A group of reputable cryptocurrency companies called for help from the Klein / Johnson group to help lobby Congress to encourage legislators to clarify specific cryptocurrency regulations. Klein / Johnson has previously represented well-known global customers such as the American multinational Oracle, as well as the retail company CVS Health.
The companies formed a coalition called the "Protection of the Internet of Value Coalition" of America. The coalition includes companies like Coil, created by Stefan Thomas, former CTO of Ripple, which aims to enter the micropayment space and Polysign, a startup that seeks to dominate the cryptocurrency industry. However, the clear leader of the group is the Ripple digital money transfer company. Ripple's CEO, Chris Larsen, explained that while the problems were complicated, "there is a lot of interest in the D.C." on the topic in general.
The coalition hopes to explain to policymakers that cryptocurrencies like Ripple have the ability to make payments more efficient than ever before, allowing them to be instantaneous in cases where they would otherwise take days to settle. Ripple has already collaborated with major money transfer companies as well as with respected banks.
The coalition has agreed to pay not only Klein / Johnson $ 25,000 a month, but an additional 10,000 XRP per month, which according to data from CryptoCompare is worth $ 5,732 at the time of printing. Larsen believes that this contributes to giving the company a bit of "skin in the game" and will help "give them a taste of the industry". Klein said he plans to convert XRP into dollars for short-term tax purposes.
The SEC has already established that Bitcoin and Ether are not securities, and therefore are not subject to any SEC rules – but they have not made any significant decisions when it comes to Ripple. It is understood that Klein / Johnson will help to ensure that fintech companies can innovate significantly while complying with clear rules that legislators will eventually make.