Coinbase and Square back Crypto Council for Innovation

Coinbase, Square, Fidelity Investments and Paradigm have founded a lobbying group aimed at correcting “wrong impressions” around cryptocurrency and influencing future regulation.

The alliance, called the Crypto Council for Innovation (CCI), has launched a website outlining its intention to be a voice for crypto industry leaders in demonstrating “the transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe.”

The trade group says the need for a united voice to lobby for the interests of crypto businesses comes at a time when there are “many wrong impressions— and only the beginnings of awareness of crypto’s benefits.”

The group will underline the potential for cryptocurrency to support economic growth, job creation, financial inclusion and security by “sharing insights and expertise about the global crypto ecosystem while addressing misperceptions and misinformation.”

It added that it would support governments and institutions in their efforts to shape and encourage the responsible regulation of crypto.

The website read: “CCI exists to demonstrate this transformational technology’s promise internationally to policymakers and regulators, and to communicate its benefits to people around the world.”

It added: “Around the world, people, institutions and nations are realizing the benefits of cryptocurrencies: to store value, to transact at high speeds and low cost, to create open applications that don’t require trust in a centralized authority like a company or financial institution, and to take control of one’s online destiny. Our view is that the recipe for good policy requires convening regulators and industry to devise solutions together.”

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