Ripple is leading a number of organizations launching a pressure group at Washington D.C., Business Standard reported on Friday.
Nicknamed the Securing Internet of Value Coalition (SAIV) of America, the group includes, in addition to Ripple, the RippleWorks Foundation; Coil, a company that develops a solution for digital payments; Hard Yaka, an investment company that focuses on digital resources; and PolySign, a company that tries to be an encrypted custodian.
Most participants have connections to Ripple; For example, Coil was founded by Ripple former CTO Stefan Thomas and Hard Yaka worked on a prepaid card that allows users to spend Ripple sales in real time.
Together, startups hope to influence cryptographic regulation in an environment where "congressional policymakers and government agencies examine this new technology and struggle with a regulatory regime that needs to be updated to meet the needs of this global financial transition. ", SAIV press release says.
SAIV will aim to promote "a vision of a fair and equitable Internet of value", standard and consistent standards for all major protocols, clarifications on custody rules and "fair and equitable IRS rules for capital gains, assets and charitable contributions".
To this end, the coalition has hired lobbying company Klein / Johnson Group, a bipartisan lobby shop focusing on technology and financial services issues and boasting Oracle as one of its customers. Klein / Johnson was founded by former members of Senators John Cornyn and Chuck Schumer.
In particular, the company will receive $ 25,000 a month, plus 10,000 XRP – the open source cryptographic token from Ripple, worth $ 0.54 at the time of printing.
Paying token lobbyists gives a certain advantage, said Chris Larsen, executive president of Ripple, who continues:
"It gives them a certain profit margin and exposes them to risk, we hope it gives them a taste of the industry in a way that hits home."
He admitted that lobbying for issues related to encryption is not easy at the moment, but "there is a lot of interest in this topic in D.C."
PolySign's CEO, Jack McDonald, said in a statement that digital resources "will reach their full potential / adoption only when we reach a widespread education and understanding as well as an institutional level infrastructure in the industry".
SAIV will focus its efforts on working with US policy makers and government agencies "who can help us implement these initiatives," he explained.
As co-founder of Klein / Johnson Izzy Klein told Business Standard, the new coalition is planning to put pressure on the Congress and the Securities and Exchange Commission, the Internal Revenue Service and other agencies involved in regulating the crypt.
He also noted that his company will convert the XRP dollar price when it reveals payments on federal lobby forms.
United States Capitol Building, Washington D.C., image through Shutterstock