Crypto firms create US Blockchain Association

Crypto firms create US Blockchain Association. The initiative comes as part of an effort to stabilize and maintain relations between cryptocurrency startups and lawmakers. 

12 September, AtoZ Markets In the latest news, a joint effort from a number of Blockchain exchanges, funds, and startups considers to lobby Washington lawmakers with the new Blockchain Association. 

Crypto firms create US Blockchain Association

According to the local media reports in the US, the new organization would primarily focus on legal changes and education concerning this nascent technology sector. The initiative comes as part of an effort to stabilize and maintain relations between cryptocurrency startups and lawmakers. Some of the founding members of the association include Coinbase, Circle, Digital Currency Group, Polychain Capital and Protocol Labs.

One of the first employees of the new organization is an ex-Senate aide and Blockchain lobbyist Kristin Smith. She has stated that she will be responsible for guiding the organization as it makes its first steps. She has been quoted as saying:

“I’ve been spending a lot of time doing a lot of the basic education work in this space … I’m excited to focus exclusively on these issues.”

Moreover, some other online media outlets reported that Protocol Labs’ general counsel Marvin Ammori and Hangar founder Josh Mendelsohn will be advising the group.

The chief legal and risk officer at Coinbase, Mike Lempres, has stated that the organization would bring companies together to promote and call for reasonable regulation. He has been quoted as saying:

“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.”

The Blockchain Association will focus on tax law and the way know-your-customer and anti-money laundering rules relate to crypto exchanges and startups. 

The executive director of the Coin Center, Jerry Brito, has stated that the think tank was “happy to see this organization stand up.” He has reportedly added:

“It’s good to have more voices advocating for things we agree about.”

California Blockchain Group

Earlier this August, AtoZ Markets reported that California was set to soon create a working group for analysis of the potential benefits of Blockchain for the state. The authorities are especially interested in how it is best to update the state’s laws to make good use of this technology.

California bill 2658 has been initially introduced this February. The bill has originally recognized “a record that is secured through blockchain technology is an electronic record.” Yet, the final version of the bill now directs the Secretary of the Government Operations Agency to create a Blockchain working group to examine the technology. 

It also states that “for the purpose of this chapter, ‘blockchain’ means a mathematically secured, chronological, and decentralized ledger or database.” Reportedly, this definition is temporary and will expire by January 2022. 

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