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Ripple is leading a number of organizations that are launching a lobby group in Washington DC, Business Standard announced Friday.
Called SAIV (Internet of Value Coalition), the group includes, besides Ripple, the RippleWorks foundation; Coil, a company developing a solution for digital payments; Hard Yaka, an investment firm specializing in digital assets; and PolySign, a company seeking to be a custodian of crypto.
Most participants have links to Ripple; For example, Coil was founded by former Ripple technical director Stefan Thomas and Hard Yaka worked on a prepaid card allowing users to spend Ripple balances in real time.
Together, startups hope to influence the regulation of cryptography in an environment where "congressional decision-makers and government agencies are examining this new technology and fighting a regulatory regime that needs to be updated to meet the needs of this global financial transition" . said.
SAIV will aim to promote "a vision of an Internet of fair and equitable value", standard and consistent rules for all major protocols, clarification of custodian rules and "fair and equitable IRS regulations for capital gains". , assets and charitable contributions ".
To this end, the coalition has hired the Klein / Johnson Group lobbying firm, a two-party lobby focused on technology and financial services issues, making Oracle one of its clients. Klein / Johnson was founded by former staff members Senators John Cornyn and Chuck Schumer.
Notably, the company will receive $ 25,000 a month, as well as 10,000 XRP, the open source crypto token related to Ripple worth $ 0.54 at the time of publication.
Paying lobbyists in chips provides a definite advantage, said Chris Larsen, executive chairman of Ripple, adding:
"This gives them an advantage and risks, I hope it will give them a taste of the industry in a way that strikes at home."
He admitted that lobbying for cryptography issues is not easy at the moment, but that "this topic is attracting a lot of interest".
PolySign CEO Jack McDonald said in a statement that digital assets "will only reach their full potential / adoption when we achieve widespread training and understanding as well as a level infrastructure." in the sector ".
SAIV will focus on working with US policymakers and government agencies "who can help us realize these initiatives," he said.
As Klein / Johnson co-founder Izzy Klein told Business Standard, the new coalition plans to put pressure on Congress as well as on the Securities and Exchange Commission, the Internal Revenue Service and other agencies involved in the regulation of cryptography.
He also said his company will convert the price of XRP into dollars when it will reveal payments on federal lobbying forms.
US Capitol Building, Washington, DC, image via Shutterstock
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