If you have heard about cryptocurrencies, it is pretty obvious that Coinbase, Square, and Fidelity will ring a bell. These are the biggest names in the industry and have played a major role in its growth. And now they have formed a Crypto Council for Innovation in order to push lawmakers for better regulatory laws. Their goal is to bring laws that are crypto-friendly and help nurture the growth of the industry.
Crypto is going to change everything.
But it's early days, and nothing is promised. That's why we're here. Meet the Crypto Council for Innovation (CCI), with @paradigm, @coinbase, @square, and Fidelity @DigitalAssets.
Here's what we'll be doing…(thread)https://t.co/6LI21cDAMB
— Crypto Council for Innovation (@crypto_council) April 6, 2021
More about the Crypto Council for Innovation
These companies will try to help the authorities understand the importance of crypto and the innovation that it can drive. If they are able to get the lawmakers to create favorable laws, we can expect a huge boom in the industry. One of the partners of the council, Paradigm, said that crypto is at an inflection point which means it can go anywhere from here. If conditions favor, we could expect notable price jumps in BTC and altcoins. And if something goes wrong, there could be a massive downfall.
In the long run, it is difficult to say where crypto will be because of zero policies. And so, the Crypto Council for Innovation has taken it upon itself to help change the uncertain future of crypto to a certain one. The focus of the group will not solely be on any particular cryptocurreny. But yes, they could definitely talk in terms of Bitcoin. More and more companies are trying to get a bitcoin ETF approved by the SEC. So, this could be another area that the group might address.
How will the council function?
According to a report from The Journal, the council appoints a board from its initial partners. And their goal will be to convince the government and regulatory bodies to provide better laws for crypto. With time, if any work seems to be done by this group, we could see more companies joining hands with them. After all, if cryptocurrencies continue to flourish, all those who invested in them will benefit massively. One more reason that this council’s existence is important is the fact it shows the determination and belief of companies to make this new financial world we dream of a reality.
What are your thoughts on the initiative taken by these big companies by forming the Crypto Council for Innovation? And do you think that they will be able to bring a change in the industry? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
Also Read: Coinbase Q1 2021 revenue announced before IPO.