Ripple, RippleWorks Foundation, Coil, Hard Yaka and PolySign are leading their lobbying campaigns in Washington DC to create laws favorable to the development of blockchain and crypt. Under the banner Securing America's Internet of Value Coalition (SAIV), the coalition wants to influence regulation in nascent cryptographic space now that the environment is constantly evolving and updates need to be made for a "global financial transition "uniform. SAIV is thrilled to be working with US policymakers who can help them achieve their overall goal as they begin to pressure Congress, the SEC and even the IRS.
Ripple Heads Lobby Group
While Ripple is leading the lobby, most of the Fintech companies that are part of lobbying are associated with Ripple. The coil, for example, was formed by the former Chief Technical Officer CTO. His company uses the InterLedger protocol and wants to transfer XRP from a transaction tool to an exchange medium such as fiat or other cryptocurrencies like Bitcoin or Litecoin. RippleWorks is a non-profit group with experience in health care, education among many other social causes. And it's true RippleWorks that Ripple, the company continues to donate millions of dollars in educational grants that help in innovation and mass adoption. Duro Yaka on the other hand is an investment fund passionate about the blockchain space.
The main objective of SAIV will be to see the creation of laws or regulations that see the consistency of the rules that guide the main protocols, a fair and equitable Internet of Value standard and IRS regulations. In the United States, cryptocurrencies are considered commodities and subject to capital gains tax. Coin holders must submit their tax return every year. To achieve their goal, SAIV hired the Klein / Johnson Group, a bi-partisan pressure group representing Oracle. The lobby of the Klein / Johnson group for the causes that support fair regulation that oversees technology and the development of financial services. The group will receive XRP 10,000 and $ 25,000 per month for their services.
In a statement, PolySign's CEO, Jack McDonald, said:
"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."