In a report published on September 28, the Business Standard revealed that a group of fintech firms led by Ripple are teaming up to lobby for crypto. What’s more, the group plans to pay their advocates partly in digital currency.
The group, which named itself Securing America’s Internet of Value Coalition (SAIV), counts as members the RippleWorks Foundation; Coil, a company developing a solution for digital payments; Hard Yaka, an investment firm focusing on digital assets; and PolySign, a company seeking to be a crypto custodian.
The firms announced that they are engaging the services of the Klein/Johnson Group, a bipartisan lobby group that focuses on technology and financial services issues.
Pushing For Crypto In The US Capital
The push for crypto comes as US Congress and the US Securities and Exchange Commission both try to find what federal rules would apply to cryptocurrencies and the blockchain that makes crypto tick. US officials are concerned about crypto’s volatility, a recent spate of fraudulent ICOs and the potential use of crypto in criminal and terrorist enterprises.
On the other side of the coin, fintech firms specializing in crypto are seeking government oversight that allows for innovation and won’t stifle competition on the global cryptocurrency markets. SAIV plans to lobby both Congress and the SEC, Izzy Klein, the Co-Founder of Klein/Johnson confirms.
SAIV also wants to promote its vision of a fair and equitable Internet of Value, standard and consistent rules for all major protocols, clarification of custodian rules and “fair and equitable IRS regulations for capital gains, assets, and charitable contributions.”
The lobbying group will be paid $25,000 a month, besides receiving 10,000 XRP, the open-source crypto from Ripple.
Ripple isn’t the only crypto firm lobbying Washington. Coinbase launched a Political Action Committee (PAC) in July of this year and several high-profile cryptocurrency-related firms and crypto-tech veterans banded together to form the Blockchain Association in September of this year.
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