Coinbase and Square, major stakeholders in the crypto space, have formed an alliance to better relate with policymakers and regulators on the subject of crypto regulations. The Crypto Council for Innovation is looking to lead the charge for sensible cryptocurrency regulations around the world.
The alliance is joined by other major players in the crypto space for example Fidelity Digital Assets and Paradigm, the Crypto-focused investment firm.
The partnered group aims to facilitate constructive dialogue with governments and regulatory agencies about the benefits of cryptocurrencies, according to the details published on the group’s website.
An excerpt from the CCI’s website reads:
According to the CCI, fact, and perception are separable due to effective communication with regulatory stakeholders, as far as cryptocurrencies are concerned.
Back in February, United States Treasury Secretary Janet Yellen declared that cryptocurrencies were being increasingly used for criminal activities.
Yellen is not alone in such assertions despite existing research showing that the criminal share of global cryptocurrency commerce is less than 1%.
According to the CCI is the latest crypto-focused lobbying effort to emerge, with groups like the Blockchain Association and Coin Center also working toward sensible cryptocurrency regulations.
Indeed, anti-crypto rhetorics espoused by regulators around the world often echo misrepresentations about the crypto industry. The company is currently fighting a securities violation lawsuit brought against the firm by the U.S. Securities and Exchange Commission.
In India, a coalition of industry proponents under the aegis of the Internet and Mobile Association of India, or IAMAI, led the charge against the central bank ban of 2018, leading to a reversal of the decree by the Supreme Court in March 2020.