Latest entrants for crypto-Ripple has taken a strong step towards regulating the cryptocurrency movements. In what appears to be a significant move, Ripple has formed a coalition with other firms. Which also link-up to the former, in order to hire a lobbying firm in Washington D.C. Hence, the coalition is named as Securing America’s Internet of Value Coalition(SAIV).
The members of the Coalition are:
- Polysign- A company that claims to be the crypto custodian.
- Hard Yaka- an Investment firm that concentrates on digital assets. (has partnered with Ripple for Ripple pre-paid cards.)
- Coil- a company that works on developing solutions for digital assets. (Coil was formed by former CTO of Ripple)
The goal of the coalition is to regularize the crypto-payments when “policymakers in Congress and government agencies examine this new technology and wrestle with a regulatory regime that must be updated to meet the needs of this global financial transition.”
Klein/Johnson Group, a bipartisan lobby shop has been hired by the coalition. Therefore, lobbying firm works on issues related to technology and financial services. Oracle is believed to be its customer. The lobbying firm was founded by former staffers of senators John Cornyn and Chuck Schumer.
Cost of Lobbying
Latest entrants for crypto-The lobbying firm is reportedly being paid approximately $25,000 per month and 10,000 XRPs( $5,000 approximately at current value).
Executives of Ripple admits that lobbying for cryptocurrency is not easy. However, they also say that “ there is a lot of interest in D.C around this topic.”
Jack McDonald stated, “digital assets will only reach their fullest potential when we achieve widespread education and understanding as well as institutional-grade infrastructure in the industry.”
“The new coalition is targeting Congress and Securities and Exchange Commission and other organizations related to regulation of cryptocurrency for lobbying” co-founder of Klein/Johnson Izzy Klein stated. He also told that his company would convert the money paid to them in XRPs into Dollars when it discloses the payments to federal lobbying firms.