The blockchain and digital currency industries are growing at an enormous pace. As researchers discover more use cases for the technology, its adoption is increasing rapidly. More startups and firms are now exploring the potentials of blockchain technology. According to a recent report by Politico – a politics-oriented news outlet – entities lobbying on blockchain and crypto are on the rise.
The Number of Entities Working on Crypto and Blockchain Tech Tripled in 2018
The report, which Policito published on the 18th of March, revealed that the number of entities working on the technology in Washington DC tripled last year. The figures grew by almost 300 percent in a period of twelve months. In the last quarter of 2018 alone, the number of projects in the space was 33. Comparing it to 2017, there were only 12 projects in that same period.
The executive director at Coin Center (a non-profit organization) – Jerry Brito – allegedly suggested that securities regulation is what pioneered the growth. Brito works with Reps. Darren Soto and Warren Davidson, and they are both known for their bullishness towards digital currencies. Earlier this year, Soto said that most digital currencies shouldn’t be regulated under the securities regulator of the country.
According to the report, Soto said that the Federal Trade Commission and the Commodities and Futures Trading Commission should be the ones to oversee digital currencies. He said this is a better option instead of the Securities and Exchange Commission to class cryptos as securities.
Blockchain Firms Encounter More Challenges When Deploying the Technology
According to reports, blockchain firms encounter more challenges when it comes to deploying the technology outside cryptos. Blockchain companies are still in their infant phases of winning partners in Congress, according to activist Dina Ellis Rochkind.
Izzy Klein also gave his remark regarding this. Klein is from Klein/Johnson Group – a Ripple-backed firm that lobbies for the Securing America’s Internet of Value Coalition. Izzy Klein said:
“I think that when you have new platforms and a new technology in older and more regulated spaces, you need a lot of legitimate boots and voices on the ground that you can get.”
Washington DC saw its first blockchain industry lobbying group last year. Technology startup Protocol Labs, crypto trading platform Coinbase, and also Digital Currency Group and Polychain Capital all formed the first group. According to reports, the Blockchain Association will represent investors and entrepreneurs that are engaged in projects based on the blockchain.
Blockchain technology can make the Congress a more transparent and efficient place, says Rep Kevin McCarthy. McCarthy is the present Republican Minority Leader in the US House of Representatives. In a statement, McCarthy said:
“Blockchain is revolutionizing and changing the security of the financial sector. Why do we have to wait around and why can’t be institute blockchain on our own, to be able to check the technology but also the transparency of our own legislative process?”
Bitcoin (BTC) Price Today – BTC / USD
Price 24H (%) 1.21%
At the time of writing, Bitcoin (BTC) is changing hands at $3,979 after a decrease of less than one percent over the past twenty-four hours. The current market cap of the digital currency is $70.04 billion. The trading volume of the digital currency over the past twenty-four hours is $6.35 billion.