Major Crypto Companies Form DC Lobbying Group

A number of major cryptocurrency firms are forming the Blockchain Association to lobby Washington, D.C. lawmakers on regulations in the space.

AccessTimeIconSep 11, 2018 at 9:05 p.m. UTC
Updated Aug 18, 2021 at 9:49 p.m. UTC

Presented By Icon

Election 2024 coverage presented by

Stand with crypto

A number of blockchain funds, exchanges and startups plan to lobby Washington, D.C. lawmakers with the new Blockchain Association.

The Washington Post reported Tuesday that this new organization would focus on both education and legal changes as part of an effort to normalize relations between crypto startups and lawmakers. Coinbase, Circle, Digital Currency Group, Polychain Capital and Protocol Labs are among the association's founding members.

  • Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
    13:18
    Bitcoin Mining in the U.S. Will Become 'a Lot More Decentralized': Core Scientific CEO
  • Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
    05:10
    Binance to Discontinue Its Nigerian Naira Services After Government Scrutiny
  • The first video of the year 2024
    04:07
    The first video of the year 2024
  • The last regression video of the year 3.67.0
    40:07
    The last regression video of the year 3.67.0
  • One of the association's first employees is former Senate aide and Overstock.com blockchain lobbyist named Kristin Smith. She told the Post that she would "guide" the organization as it starts out, 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."

    Further, Politico reported that Protocol Labs general counsel Marvin Ammori and Hangar founder Josh Mendelsohn will advise the group.

    Coinbase chief legal and risk officer Mike Lempres told the Washington Post that the organization would bring companies together to advocate for reasonable regulation, 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 specifically focus on tax law and how know-your-customer/anti-money laundering rules relate to crypto exchanges and startups, at least at the beginning, according to the report.

    Coin Center's executive director, Jerry Brito, told the Post that the think tank was "happy to see this organization stand up.

    "It's good to have more voices advocating for things we agree about," regarding the cryptocurrency space, he said.

    Capitol Hill image via Shutterstock

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. CoinDesk has adopted a set of principles aimed at ensuring the integrity, editorial independence and freedom from bias of its publications. CoinDesk is part of the Bullish group, which owns and invests in digital asset businesses and digital assets. CoinDesk employees, including journalists, may receive Bullish group equity-based compensation. Bullish was incubated by technology investor Block.one.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.