A dedicated group of largely US-based blockchain & cryptocurrency companies have just officially announced they will form the ‘Blockchain Association’, the first US-based blockchain lobbying group representing the industry in Washington D.C., according to the Washington Post as reported September 11.

The Blockchain Association is comprised of industry leaders such as crypto exchange Coinbase, technology startup Protocol Labs, as well as the Digital Currency Group and Polychain Capital. The lobbying organization will reportedly be located in Washington, representing entrepreneurs and investors who are engaged in blockchain-powered projects. [1]

The lobby group will work closely with US lawmakers on important compliance issues such as Anti-Money Laundering (AML) and Know Your Customer (KYC) policy developments within the crypto space. Coinbase’s Chief Legal and Risk Officer, Mike Lempres, explains:

“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.” [2]

Coinbase had, in July 2018, created its own Political Action Committee (PAC) to enable it to legally raise money with the intention of spending it on U.S. elections via donating to political campaigns for or against candidates, legislation, or ballot initiatives.

Having a greater collective voice in Washington is a step in the right direction towards fostering a more progressive crypto-friendly lawmaking environment in the capitol.

Written by blockrev, September 12th 2018. Sources [1] Cointelegraph: Crypto Industry Leaders Establish Washington-Based Lobby Group By Ana Alexandre - https://cointelegraph.com/news/crypto-industry-leaders-establish-washington-based-lobby-group [2] Washington Post - Get ready for Big Bitcoin: Cryptocurrency industry opens a D.C. lobbying arm - By Brian Fung https://www.washingtonpost.com/technology/2018/09/11/get-ready-big-bitcoin-cryptocurrency-industry-opens-dc-lobbying-arm/
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