Protocol Labs, the Digital Currency Group and Polychain Capital are also among the founders of the new lobby organization called the Blockchain Association.
Several top crypts in the United States, including Coinbase and Circle, have joined together to launch an advocacy group that aims to be the voice of digital money and blockchain companies, the Washington Post reported Tuesday. Called Blockchain Association, the new entity wants to represent cryptographic interests before US lawmakers and regulators.
Coinbase, one of the world's largest cryptocurrency bursaries, and Circle, a blockchain-based payment solution provider and now the owner of the Poloniex trading platform, have been joined by people like Digital Currency Group, which has interests in various encrypted assets, including the Bitpay virtual currency payment provider. The founding members also include the venture capital company Polychain and the technology startup Protocol Labs.
"The Blockchain Association is an effort to bring together the pre-eminent companies in space so that [policymakers] know that they are listening to companies that meet the regulations when it is appropriate, we are not companies trying to play the system, but we are looking for to develop a legal and regulatory system that will stand the test of time, "said Mike Lempres, Chief Legal Officer and Risk Officer of Coinbase, cited by the Washington Post.  Ex-Overstock's blockchain lobbyist, Kristin Smith, will take a leading role in the association by mapping his strategy. Smith was a key help for Olympia J. Snowe, the longtime former Republican Senator from Maine.
"I spent a lot of time doing most of the basic education work in this space [crypto] I am excited to focus exclusively on these issues."
Marvin Ammori, currently a counselor General of Protocol Labs, and the technology investor Josh Mendelsohn will also join the Blockchain Association, as per Political information. Mendelsohn is also the founder of Hangar, a company that offers technological solutions to the public sector
The launch of the Blockchain Association comes at a time of intense cryptographic scrutiny at the regulatory and political level in the United States. The Securities and Exchange Commission (SEC) issued several cease-and-desistances orders against alleged fraudulent schemes of virtual currencies, while Congress discussed the cryptic challenges in the special hearings .
The Blockchain Association is not the first encrypted lobby body. The Chamber of Digital Commerce was founded in 2014 with the goal of defending blockchain technology . The Digital Currency Group is also part of this organization.