REGULATION

Fidelity, Square, Coinbase, and other institutions jointly establish a cryptocurrency lobbying organization to promote the "great evolution" of crypto assets.

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Fidelity, Square, Coinbase, and other institutions jointly establish a cryptocurrency lobbying organization to promote the "great evolution" of crypto assets.

Fidelity, Square, Coinbase, and Paradigm will jointly form a cryptocurrency industry association to address regulatory issues surrounding Bitcoin and other cryptocurrencies, and advocate for the economic benefits of digital currencies and related technologies to lawmakers.

US Cryptocurrency Lobbying Organization

According to the Wall Street Journal report, Fidelity, Square, Coinbase, and investment firm Paradigm will jointly form a cryptocurrency industry association named the "Cryptocurrency Technology Innovation Association." This association will be responsible for lobbying lawmakers to ensure that decision-makers understand the importance of cryptocurrency innovation and blockchain technology and to create favorable regulatory conditions for the flourishing of the cryptocurrency industry. This news can be seen as a significant positive development for the cryptocurrency industry, as the four companies involved are major players with billions of dollars in funds. Fred Ehrsam, co-founder of Paradigm and former president of Coinbase, stated:

"Cryptocurrency technology is at a turning point towards mainstream adoption. It is in its early stages, much like the internet in the past, and is very fragile at this stage... It is challenging because decision-makers want to balance risk and reward, and even those who have spent a lot of time in the field find it difficult to predict the development trends of the next decade."

It is reported that the association will select one representative from each of the four founding companies to form a board of directors and establish an executive team. It can be inferred that more institutions and companies will join the association in the future and invest their funds to support lobbying activities for Bitcoin and other cryptocurrencies to establish a more favorable regulatory and investment environment.

Crypto Assets to Undergo "Major Evolution"

With the growing investment demand for cryptocurrencies and Bitcoin, more traditional institutions such as JPMorgan and Goldman Sachs have announced the launch of Bitcoin investment products, further driving mainstream adoption of Bitcoin and other cryptocurrencies. However, for continued growth, cryptocurrency regulation is an issue that the industry cannot ignore. David Solomon, CEO of Goldman Sachs and founding member of the Cryptocurrency Technology Innovation Association, stated in an interview with CNBC that due to the growing customer demand, Goldman Sachs has been closely monitoring the development of cryptocurrency technology. He believes that the world of Bitcoin and digital currencies will soon undergo a "major evolution," especially in terms of regulation in the United States.