The blockchain lobby in the US is growing rapidly. Since 2017, the number of crypto-technology lobby companies in Washington DC has tripled. Already last fall, there were attacks by some prominent companies, including Ripple and Coinbase, to form interest groups in the US capital. In particular, it is important to increase the influence on decisions of the SEC.
According to a March 18 report by Political media Politico, the number of cryptocurrency and blockchain lobbying companies in Washington tripled from a dozen in 2017 to 33 in the final quarter of 2018.
The aim of the crypto-lobbyists is to make the legal measures to regulate the young Bitcoin ecosystem through expert knowledge and networking as favorable as possible for the companies in the industry. Stakeholders always emphasize that they welcome regulation per se and are against evading the legal system. Therefore, they want to develop a legal framework for blockchain technology that can be sustainable and efficient.
Crypto Lobbies: External Networking
The non-profit organization Coin Center is working with Warren Davidson and Darren Soto. Both belong to the Congressional Blockchain Committee. One of the most important questions to ask is which digital currencies are classified as securities.
The Securities and Exchange Commission (SEC) and Internal Revenue Service (IRS) tax authorities are particularly in the spotlight of US lobbying.
The lobbies are also working to raise awareness of Bitcoin, Blockchain & Co.’s US policy. Since blockchain technology is still regarded as a niche topic in some places, it is necessary to “get as many voices and as much ground as possible for new technologies that spread in older and highly regulated spheres,” says Izzy Klein. Klein is working with her company Klein / Johnson Group for Securing America’s Internet of Value Coalition.
Securing America’s Internet of Value Coalition was co-sponsored by industry giant Ripple in September 2018 (BTC-ECHO reported). This lobby organization works with experts and policy makers to push for better laws in the blockchain field.
The Blockchain Association, which includes representatives from Coinbase and Circle, is also committed to adapting crypto technologies to US legislation, such as tax and consumer law.
The increased activity of lobby groups in the blockchain sector points to an increasing professionalization of the bitcoin industry. Joining forces and both intellectual and financial, the crypto-ecosystem in the US counteracts emerging legislation.