- Stellar Development Foundation is now a part of the Blockchain Association
- The Blockchain Association is Devoted to promoting crypto
- BA lobby’s for policymakers to reduce their strict regulation of the asset class
Stellar Lumens News Today – the Stellar Development Foundation, announced last week that it has become a member of the Blockchain Association. The Blockchain Association is an industry trade and lobbying movement that includes the biggest players in the crypto space, including Coinbase, Ripple, and Kraken to name a few. The Blockchain Association is devoted to spreading the crypto gospel to Congress and US regulators. The goal is to make sure that the Blockchain industry thrives in the United States.
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The Blockchain Association was Behind Advancing the Token Taxonomy Act
One of the big issues that the Blockchain Association faced last year was pushing the “The Token Taxonomy Act” forward. The act is aimed at excluding cryptocurrencies from been classified as a securities offering. The Blockchain Association is one of 40 different groups that are currently lobbying on behalf of the Blockchain and crypto initiatives per data from CQ Roll Call, a website dedicated to reports on Congress. These groups spent a total of $42 million lobbying Congress in quarter one of 2019.
By teaming up with SDF, the Blockchain Association will be able to leverage Stellar’s expertise to highlight the potential of Blockchain technology in their discussions with policymakers. Candace Kelly, Stellar’s general counsel, echoed this sentiment via a blog post that came with the announcement of SDF joining the Blockchain Association. Kelly said the Blockchain Association, represents a unified voice, that is fostering important conversations to educate policymakers on the advantages of the Blockchain.”
The U.S will be Left Behind in Blockchain Technology if Nothing is Done Soon
Lobbying groups like the Blockchain Association is designed to try to push US lawmakers to act fast on the Blockchain technology and crypto space as well as reduce some restrictions if the country is to rival economies like China and be a leader in the crypto space.
China is moving fast in the Blockchain space. The country has been working on the development of a state-backed digital asset. The Chinese government has expressed its support for the Blockchain industry. Now, many players in the US Blockchain industry are fighting to make sure that America isn’t left behind.
Recently, the United States government has expressed fear of cryptocurrency claiming that the asset class is disrupting the dominance of USD. Now the Trump Administration is preparing to release fresh crypto laws. While Washington’s discussions on Blockchain technology continue to mature, many in the country will continue to focus on Blockchain’s well-publicized and overblown negative uses.
Whether Congress is prepared to give in to the demands of lobbyists or not may potentially determine whether the US can catch its international rivals in the race to become number one in the Blockchain space.