Digital currency to be promoted by lobbying task force in DC

Digital currency to be promoted by lobbying task force in DC
Sep 13, 2018 by Rico Wise

In the course of the past couple of weeks, there was a decrease in the BTC value, which contrasted with 2017’s heights conquered by Bitcoin. Still, this did not obstruct the representatives of the cryptoindustry, who managed to launch a campaign aimed at federal legislators and policymakers.

Numerous well-known national digital currency firms and tech giants have joined their forces to set up an industry-lobbying task force dubbed the Blockchain Association, which is going to address the matters connected with blockchain innovations and cryptocurrencies directly connected to them. This association will be the first-ever representative crew in Washington to include both financiers and entrepreneurs using Bitcoin’s technologies for their businesses.

Renowned cryptoexchanges, such as Coinbase and Circle, also form the association as its founding participants, including tech projects like Protocol Labs and funds such as Polychain Capital.

The association intends to become the lobbying arm of the cryptoindustry in Washington, whenever it comes to regulatory matters, ensuring that cooperative dominant firms get a voice instead of exercising circumvention of the current legislation.

Firstly, the association aims to tackle the definition of digital currencies under the US tax legislation and explain the application of KYC/AML policies to the cryptoindustry.