According to a recent Ripple [XRP] news updatereport by Bloomberg, the coalition of San-Francisco-based cryptocompaniesissupporting andpaying Klein/Johnsongroup, abipartisanlobbycluster,to helpthe upcoming crypto and blockchain community inlettingthe regulators support thenew innovations fromthe govt.
The newcluster,referred asthe Securing America’s Internet of ValueCoalition, aimsto softenthe govt’s stanceso asto encourage innovation and support competitionwithin thephaseof crypto markets world-wide.
The coalition,along withthe lobbycluster,would beraisingissueswith the Congressalong with theSecurities and Exchange Commission [SEC],the internalRevenue Service [IRS], and several other alternativeagencies that have relations to cryptocurrencies.
According to the preliminary agreement, the fintech lobbyclusterKlein/Johnsonwould bereportedly receiving around $25,000 USD per month along with thousand Ripple [XRP] from the coalition. Mentioning further Bloomberg reports,the corporateisconsidering toconvert the cryptocurrency intofiat currency [USD]by the time it discloses the payments on federal lobbying forms.
Along with Ripple,yetasfreelancefoundation RippleWorks, the coalitionwouldfeature digital payments firm Coil, crypto investment firmYaka, and PolySign, a startupthat’sset to launch a cryptoprotector.
As per the Executive chairman of Ripple ‘Chris Larsen’ :
“The company admits that the matter is “reallysophisticated,”because of a greatdeal of “misinformation,”there’sstill aheapof interestduring thistopic within the D.C.”
The companies’ lobbying move follows to gain the attention of Congress andalternativeagenciesjust like theSEC towards cryptocurrencies. Yesterday,a bunchof Congress lawmakers sent a letter to the SEC, urging the regulatorsto produceadditionalclarity inrelevancy ofcryptocurrencies. Specifically, the lawmakers have reportedlyrequestedthe SECto verifywhether or notdigital tokenswill beknownas securities or not.
Recently on 26th Sept., the U.S. House of Representatives passed a billto ascertaina crypto task force to combat terrorist use of cryptocurrencies.
Earlier in June, SEC chairman Jay Clayton claimed that major cryptocurrency Bitcoin [BTC] isn’ta securitydue to itsfunctionas a replacement for sovereign currencies. Aroundper weeklater, a senior SEC official claimed thatanother most popularaltcoin Ethereum [ETH]would also benot regulated as a security,whereasEthereum co-founder hasantecedentlydenied that ETH was ever a security.
Concerning Ripple, in April, the company’s chiefstrategist‘Corey Johnson’expressedthat Ripple is hundred percent clear and not a security since itdoesn’tmeet the standards of what a “securityrelieson the history of court law.”