Ripple and others launch cryptocurrency coalition in Washington D.C.

A cohort of fintech companies in the U.S. are joining forces to launch a lobbying group in Washington D.C., Bloomberg reported.

Called “Securing America's Internet of Value Coalition (SAIV)”, the initiative includes Ripple and the independent foundation RippleWorks; Coil, a company focused on facilitating digital payments for entertainment and content; Hard Yaka, a digital assets-focused investment firm; and PolySign, a startup seeking to be a crypto custodian. It has also hired Klein/Johnson Group, a bipartisan lobby shop focused on technology and financial services issues.

Quoting SAIV’s press release, CoinDesk reported that the partnering firms will work towards influencing the regulation of crypto in an environment when "policymakers in Congress and government agencies examine this new technology and wrestle with a regulatory regime that must be updated to meet the needs of this global financial transition.”

The key objectives are to promote a vision of a fair and equitable Internet of Value, standard and consistent rules for all major protocols, clarification of custodian rules, and fair and equitable IRS regulations for capital gains, assets, and charitable contributions.

The coalition intends to pay Klein/Johnson partly in digital currency. The firm will be paid around $25,000 a month and 10,000 XRP. Klein/Johnson said that it will convert the XRP price into dollars when it discloses the payments on federal lobbying forms.

Chris Larsen, executive chairman of Ripple, said that paying lobbyists in tokens offers a certain advantage, adding that “it gives them some upside and gives them some risk. Hopefully it gives them a taste of the industry in a way that hits home."