According to a local news source ‘The Washington Post,’ the new blockchain association would be comprising industry leaders like the famous digital exchange ‘Coinbase’, technology startup Protocol Labs,along with theDigital Currencyclusterand Polychain Capital. This new lobbying organizationis currently being set up in Washington, representing entrepreneurs and investors interested in the blockchain based projects.
The Blockchain Association formed would berepresenting several othercorporationsthat lookto within the regulatory protocols, primarily addressing policyproblemsand therefore thetreatment of digital currencies as per by U.S. tax law.
However, theclusterwould also bework closely with lawmakers on anti-moneylaundering schemes‘AML’ along with the KYC policy developmentwithin the ecosystem. .
The Chief Legal and Risk Officer at Coinbase ‘Mike Lempres’, explaining more mentioned that:
“The Blockchain Association isan attemptto urgethegreatestcorporationswithin theecosystemalongwith the policymakers. We’re notcompaniestryingto game the system,howeverattemptingto develop a legal andrestrictive system that’ll stand thetake would take a stand at the required test-time.”
Jerry Brito,administratorof the non-profitreaseach‘Coin Center’, also stated thatthis increaseof a purpose-specific tradeclustershows the maturing industry.
Earlier in July this year, Coinbase Exchange created its own political action committee ‘PAC’to raisemoneyon the U.S. elections. In the U.S., PAC’sareorganizations that pool campaign contributions from members with similar policy and political goals andafterwardsgiftthem to political campaigns for or against candidates, legislation, or ballot initiatives.