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Fidelity Launches Crypto Lobbying Group


Fidelity, Square, Coinbase and investment firm Paradigm are joining together to form a new council to lobby policy makers to support the burgeoning Bitcoin and cryptocurrency industry, according to The Wall Street Journal. The formation of this council, called the Crypto Council For Innovation, aims to ensure that policymakers understand the importance of cryptocurrency innovation and create favorable regulatory conditions for the industry to flourish.

“Crypto is at a mainstream inflection point,” said the cofounder of Paradigm and former Coinbase president Fred Ehrsam, per the Journal. “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 policy makers 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.”

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