The latest breaking news revealed that lobbying firms in the United States will now be getting paid partially in virtual currencies. The Washington, D.C. based company Klein/Johnson Group has been hired by blockchain and cryptocurrency firms and will be paid for its services in dollar and XRP. The firm is likely to receive monthly fees of approximately US$25,000 in fiat and 10,000 XRP.
According to Bloomberg, it is stated that the firms based in San Francisco including Ripple and other startups have begun a coalition. In addition to this, they have retained a Washington, D.C. bipartisan lobby shop which specializes in financial services and technology matters. The companies are coming together to figure out what federal rules should apply to digital tokens and the blockchain technology. The major concerns deal with massive crypto coin volatility, fraudulent public offerings and their use in criminal activities.
All these blockchain and cryptocurrency firms come under the Securing America’s Internet of Value Coalition body.
The man objective of this coalition is to lobby lawmakers and regulators in virtual currencies. Apart from Ripple other agencies that have joined this bandwagon are crypto custodian company PolySign, content digital payments platform Coil, and digital asset investment firm Hard Yaka. (Via CCN)
Chris Larsen, executive chairman of Ripple quoted that, this entire matter is quite complex and there is a lot of misinformation about it, but the good news is that the people and agencies in D.C seem to have much interest in it. He also, added that this gives them some upside and risk, in a way giving them a taste of how things work in this ecosystem. (Via AMB Crypto)
Regulations on Cryptocurrency
The debate on cryptocurrency regulations is not yet settled in the United States. 15 member of the U.S. Congress called in for SEC to obtain more clarity on virtual currencies, initial coin offerings (ICOs), and their guidelines.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]