Ripple will lead a group of crypto startups, whose main goal is lobbying for the innovations in the field of cryptocurrency and blockchain among lawmakers and regulators.
This coalition, which includes various crypto-firms from San Francisco, is going to pay the lobbying firm the Klein/Johnson Group. Thus, the coalition wants to help the cryptocurrency and blockchain communities, which intend to convince regulators of the need for state support of the industry.
A new group called the Securing America’s Internet of Value Coalition. Its main task is to soften the government’s stance for support competition and innovation in the global ecosystem of cryptocurrency markets.
The coalition, together with the lobbying group will be discuss various issues relating to cryptocurrencies, with the U.S. Congress, the Commission on securities and exchange Commission (SEC), the IRS (IRS) and other agencies.
By prior agreement, the company Klein/Johnson Group each month will be receive from a coalition 25 thousand dollars and 10 thousand XRP. According to sources specialized media, the company plans to convert the cryptocurrency into dollars every time she will have to provide data on these payments in special reports.
Besides Ripple and independent fund RippleWorks, the coalition includes firm Coil (digital payments), the company Yaka (cryptocurrency investment) and start PolySigh (development of repositories for the cryptocurrency).
Chris Larsen, executive chairman of Ripple, said:
"The discussed topic is really complicated, because around her there is a huge amount of misinformation, but there is still a lot of interest in this topic in Washington."
The lobbying actions of companies caused by the increased attention of the Congress and other agencies to cryptocurrencies. Recently a group of Congress lawmakers sent a letter to the SEC urging them to provide more clarity in regard to cryptocurrencies. The lawmakers asked regulators to clarify whether digital tokens qualify as securities or not.
It is noteworthy that on 26 September, the U.S. House of Representatives passed a bill on the formation of operational teams that will combat the financing of terrorist activities through cryptocurrency.
In June of this year, SEC chairman Jay Clayton stated that Bitcoin does not apply to securities because it performs the same function as a sovereign currency. A week after that statement, the head of the division of corporate Finance SEC said Ethrereum will not be regulated as securities, although a little earlier, one of the founders of the project denied that ETH was ever a security.
In April, Corey Johnson, responsible for the company's strategy in the market, said that Ripple is not classified as securities because it does not fit the standards.