It is common in different industries that large companies join forces and create so-called lobby groups. The purpose of these groups is often to influence politicians and make new laws and regulations in favor of the industry.
Now, several of the biggest crypto companies together have created Blockchain Association, the first lobby group for blockchain in Washington, The Washington Post reports.
Work against money laundering
Behind the lobby group are big crypto exchanges like Coinbase and Circle, but also crypto startups like Protocol Labs and Digital Currency Group.
According to Mike Lempres, Coinbase’s chief legal and risk officer, one of their goals is to work closely with legislators regarding new cryptocurrency tax legislation. Another goal is to create a policy for the whole industry on how to deal with KYC issues (know your customer) to counter money laundering.
“We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time”, says Mike Lempres to The Washington Post.
