That’s the way to do it! They say that regulations are coming. Three big names in the Bitcoin space have joined forces to form a trade group to serve as the industry’s voice in championing digital currencies.
Fidelity, Square, and Coinbase are the ones that have formed this council to lobby policy makers. They are joined by several other financial firms in this new organization to shape the way Bitcoin and other cryptocurrencies are regulated.
Crypto investor Paradigm also signed on as initial members of this group.
The organization is known as the Crypto Council for Innovation will lobby, take up research projects, and serve as the voice of the burgeoning industry to champion the economic benefits of digital currencies and related technologies.
Fred Ehrsam, co-founder of Paradigm and former Coinbase president:
“Crypto is at a mainstream inflection point. It’s in its very early stages and, much like the internet (once was), it’s very fragile while it’s in that stage.”
Details in the announcement press release.
But as noted, the launch of this council comes as prices of many digital assets have surged. Earlier this year, the most popular cryptocurrency, Bitcoin, touched $1 trillion in total market valuation for the first time. This is drawing in new mainstream investors, as well as banks and brokers that serve them.
Still, the future of the market remains far from settled.
While blockchain and cryptocurrency advocates say that the technologies have the potential to create jobs and extend financial services to consumers everywhere, at little to no cost. But it is clear that policy makers and regulators around the world will play a critical role in shaping the path forward.
And the truth of it is, entities like the Crypto Council for Innovation are the need of the hour.
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