Fidelity Investments, Square Inc, Coinbase, and Paradigm, the notable financial firms, have teamed up against crypto policymakers to ensure that the crypto industry continues to boom. According to Wall Street Journal, the trade group will influence the regulation of digital coins worldwide.
The council’s objectives also include taking research projects and promoting the wide-ranging economic benefits of cryptocurrencies and other related technologies to policymakers, regulators, and people worldwide.
Recently, numerous countries such as Russia, South Korea, the US, UK, and Spain have proposed several rules to interact with digital assets. Coinbase has been the most vocal opponent of such rules and has sent several letters to lawmakers worldwide, requesting them to remove the proposals or extend the commenting deadline for the rules to become official.
This Council’s launch comes as the prices of cryptocurrencies, particularly bitcoin, continue to surge. The industry recently hit a market cap of $2 trillion; however, many investors and policymakers believe that the market is far from being settled as they want to balance risk and reward.
As per the Wall Street Journal, Fred Ehrsam, the former president of Coinbase, said that the nascent digital asset industry is still in its early stages, and it’s difficult to predict where it will go in the coming decade. The Crypto Council for Innovation will ensure that the policymakers create favorable regularity conditions for the industry to flourish as its importance cannot be denied.