Ripple, RippleWorks Foundation, Coil, Hard Yaka and PolySign are taking their campaigns to Washington DC lobbying for the creation of laws that is favorable for blockchain and crypto development. Under the banner Securing America’s Internet of Value Coalition (SAIV), the coalition wants to influence the regulation in the nascent crypto space now that the environment is constantly evolving and updates must be made for a smooth “global financial transition”. SAIV is keen on working with US policy makers that can assist them achieve their overall objective as they begin their drive lobbying at Congress, the SEC and even at the IRS.
Ripple Heads Lobby Group
While Ripple is spearheading the lobby, most of the Fintech companies that are part of the lobbying are associated with Ripple. Coil for example was formed by former Chief Technical Officer CTO. His company makes use of InterLedger Protocol and wants to transit XRP from a settlement tool to a medium of exchange just like fiat or other cryptocurrencies as Bitcoin or Litecoin. RippleWorks is a non-profit group with experience working in healthcare, education amongst many other social causes. It’s true RippleWorks that Ripple, the company continue to donate millions of dollars in educational grants aiding in innovation and mass adoption. Hard Yaka on the other hand is an investment fund keen on the blockchain space.
SAIV main aim will be to see the creation of laws or regulations that see consistency of rules guiding major protocols, a fair and equitable Internet of Value standard and IRS regulations. In the US, cryptocurrencies are considered commodities and subject to capital gains tax. Coin holders must file their tax returns every year. To attain their end, SAIV have hired Klein/Johnson Group, a bi-partisan lobbying group that represents Oracle. Klein/Johnson Group lobby for causes advocating fair regulation overseeing technology and financial service development. The group will be paid 10,000 XRP and $25,000 a month for their services.
In a statement, PolySign CEO Jack McDonald said:
“Digital assets will only reach their full potential/adoption when we achieve widespread education and understanding as well as institutional-grade infrastructure in the industry. “
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