Crypto venture capital firm Paradigm, Square, Fidelity Investments, and cryptocurrency exchange Coinbase have established a new cryptocurrency council to pressure lawmakers to support the rapidly growing crypto industry.
The goal of the newly formed trade group “The Crypto Council for Innovation” is to ensure that policy makers understand the importance of crypto innovation and develop favorable regulations that allow the industry to prosper.
“The Crypto Council for Innovation” aims to shape the way crypto assets are regulated and seeks to demonstrate the “transformative promise of crypto and communicate its benefits to legislators, regulators and individuals around the world.”
Fred Ehrsam, co-founder of investment firm Paradigm, told The Wall Street Journal that “cryptocurrency is at the main tipping point.”
He further added:
“It’s in its early stages, and just like the internet (it once was), it’s very fragile while it’s in that stage. It’s challenging because policy makers want to balance risk and reward, and even people who spend time in this space would have a hard time predicting where this will go in the next decade. It was very difficult to say where the Internet would go.
The council plans to assemble a board of representatives from each of the four initial members. The council will also create an executive team.
Cryptocurrencies that help the global economy
The formation of the crypto council comes at a time when the prices of various cryptocurrencies have risen, attracting the interest of major investors, as well as the brokers and banks that serve them. Earlier this year, Bitcoin’s total market capitalization jumped to $ 1 trillion for the first time.
Cryptocurrency is a new industry, as many people are still not selling to the future of the market. Crypto evangelists claim that crypto assets and blockchain technology have the ability to create jobs and extend financial services to consumers living anywhere in the world at little or no cost.
Cryptocurrencies have the potential to enable economic and social growth around the world, including in developing countries, by providing easier access to capital and financial services. Therefore, regulators and legislators around the world will play a prominent role in shaping the future of crypto assets.
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