Blockchain Association is a lobbying group formed to be the voice of blockchain technology investors and entrepreneurs on Capitol Hill in Washington.
This group is said to be spearheaded by companies and investors such as Coinbase, Circle, Digital Currency Group, Polychain Capital, and the tech start-up Protocol Labs.
This group intends to expound on how KYC and AML (anti-money-laundering) policies are applicable to the budding industry. Furthermore, the group will tackle with how digital currencies and the US tax law correlate with each other.
Since Bitcoin’s and other altcoin’s popularity grew, many issues have been heightened. Among these issues are financial regulation and consumer protection. The Blockchain Association pledges to work closely with lawmakers to champion the crypto community and the opportunities that come with the technology.
Mike Lempres, chief legal and risk officer of Coinbase, has explained the Blockchain Association is not trying to game the system. Instead, they are endeavoring to work out an enduring legal and regulatory system.
Marvin Ammori from Protocol Labs and Josh Mendelsohn from Hangar will function as advisors to the group. Kristin Smith, previous aide to ex-senator Olympia J. Snowe (R-Maine), is the lobbying group’s first hire. She will be in charge of strategic planning. She has expressed her excitement to concentrate on the topic of blockchain.