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Ripple, the startup blockchain, is leading a new cryptocurrency lobby group called Securing America's Internet of Value Coalition.
Coindesk, citing a Business standard reports last week, reported that the companies behind the pressure group also include 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. Coindesk noted that most members of the new pressure group have ties to Ripple. Coindesk indicated Coil as an example. Its founder is Ripple's former chief technology officer. Meanwhile, Hard Yaka is developing a prepaid card that allows users to spend Ripple balances on the spot. The group's goal is to have an influence on the regulation of the cryptocurrency market and to influence politicians in Congress and government agencies as they "examine this new technology and struggle with a regulatory regime that needs to be updated to meet needs of this global financial transition, "said the group, according to Coindesk.
Ensuring the Internet of Value Coalition of America – or SAIV – will try to put pressure on a "vision of a fair and equitable Internet of Value", standard and consistent rules for all the main protocols, clarification of the rules of custody and "fair and equitable IRS rules for capital gains, assets and charitable contributions." SAIV will focus on working with legislators and government agencies in the United States. The group has hired the lobbying company Klein / Johnson Group to push its lawsuit, with the lobbying company paid $ 25,000 per month and 10,000 XRP, Ripple's cryptocurrency. Chris Larsen, Executive Chairman of Ripple, said in the report: "It gives them a certain advantage and gives them risks, and we hope they give them a taste of the industry in a way that hits home." The executive noted that lobbying for encryption problems is not easy, but there is a lot of interest in it.
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