Fidelity Investments, Square, Coinbase, and Paradigm form a Crypto Industry Advocacy Group. They plan closely cooperate with authorities to formulate regulatory policies for the cryptocurrency industry.
The new Innovation Council will act as a voice for the emerging industry and push for adequate regulation of digital currencies and the underlying blockchain technology.
The Council plans to work actively not only in the United States, but also in all countries where cryptocurrencies and blockchain are beginning to become widespread.
Companies claim that blockchain technologycan create jobs and provide financial services to consumers around the world. However, politicians are still wary of cryptocurrencies. Some even set rules that could stifle industry growth.
Fred Ehrsam, former president of Coinbase and co-founder of Paradigm, said:
The crypto market is at a very early stage and, like the Internet [once was], it is very fragile while it is at this stage.
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