On September 11, 2018, a new trade association called the Blockchain Association was formed as a natural step in a maturing industry, an association that is a lobby for a range of issues from taxation to regulations to education. Members of Congress are also involved with similar projects that will allow this new group of industries to flourish and benefit the economy.
Kristin Smith, director of external affairs for the new Blockchain Association told Bitcoin Magazine that the time has come for proper representation and coordination with Congress. The first order of this association is to sign up as many blockchain companies as possible to build out a complete network. According to Smith, “we look forward to working with members of Congress and the key regulators like the SEC and the CFTC to advocate for nimble, informed regulations that balance the need for consumer protection and market integrity.”
Founding members are Coinbase, Circle, Digital Currency Group, Polychain Capital, and Protocol Labs. Others are Hangar, Coinlist and more. The biggest threat to the industry is not opposition but ignorance according to one source. Now the regulators and legislators are working together to spread understanding and informed views.
These new groups are intended to start a robust debate, to inform and educate and allow Congress to work with teams to adjust rules that allow a nimble but dynamic industry to flourish. The growing importance of ICOs and then new token economy are part of the agenda to be discussed.