On September 11 reports from the Washington Post stated about a group of U.S.-based blockchain and crypto companies that published news about forming a Blockchain Association, the “first” lobbying group representing the blockchain industry in Washington D.C.
The Blockchain Association consists of industry leaders such as crypto exchange Coinbase, technology startup Protocol Labs, as well as the Digital Currency Group and Polychain Capital. The Organization will be located in Washington. It will represent entrepreneurs and investors who are occupied in blockchain-powered projects.
The Blockchain Association will represent important companies that are interested in operating within the political system, mainly addressing policy issues and the treatment of cryptocurrency by U.S. tax law.
Simultaneously, the group will function closely with lawmakers on anti-money laundering (AML) and Know Your Customer (KYC) policy development within the industry.
The executive director of the non-profit research and advocacy group Coin Center Jerry Brito reported that the rise of a purpose-specific trade group shows the industry is maturing.
July 2018, Coinbase came up with its own political action committee (PAC) to raise funds to spend on U.S. elections. In the U.S., PACs are organizations that collect campaign contributions from members with a similar policy and political goals and at the same time donate the funds to political campaigns for or against candidates, legislation, or ballot initiatives.