Cryptocurrency and blockchain technologies are gradually transforming the way society evolves, and although it is difficult to notice, the obvious interest of politicians and large corporations is a powerful indicator of how much the ecosystem is growing.
Despite the enthusiasm of the users and the dynamism in the work of blockchain devs and fintechs in general, it seems that the regulatory bodies do not share this passion. The “don’t fix what’s not broken” philosophy has often caused severe difficulties for those interested in making a global business out of crypto.
However, there are reasons to be optimistic. The increasing number of investors has provoked a substantial boost in the lobbies created to protect and encourage the development of blockchain technologies and the legitimate use and trade of cryptocurrencies.
An Increase in Crypto-Lobbies Could Drive More Favorable Regulations
According to a report published by Politico.com, the US legal system is currently experiencing a “blockchain lobbying boomlet” with a 3x increase compared to last year.
From a dozen lobbies registered at the end of 2017, the sum rose to 33. Most of these lobbies focus on the development of regulations oriented to improve online trading of digital assets:
“What’s driven a lot of the growth in lobbying recently has been securities regulation,” said Jerry Brito to PI. Mr. Brito is the executive director of the Coin Center, a nonprofit that has been lobbying since 2014, working with important North American politicians such as Reps. Warren Davidson (R-Ohio) and Darren Soto (D-Fla.)
These lawmakers are also members of the Congressional Blockchain Caucus and have issued opinions indicating that the CTFC should regulate cryptocurrencies and associated services instead of the SEC.
Ripple Leads One of The Most Important Lobbies
Another of the most important lobbies is the “Securing America’s Internet of Value Coalition” promoted by Ripple hand in hand with other startups. The Lobby, led by the Klein/Johnson Group is looking for the promotion of clear legislation that does not represent a risk or uncertainty for new developers.
Lobbying can be crucial for the expansion of blockchain technologies. However many purists warn about the fact that most of these groups protect their interests instead of those of the community.
Currently, in addition to the work carried out by private law firms, it is important to mention that Mr. Trump’s administration has promoted important modifications among those responsible for making these kinds of decisions. Perhaps the most noteworthy are the substitutions of commissioners within the SEC.