Fidelity, Square, Coinbase and investment firm Paradigm are joining to form a council to lobby policy makers to support the Bitcoin and cryptocurrency industry.
The formation of this council, called the Crypto Council For Innovation, aims to ensure that policymakers understand the importance of cryptocurrency innovation and create favourable regulatory conditions for the industry to flourish.
While the group’s name would suggest it plans to lobby on behalf of cryptocurrencies at large, the class’s number one asset is Bitcoin, as Bitcoin Magazine says. Fidelity has recently filed for regulatory approval to offer a Bitcoin exchange-traded fund, Square has added Bitcoin to its corporate balance sheet and offers the asset for purchase through its Cash App and Coinbase.
The council will appoint a board with representatives from each of its four initial members, and will also implement an executive team.