New Crypto Coalition to Lobby Lawmakers, Partly Pay Up in XRP
Ripple and other San Francisco cryptocurrency players have teamed up to lobby Washington lawmakers into creating regulations that foster crypto enterprises. The new coalition has employed the Klein/Johnson Group, a bipartisan lobbying and public policy firm, and plans to pay part of the monthly retainer in XRP.
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Lobbying Congress for Friendly Crypto Regulations
The new association, dubbed as Securing America’s Internet of Value Coalition, is comprised of blockchain plays Ripple, PolySign, Hard Yaka, and Coil and has hired DC-based firm Klein/Johnson Group as their advocates. The firm will work on the coalition’s behalf to influence Congress into creating laws that support the budding crypto sector.
The primary goal of the group is to normalize the relationships between crypto firms and all government entities with purviews over the ecosystem, such as Congress, the Securities and Exchange Commission, and the Internal Revenue Service. The coalition invites regulation in the sector that does not inhibit growth.
The formation comes at a time when interest in the budding sector has been rising on Capitol Hill.
“We understand this is really complicated,” Ripple’s executive chairman Chris Larsen commented of the move. “And there is a lot of misinformation out there. The good news is there is a lot of interest in this topic in D.C.”
Lobbyist Set to Receive 10,000 XRP/ Month
To coordinate the lobbying efforts, the coalition intends on paying Klein/Johnson partially in digital currency.
Per the aforementioned Larsen, the coalition plans to cover the firm’s retainer with monthly payments of $25,000 USD and 10,000 XRP. Izzy Klein, the co-founder of Klein/Johnson, said the XRP will be disclosed in equivalent dollar valuations in the firm’s routine federal financial reports.
Larsen said the XRP will give the lobbyists a “taste of the industry in a way that hits home.”
The new coalition isn’t the first crypto-centric lobbying effort to actualize this year. This month, crypto powerhouses Coinbase, Polychain Capital, Digital Currency Group, and Circle teamed together to form the Blockchain Association, a Washington D.C-based lobbying group. The association is aimed at working with lawmakers on matters of taxation and anti-money laundering regulations in the sector.
Will lobbying Congress help the sector overall? Let us know your views in the comments section below.
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