As reported by Bloomberg, Ripple is leading a crypto start-up in D.C to support blockchain innovation, the start-up privately holds financial, software, data, and media company headquartered in Midtown Manhattan, New York City.
Accordingly, the alliance of San-Francisco crypto-based firms is planning to pay Johnson Group to assist the blockchain community to convey to regulators that the industry needs help from the government.
The new alliance, called the Securing America’s Internet, aims to soften the government’s stance to inspire innovation and support competition in the biosphere of cryptocurrency markets.
The affiliation, together with the lobby group, will raise issues with Congress and SEC, IRS, and other agencies that have relations to cryptocurrencies.
According to the preface agreement, the fintech lobby group will apparently acknowledge around 25,000 USD per month and 10,000 in Ripple from the coalition. As reported by Bloomberg the company is going to convert the cryptos into dollars.
Accordingly, the coalition will also feature other digital payments, crypto investment, and PolySign even a startup that is set to launch a crypto keeper.
Chris Larsen, executive chairman of Ripple, stated that while the company admits that the matter is “really complicated.”
The companies’ chamber move follows the increased attention of Congress and other agencies like the SEC attracting towards cryptocurrencies. Yesterday, a group of congressional lawmakers sent a letter to the SEC, urging the regulators to provide more clarity in regard to cryptocurrencies.
On September 26, the U.S. House of Representatives passed a bill to make a connection to a crypto task force to combat terrorist and hacking use of cryptocurrency market.
Jay Clayton the SEC chairman in June claimed to have the major cryptocurrency Bitcoin (BTC) is not secure due to its function as a replacement. After a week, senior SEC claimed that the top altcoin i.e Ethereum (ETH) won’t be regulated as a security.
Concerning Ripple, in April, the company’s chief market strategist Corey Johnson stated that Ripple is “100 percent clear” and not a security since it does not meet the standards of what a “security is based on the history of court law.”