There is still a lot of work to be done before cryptocurrencies gain full recognition in the United States. A new coalition of companies plans to move cryptocurrency and fintech regulation ahead. By partnering with seasoned veterans who will be partially paid in XRP, this new venture definitely attracts a lot of attention.
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Lobbyists and Cryptocurrency
An ongoing struggle is taking place among U.S. government officials. Tackling cryptocurrencies and blockchain has proven to be a monumental hurdle. No real progress is being made in terms of regulating either industry. The slow course of action by the IRS has especially drawn some flack in recent weeks. Ensuring politicians pick up the pace is direly needed at this stage.
To combat this problem, several cryptocurrency companies are banding together. Several money startups and Ripple are forming the Securing America’s Internet of Value Coalition. This coalition is retaining the Klein/Johnson Group who specializes in technology and financial services issues. All firms of the alliance want to push government oversight to the next level in a swift manner – as long as that level is friendly to the cryptocurrency and blockchain industries.
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One intriguing aspect is how the coalition will compensate Klein/Johnson for their support. A sum of $25,000 will be paid every single month. In addition, the lobbyists will receive 10,000 XRP. At current value, that is roughly $5,200 that will be paid in digital currency. The XRP value will be converted into U.S. dollars when disclosing payments on federal lobbying forms.
Seeking Clarification for XRP
One of the important problems is the U.S. government’s stance on XRP. The native asset of the Ripple ecosystem could perhaps be considered a security. If that is the case, the parent company may find itself in a fair bit of legal trouble. Until clarification is provided, the lobbyists will continue to seek answers accordingly. A resolution will put investors’ minds at ease as well.
The new coalition also seeks to improve the regulatory situation for fintech companies. Lobbyists will inquire about how the government plans to tackle this nascent industry. Innovation needs to be fostered while stifling government action needs to be avoided. The lobbyists will engage with the U.S. Congress, the SEC, and other entities to push their agenda.
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This new development comes at an opportune time for the cryptocurrency industry. Lackluster regulatory measures ensure there is too much confusion. The IRS has attempted to introduce guidelines for four years with no real progress to show for it. A recent crackdown by the SEC raises more questions than answers for a lot of companies. Lobbyists may play a key role in ensuring regulatory measures materialize.
Many companies in the cryptocurrency ecosystem are taking their views to Washington. A roundtable sponsored by Rep. Warren Davidson (R – OH) was recently held. Another group, the Blockchain Association, is also lobbying the federal government for friendly regulations to be passed.
Do you think these lobbying groups will be successful? Let us know in the comments below.
Images courtesy of Shutterstock.
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