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Report Finds The Number Of Blockchain And Cryptocurrency Lobbies Raised By Thrice In 2018

BFSI News

Report_Finds-The-Number-Of-Blockchain-And-Cryptocurrency-Lobbies-Raised-By-Thrice-In-2018 Report Finds The Number Of Blockchain And Cryptocurrency Lobbies Raised By Thrice In 2018According to the reports, the number of lobbies working on Blockchain technology issues in Washington D.C. tripled last year. It was reported that the number of entities lobbying on digital currencies and Blockchain surprisingly grew almost thrice throughout the past year, and reached 33 projects in the Q4 of 2018 compared to 12 in the same period of 2017. Executive Director at the non-profit organization Coin Center, Jerry Brito who works with Representatives Warren Davidson (R-Ohio) and Darren Soto (D-Fla.), purportedly recommended that the growth is driven by securities regulation.

Back in January this year, Darren Soto said that most Cryptocurrencies should not be regulated under the country’s securities regulator. He further noted that Crypto should be overseen by the Commodities and Futures Trading Commission and Federal Trade Commission, rather than classed as securities under the Securities and Exchange Commission’s charge. When it comes to deployment of Blockchain outside digital currencies, Blockchain-driven businesses reportedly face more complexity.  In the same line, lobbyist Dina Ellis Rochkind pointed out that Blockchain firms are still in the early stages of winning allies in Congress. On the other side, Izzy Klein from Ripple-backed Klein/Johnson Group, which lobbies for the Securing America’s Internet of Value Coalition, thinks that when you have new technology and new platforms in older and heavily regulated spaces, you need as many legitimate voices and boots on the ground that you can get.

In the year 2018, key industry players like Crypto exchange Coinbase, tech startup Protocol Labs, in addition to the Digital Currency Group and Polychain Capital, formed the first lobbying group to represent the Blockchain industry in Washington D.C. As per the reports, the Blockchain Association will represent entrepreneurs and investors who are engaged in Blockchain-based projects.