Major Crypto Companies Establish Political Consortium to Tackle Industry Issues

Major cryptocurrency companies are coming together to formulate a political consortium for lobbying and influencing policy in decisions making concerning the industry.

The consortium which will be known as “Blockchain Association” will tackle the crypto industry’s most difficult policies directly from Washington DC, while establishing itself as the industry leader on political and legal issues that challenge cryptocurrency and blockchain companies.

In its inaugural blog post published Tuesday, September 11, Blockchain Association explained that its aim was to deliver a united voice for the blockchain industry.

“The decisions they make now will affect the industry for years, so the Blockchain Association will be a liaison to policymakers: we’ll advocate for our community and the opportunities presented by our technologies, and encourage regulatory solutions that protect consumers and support innovation,” the post read.

In order to properly connect with the industry and provide synergy between stakeholders, Blockchain Association will host several industry representatives from cryptocurrency exchanges, blockchain development startups, and specialist venture capital firms such as Coinbase, Circle, Protocol Labs, Digital Currency Group, and Polychain Capital as the founding member.

Currently, Blockchain’s Association’s immediate goal to interacts directly with elected officials and regulators to create campaigns that will build coalitions in the blockchain industry and with other organizations to create a broader, coordinated community.

The consortium will look at the current challenges facing the cryptocurrency industry today such as consumer protection, regulation of token offerings and secondary token trading, anti-money laundering and know your customer laws, money transmitter licensing, taxation, and user privacy.

Solomon Sunny is the market reporter for Smartereum, one of the global leaders in Ethereum, blockchain and currency news. He produces technical price updates on digital currencies and writes recent developments about blockchain.

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