The cryptocurrency industry opens the lobbying company to sell DC on blockchain

  A visual representation of digital cryptocurrency

The cryptocurrency industry has created a lobbying company in the US capital.

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The cryptocurrency sector is becoming political.

The Blockchain Association was launched Tuesday in Washington, DC and will serve as the "unified voice of the blockchain ecosystem". It is essentially a lobbying company for digital currencies and other blockchain-based technologies.

"Innovation moves faster than policies and we have seen many blockchain frameworks with great potential that do not fit perfectly with existing regulatory and regulatory frameworks," the company said in a blog post. . "The unique characteristics of the token economy require an advanced environment that supports our members."

Cryptocurrencies, such as bitcoin and Ethereum, have become a billion-dollar industry worldwide, according to Coin Market Cap. Blockchain is the fundamental technology that powers these digital currencies. Cryptocurrencies are not widely used for the purchase of consumer goods, but function as investment vehicles and wealth stores.

The Blockchain Association said it wants to help legislators and officials manage blockchain issues, including cyber security, consumer protection and regulation [19659005] The federal government has already addressed issues related to cryptocurrency.

In December, the US Securities and Exchange Commission filed a lawsuit that accuses PlexCorps of executing a "real computer scam" through which the company would use $ 15 million of investors for personal expenses, including 39; home furnishings. PlexCorps denies the allegations. In June, a hacker stole $ 31.6 million of cryptocurrency from South Korea's Bithumb. The authorities also warned scammers using images of celebrities and elegant addresses to convince consumers to invest in cryptocurrency.

The founding members of the Blockchain Association include Coinbase, Labs Protocol, Circle, Digital Currency Group and Polychain Capital. The company is still hiring staff and will develop a membership system for the rest of the industry in the coming months. Companies that want to join will pay a commission based on their development phase.

Coinbase, Circle, Digital Currency Group and Polychain Capital did not respond immediately to requests for comment.

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