Crypto Heavyweights Launch Crypto Council For Innovation

  • Square, Fidelity, Coinbase and Paradigm have joined hands in establishing a new crypto lobbying group called the Crypto Council for Innovation.
  • The new alliance will try to educate governments and regulators on the benefits of crypto, as well as correct any misperceptions about the crypto industry.
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A new cryptocurrency alliance, called the Crypto Council for Innovation (CCI), will try to educate policymakers and regulators around the globe on the benefits of cryptocurrencies, the CCI said in a press release on 6 April.

According to the announcement, the new group was formed by crypto giants Square, Fidelity, Coinbase and Paradigm, which wish to hold a constructive dialogue with regulatory agencies and governments regarding the formation of crypto-based policies. The CCI will also try to correct any misperceptions about the crypto industry, and educate world leaders on how the crypto ecosystem can benefit their citizens. The chief policy officer of Paradigm, Gus Coldebella, said in a statement:

“We know that crypto holds immense promise for spurring economic growth and creating jobs, improving financial inclusion and access, and enhancing privacy and security — and that promise transcends borders. That is why we will help policymakers, regulators, and individuals anywhere in the world to understand the benefits of crypto.”

The new crypto lobbying group will also develop resources that will help industry participants, policymakers, intergovernmental bodies and the public further their understanding of the space. The CCI believes that crypto is not only a better way to store, create and transfer value worldwide, but also enables people to have greater control of their “digital lives”.

One of the misconceptions the CCI will try to fix is that cryptocurrencies have been increasingly used for criminal activities, which was a statement made by U.S. Treasury Secretary Janet Yellen back in February. In fact, a 2021 research from Chainalysis shows that the use of crypto for illicit activities has dropped since 2019 — when criminal activity represented 2.1% of all cryptocurrency transaction volume — to just 0.34% in 2020.

The CCI was create right when the crypto space exploded in popularity, with the market capitalization of the crypto market reaching an all-time high of $2 trillion. The crypto market valuations doubled in only three months, with it having touched the $1 trillion mark for the first time back in January.

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