rally behind them. The association promises to help its members address the political and legal issues facing them in different jurisdictions. On Monday, the group said it wants to deliver a combined voice for the sector in its first blog post.
Blockchain Association will play a vital role in ensuring that different governments consider the views of Crypto-based companies when establishing regulations. Given that any decision taken at this time will have a major impact on the sector for years, the organization is planning to be working closely with policymakers. This will enable the group to communicate about the technology and the opportunities it presents with the regulators. This will make it easy for regulators to come up with policies that protect the consumers while at the same time supporting the innovation.
The Association Represents Different Interests
It is important to mention that Blockchain Association almost represents every sub-sector in the Cryptocurrency and blockchain industry. Circle owns a virtual currency exchange and provides its clients with blockchain-based payment services. Coinbase is the largest American Cryptocurrency exchange. Digital Currency Group runs various Crypto-related businesses such as exchanges and CoinDesk, a publication in the industry.
The names of the initial staff and leadership of the pioneer association have already leaked and they include Josh Mendelsohn, Marvin Ammori, and Kristin Smith. Mendelson is a founder a public sector technology group called Hangar. Ammori is the Protocol Labs’ general counsel. Both Ammori and Mendelsohn are members of a tech advocacy group called Engine. Smith is currently a Republican activist.
Blockchain Association A Major Blessing To The Industry
Blockchain Association has been created at a time when the Cryptocurrency sector has come under major scrutiny. Because of the newness of the technology, there is a large room for fears and half-truths to be considered as facts while establishing regulations that may negatively affect the sector. The misunderstanding of the industry has seen some jurisdictions enforce harsh policies pushing the innovation to the corner.
Blockchain Association will play a major role in assisting regulators worldwide to understand the technology and its potential. Consequently, the organization will be crucial in ensuring Crypto-friendly policies are established to the benefit of Crypto firms and the public at large. The consortium is a blessing to the Cryptocurrency and blockchain industry as it will allow the people to enjoy the benefits associated with this innovation.