Ripple Is Heading The Crypto Coalition Demanding Government Oversight To Support Crypto and Blockchain
Ripple will head a so-called crypto coalition, consisting of cryptocurrency- and blockchain-based companies, to make the US government support crypto and blockchain, as reported by Bloomberg earlier this week.
As Bloomberg reported, the crypto coalition, formed by San Francisco-based startups, plans to hire the Klein/Johnson Group lobby group to make the US government understand that the crypto and blockchain industry need official support form regulators.
This new alliance, dubbed as Securing America’s Internet of Value Coalition, has the purpose of softening the government’s negative view on cryptos and starting encouraging support for digital assets in the ecosystem of global crypto markets.
As reported by Cointelegraph, this crypto coalition and the Klein/Johnson Group lobby group would debate the issue regarding the cryptocurrency industry before the US Congress, the SEC, the Internal Revenue Service (IRS), and other institutions that relate with cryptocurrencies.
According to the official press release, the lobby group Klein/Johnson would get about $25,000 per month and 10,000 XRP (XRP) from the crypto coalition.
Crypto coalition, led by Ripple, tries making the US government support crypto and blockchain
Besides Ripple and its subsidiary RippleWorks, this new crypto coalition is also helped by the digital payments firm Coil, crypto investment company Yaka, and PolySign, a startup that is set to launch a crypto custodian, as reported by Cointelegraph.
The executive chairman of Ripple, Chris Larsen, stated that, despite the fact that governments have a clear stance against the cryptocurrencies, there is still an increased interest in this matter in DC.
The crypto coalition’s lobbying move aims to increase the attention of the US Congress and official agencies and institutions, including the SEC, towards crypto and blockchain. This initiative comes at the right time, though, as just yesterday the US Congress sent a letter to the US SEC, demanding for more clarity regarding cryptocurrencies.
Larsen co-founded Ripple in 2012 and now fulfils the role of Executive Chairman. A long-standing advocate for financial privacy and education, Larsen and the Ripple Foundation gifted $25 million to San Francisco State University in April 2019.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.