Crypto Coalition Led By Ripple Is Marching to DC

By Sumedha Bose

Crypto startups are looking for better regulations and more encouragement for blockchain and cryptocurrency. A group of them, led by Ripple, went to lawmakers and financial regulators in Washington D.C. on Thursday, September 27 to see if their demands could be met.

All of these crypto firms are based out in San-Francisco. They are planning to hire Klein/Johnson Group, which is a bipartisan lobby group, to get their demands conveyed to the lawmakers and regulators.

The government has maintained a strict check on crypto and this new group, which goes by the name of Securing America’s Internet of Value Coalition, wishes to get the government to loosen some of the strict regulations that are in place. Primarily this is being done so that new innovation and growth cannot be stifled in the American crypto space.

This colaition will go to the Congress, the Securities and Exchange Commission (SEC), and the Internal Revenue Service (IRS).

The coalition plans to pay Klein/Johnson around $25,000 a month and 10,000 in Ripple (XRP).

Chris Larsen, executive chairman of Ripple, has admitted that the situation at hand is quite complicated but also that DC is showing a lot of interest in this new coalition and taking it seriously,

With the recent letter that the SEC sent to the Congress lawmakers in regards to more clarity in crypto regulations, it is quite evident that the interest in crypto is growing gradually.

The US Congressional Committee had concluded after a hearing that terrorists do not have much use for crypto. Soon after though, the U.S. House of Representatives had passed a bill to form a crypto task force to combat use of cryptocurrencies for terrorism..

 

Sumedha Bose

Sumedha uses words as her crutch to get by in life. She takes a keen interest in debating, dancing and destroying the patriarchy in her free time. She can be contacted at [email protected].

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