NEW YORK—Leading cryptocurrency companies such as Coinbase, Circle, Protocol Labs, as well as investors in the field such as Digital Currency Group, Polychain Capital and others, are among the founding members of the new Blockchain Association.
“The formation is designated to be the first cryptocurrency lobbying group and it’s intended to charm federal lawmakers as well as regulators who’ve already expressed interest in the field,” according to Bitcoinist, which added the organization also aims to position itself as a voice for companies seeking to work within the political system instead of finding ways to circumvent it.
The group is expected to be initially focused on anti-money laundering and know-your-customer regulations, addressing the ways cryptocurrencies are currently treated under the existing U.S. tax legislation.
“The Blockchain Association is an effort to get the preeminent companies in the space together so [policymakers] know they’re hearing from companies that welcome regulation when it’s appropriate. […] 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,” said Mike Lempres, Chief legal and risk office at Coinbase, in the Bitcoinist report.