The main players in the cryptocurrency scene, such as Coinbase and square, have formed an alliance to better work with lawmakers and regulators on the issue of crypto regulation. They are joined by other important players in the cryptocurrency scene, such as: Fidelity digital assets and the cryptocurrency-focused investment company, paradigm.
Nickname of the Crypto Council for Innovation, The ITC aims to facilitate a constructive dialogue with governments and regulators about the benefits of cryptocurrenciesaccording to the details published on the group’s website.
An excerpt from the ICC website reads:
“CCI supports governments and institutions around the world in their efforts to design and promote responsible regulation of cryptocurrencies in such a way that potential is unleashed and life is improved.”
According to the ICC Effective communication with regulatory stakeholders will help separate “facts from perception” when it comes to cryptocurrencies.
Actually, The anti-crypto rhetoric advocated by regulators around the world often reflects misrepresentations from the cryptocurrency industry. In February the US Treasury Secretary Janet Yellen, stated that cryptocurrencies are increasingly being used for criminal activities.
Even so, Yellen is not alone in making such claims Existing research shows that criminal participation in global trading in cryptocurrencies is less than 1%.
The Chamber of Industry and Commerce is the latest lobbying work aimed at cryptocurrency, with groups such as Blockchain Association and Coin center who are also working to achieve sensitive cryptocurrency regulations.
As Cointelegraph previously reported, Ripple spent most of its money lobbying in the US in 2020. The company is currently battling a security infringement lawsuit filed against the company by the US Securities and Exchange Commission.
Cryptocurrency lobbyists have had some success fighting tough laws in this sector.. In India there is a coalition of industry representatives under the auspices of the Internet and Mobile Association of India (IAMAI). led the indictment against the central bank’s 2018 ban, which resulted in the overturning of the Supreme Court ruling in March 2020.
IAMAI members try to convince government officials to do so Take a more nuanced approach to crypto rules in India.