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 the Digital Currency cluster and Polychain Capital. This new lobbying organization is currently being set up in Washington, representing entrepreneurs and investors interested in the blockchain based projects.
The Blockchain Association formed would be representing several other corporations that look to within the regulatory protocols, primarily addressing policy problems and therefore the treatment of digital currencies as per by U.S. tax law.
However, the cluster would also be work closely with lawmakers on anti-money laundering schemes ‘AML’ along with the KYC policy development within the ecosystem. .
The Chief Legal and Risk Officer at Coinbase ‘Mike Lempres’, explaining more mentioned that:
“The Blockchain Association is an attempt to urge the greatest corporations within the ecosystem along with the policymakers. We’re not companies trying to game the system, however attempting to develop a legal and restrictive system that’ll stand the take would take a stand at the required test-time.”
Jerry Brito, administrator of the non-profit reaseach ‘Coin Center’, also stated that this increase of a purpose-specific trade cluster shows the maturing industry.
Earlier in July this year, Coinbase Exchange created its own political action committee ‘PAC’ to raise money on the U.S. elections. In the U.S., PAC’s are organizations that pool campaign contributions from members with similar policy and political goals and afterwards gift them to political campaigns for or against candidates, legislation, or ballot initiatives.