Kraken has made a donation of USD 100,000 to the Coin Center. a cryptocurrency advocacy group based in Washington, D.C.
On a Crypto Exchange blog today, Kraken said he donated the funds to advance the work of the coin center in educating regulators about digital assets, as well as promoting the rights of cryptocurrency users. The exchange said the advocacy group had been “an avant-garde in challenging policies such as the proposed STABLE bill and the recent hasty rulemaking by the Financial Crimes Enforcement Network.”
“At a time when the misinformation about this new technology remains high, we urge all industry leaders to join us in funding this important work,” said Kraken Editor-General Pete Rizzo.
Grayscale Investments donated $ 1 million to the Coin Center last week and stated its intention to increase donations to an additional $ 1 million by the end of February.. The digital asset manager said at the time that it supported the coin center’s efforts to correct “issues with the proposed rule-making” through the Financial Crimes Enforcement Network (FinCEN).
Last month, US lawmakers introduced the STABLE Act to Congress, a bill that could require blanket regulation of all stable coins. Then, FinCEN has come up with a proposal to discourage money service providers, including US-registered cryptocurrency exchanges, from handling wallets with self-custody. Both movements have been criticized by many in the crypto community.
The Coin Center, a research and advocacy group focused on advancing public policy issues related to cryptocurrencies and blockchain, says its mission is to “promote a regulatory climate that allows freedom to innovate with permissionless Blockchain Technologies Preserved “.. The think tank has already made two comments in response to the wallet rule proposed by FinCEN.
Neeraj Agrawal, the Mint Center’s communications director, told Cointelegraph last week that the group intends to focus on promoting financial privacy and “more sensible taxation” in 2021.