As lawmakers are trying to figure out how to govern and regulate the use of blockchain and cryptocurrency technology, a group of heavy hitters in the cryptospace are collaborating to create the first cryptocurrency/blockchain lobbying group.
The association intends to create an environment that accepts innovation to meet the growing global demand for more transparent and democratic financial and technical systems.
To this end, the Blockchain Association plans to educate lawmakers about what blockchain and cryptocurrency technology is, how it works, and the benefit it can bring to the American public. The new group also wishes to promote collaboration between community and industry leaders.
The Blockchain Associating posits that the decisions made by lawmakers now will affect the industry for years to come. In the announcement the Blockchain Association stated:
"We'll advocate for our community and the opportunities presented by our technologies and encourage regulatory solutions that protect consumers and support innovation. We seek policies that support the creation and use of digital tokens and assets, and capital formation and trading through robust exchanges."
The group also believes that existing legal frameworks fail to identify which business practices are harmful to consumers and which act in their favor.
According to the announcement, the association is accepting recommendations and applications and will be rolling out an inclusive membership framework soon. Kristin McKenzie Smith, who will act as the association's director of external affairs, is reportedly the lobbying group's first hire.
The effect the Blockchain Association will have on laws and policies is still to be seen, but with the denial of various cryptocurrency backed Exchange Traded Funds (ETF) by the US Securities and Exchange Commission (SEC), and a number of cryptocurrency and ICO-related court cases, it seems that lawmakers are hesitant to accept cryptocurrency into the US financial industry. Some blame the declining price of Ether and other cryptocurrencies on these rulings. Perhaps the Blockchain Association will be able to help politicians become more knowledgeable and confident in the emerging technology.