Ripple Heads Up New Crypto Lobbying Group; Pays In XRP

Ripple, the blockchain startup, is heading up a new cryptocurrency lobbying group called Securing America’s Internet of Value Coalition.

Coindesk, citing a Business Standard report late last week, reported the companies behind the lobbying group also include the RippleWorks Foundation; Coil, a company developing a solution for digital payments; Hard Yaka, an investment firm focusing on digital assets; and PolySign, a company seeking to be a crypto custodian. Coindesk noted that most of the members of the new lobbying group have ties to Ripple. Coindesk pointed to Coil as one example. Its founder is the former chief technology officer at Ripple. Meanwhile, Hard Yaka is developing a prepaid card that lets users spend Ripple balances on the spot. The aim of the group is to have an influence on regulation in the cryptocurrency market and influence policymakers in Congress and government agencies as they “examine this new technology and wrestle with a regulatory regime that must be updated to meet the needs of this global financial transition,” the group said, according to Coindesk.

Securing America’s Internet of Value Coalition — or SAIV — will seek to lobby for 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.” SAIV will focus on working with lawmakers and government agencies in the U.S.  The group hired lobbying firm Klein/Johnson Group to push its cause, with the lobbying firm being paid $25,000 a month and 10,000 XRP, Ripple’s cryptocurrency.  Chris Larsen, executive chairman of Ripple, said in the report: “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.” The executive noted lobbying for crypto issues isn’t easy, but there is a lot of interest in it.