Four industry titans are joining forces to lobby US regulators for solid support in the booming cryptocurrency and digital asset space.
Financial conglomerate behemoth Fidelity Investments, payments app Square, crypto exchange Coinbase, and investment firm Paradigm have formed a new entity called the Crypto Council For Innovation. The council aims to make sure that US policymakers grasp the importance of cryptocurrencies and, in turn, help the space flourish.
Speaking to the Wall Street Journal, Paradigm chief Fred Ehrsam compared the blossoming crypto industry and its need for regulatory attention to the beginning of the internet era.
“It’s in its very early stages and, much like the internet (once was), it’s very fragile while it’s in that stage… It’s challenging because policymakers want to balance risk and reward, and even people who spend time in this space would struggle to predict where this will go in the coming decade.”
The newly formed council signals a milestone in the space