Senior employees at Coinbase and Ripple formed a working group that is going to advise US authorities on crypto-friendly policies. However, crypto businesses might have to operate under state-by-state regulations following congress preparation for the upcoming elections.
The Blockchain Association spearheaded the working group and called it Market Integrity Working Group. Breanne Madigan – Ripple head of global marketing and Rachel Nelson – a senior director and associate general counsel at Coinbase; will both co-chair the working group. The two are Wall Street veterans, for instance, Nelson has spent five years at JP Morgan.
Madigan has spent fifteen years at Goldman Sachs. Graham Newhall told the press that the working group will be under the umbrella of the blockchain association. Newhall, who is the communications advisor of the blockchain association said that:
“It is one of several such groups we’ve commissioned to work on specific issues relevant to the crypto economy.”
Meanwhile, this is not the first working group that the blockchain association is launching. The advocacy group has launched several working groups on; stablecoins, security laws, custody, proof of stake networks and industries related to blockchain. In fact, Rachel Nelson also co-chaired the proof of stake network working group. Well, the working groups are only a vehicle towards maximizing the expertise of association member firms.
Co-Chairs Depend on Company/Individual Expertise
Newhall explained that members of the association chose co-heads of the Market Integrity Working Group; depending on individual and company interest or specialization on a given subject. The blockchain association comprises 22 members, including Kraken, Ripple, Coinbase, Circle among others.
Nelson and Madigan are drafting provisions on how favorable public policies could stimulate the industry. The Market Integrity Working Group will have a particular focus on providing consumers with the confidence they deserve by pushing for integrity.