Ripple-led Coalition To Hire US lobbyist, Will Be Paid in XRP

They are expected to promote crypto-friendly policies

A number of companies and fintechs related to the crypto and blockchain ecosystem is grouping together to pay a lobbying group that would promote a favorable legal space for this new technology. Payment protocol Ripple is leading the coalition integrated by the RippleWorks Foundation; digital payment solutions Coil; digital investment firm Hard Yaka; and crypto custodian company PolySign. All of them, including Ripple, are base in San Francisco.

The group – dubbed Securing America’s Internet of Value Coalition (SAIV) – is reportedly hiring the services of bipartisan lobby shop Klein/Johnson Group, due to their experience in issues related to technological and financial services. They hope to encourage the issuance of a crypto-friendly framework that enables this ecosystem to grow favorably.

“We understand this is really complicated, and there is a lot of misinformation out there … The good news is there is a lot of interest in this topic in D.C.” said Chris Larsen, executive chairman of Ripple.

The movement comes after the uncertainty several U.S. watchdogs have in regards of digital assets and the technology backing them up. With the volatile behavior of the crypto market, the numerous reports of fraudulent Initial Coin Offerings (ICOs) and their use by criminals and terrorists, these governmental institutions are trying to figure out what kind of federal rules should apply to the crypto industry.

In this regard, the group aims to promote a series of standards for all major blockchain protocols, rational IRS regulations for capital profits, assets and charitable donations, and their vision of a “fair and equitable Internet of Value.”

One interesting thing of this news is the way the lobbyist will be paid. According to the press release, they will be paid $25,000 a month and 10,000 XRP that they plan to convert into dollars once the payments on federal lobbying forms are disclosed.

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