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Four industry titans are joining forces to pressure U.S. regulators for strong support in the burgeoning cryptocurrency and digital asset space.
Financial conglomerate giant Fidelity Investments, payments app Square, crypto exchange Coinbase, and investment firm Paradigm have formed a new entity called the Crypto Council For Innovation. The advice aims to ensure that U.S. policymakers understand the importance of cryptocurrencies and, in turn, help the space to thrive.
Speaking to the Wall Street newspaper, Paradigm chief Fred Ehrsam compared the flourishing crypto industry and its need for regulatory attention at the start of the Internet age.
“It’s in its very early days and, just like the internet (in the old days), it’s very fragile while it’s at this stage… It’s a challenge because policymakers want to balance the risks and the rewards, and even people who spend time in this space would have a hard time predicting where it will go in the next decade.
The newly formed board marks a milestone in the space amid growing institutional interest and a growing number of investors struggling with a lack of regulatory clarity. In an interview with CNBC, Goldman Sachs CEO David Solomon said he anticipates an “evolution” in the way Washington treats digital assets as large customers continue to “demand” access to the crypto space.
“There are significant regulatory restrictions around us and we act as the leader around cryptocurrencies like Bitcoin. But we can help clients facilitate digital asset custody positions, and as our clients have requested to be involved in this space, we continue to find ways to support our clients and that is the goal we are looking for. really.
“I think it’s an evolving space… I think there will be a big evolution in how it evolves in the years to come.”
While it is not clear whether or not the new pro-Bitcoin trading group will include more participants, the four founding members are prominent supporters of the cryptocurrency.
Fidelity recently filed a Bitcoin ETF, Square is the third largest company to hold BTC, Paradigm is a crypto-focused investment firm, and Coinbase is the largest crypto exchange in the United States.
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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may suffer is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.
Featured Image: Shutterstock / zhu difeng
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