A significant group of fintechs and businesses related to the industry of cryptocurrencies and blockchain technologies have decided to start a campaign to promote a legal space that is favorable for the development of the crypto-ecosystem.
According to Bloomberg these companies don’t not go by the wayside, and instead of the traditional awareness and promotion campaigns, the group has decided to hire the services of a major law firm to take the fight directly to the legal field.
Ripple is leading the coalition that seeks to pressure for more crypto-friendly legislation
The group of companies calls itself the “Securing America’s Internet of Value Coalition” and is currently formed by Ripple Labs, the independent foundation Ripple Works, Coil – a fintech that seeks to facilitate payments in the entertainment and digital content industry, Hard Yaka – a firm with large sums of money invested in digital assets – and PolySign – a startup that seeks to provide crypto custody services.
Chris Larsen, executive chairman of Ripple, said in recent months there has been a growing interest on the part of regulatory bodies and lobbies in general towards the issue of cryptocurrencies and blockchain technologies:
“We understand this is really complicated, and there is a lot of misinformation out there … The good news is there is a lot of interest in this topic in D.C.”
Ripple and Klein/Johnson Group: Bringing Together Laws and Cryptocurrencies
It is also important to note that the coalition has hired the services of Klein/Johnson Group, a “bipartisan lobbying and public policy firm” that in recent years has been working to provide advice on financial and technological services.
Ripple is until now the visible head of the group. The success of its payment solutions has made its XRP token the third most important cryptocurrency in the global market cap.
Ripple’s presence is especially crucial as the Coalition is investing a large amount of money in its mission. According to the report, Klein/Johnson will receive a monthly sum of 25,000 USD plus 10,000 XRP, which will be declared as cash at the time of disclosing the payments received.
In this regard, Chris Larsen, explains that this seeks to generate greater interest on the part of the firm, bringing them a little closer to the ecosystem:
“It gives them some upside and gives them some risk … Hopefully, it gives them a taste of the industry in a way that hits home.”
The coalition has good expectations, especially now that the changes of commissioners within the SEC have helped the organization have a more positive view on the issue of cryptocurrencies, especially regarding the so expected Bitcoin ETFs