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Ripple will lead a group of cryptographic startups to pressure DC's lawmakers and financial regulators to support crypto and blockchain innovation, Bloomberg reported on Thursday (September 27th).
According to the report, the San Francisco cryptographic coalition plans to pay a two-party lobby group, the Klein / Johnson Group, to assist the cryptos and blockchains community in informing regulators that the industry needs government support.
The new group, called the Securing America Value Internet Coalition, aims to ease the government's position to encourage innovation and compete in the global cryptographic market ecosystem.
The coalition, together with the pressure group, will raise issues with Congress, as well as the Securities and Exchange Commission (SEC), the Internal Revenue Service (IRS) and other agencies with relations with the United States. cryptomonnaies.
According to the preliminary agreement, the Fintech Klein / Johnson lobby would receive about $ 25,000 a month and 10,000 Ripple (XRP) from the coalition. As Bloomberg reports, the company plans to convert cryptocurrency into dollars before disclosing payments on federal lobbying forms.
In addition to Ripple, as well as the independent RippleWorks Foundation, the coalition will also rely on digital payment company Coil, the Yaka cryptographic investment company, and PolySign, a start-up that will launch a crypto depository.
Chris Larsen, executive chairman of Ripple, said that if the company admits that the issue is "really complicated" because of many "false information," there remains "a lot of interest in this subject in D.C."
The corporate lobbying movement follows the growing attention of the Congress and other agencies such as the SEC for cryptocurrencies. Yesterday, a group of congressional legislators sent a letter to the SEC, urging regulators to provide more clarity regarding cryptocurrencies. Specifically, legislators have asked the SEC to confirm whether digital tokens can be identified or not.
On September 26, the US House of Representatives passed a bill to create a cryptographic working group to combat the use of crypto-currencies by terrorists.
In June, SEC chairman Jay Clayton said the cryptocurrency-based Bitcoin (CTC) was not a security because of its replacement function for sovereign currencies. About a week later, a senior SEC official claimed that the best Ethereum altcoin (ETH) would not be regulated as a security, while the Ethereum co-founder has previously denied that ETH has ever been a security .
As for Ripple, in April, Corey Johnson, the company's chief market strategist, said Ripple was "100% clear" and not a security because it did not meet safety standards.
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