In an effort to propel the cryptocurrency industry forward toward regulation and widespread adoption, Coinbase, Circle, Digital Currency Group, Polychain Capital, and Protocol Labs have joined forces to form the Blockchain Association.

While crypto lobbyists aren’t uncommon these days, the newly formed Blockchain Association is the first “fully fledged lobbying group” representing tech entrepreneurs and cryptocurrency investors in Washington D.C.

The Blockchain Association will work with key regulators like the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) to create guidelines for investors, exchanges, and other market participants. Coinbase’s Chief Legal and Risk Officer Mike Lempres explained:

“We’re not companies looking to game the system, but trying to develop a legal and regulatory system that’ll stand the test of time.”

The new lobbying group will also focus on demystifying cryptocurrencies in the face of politicians concerned with the emerging, disruptive financial technology, and help shape and mold policy around anti-money-laundering, fraud, and much more.

Among the Blockchain Association’s highest priorities is reshaping US tax laws pertaining to cryptocurrencies. Back in March before the US tax deadline, the Internal Revenue Service reminded US taxpayers to report their crypto earnings, but the consensus among the cryptocurrency community is that US tax law is confusing and unclear, which leaves many investors at risk for potential audits, fines, or potentially jail time, if earnings are not reported accurately.

Former congressional aide and advisor at Thomson Coburn’s lobbying and policy group, Kristen Smith, is the Blockchain Association’s first hire. Smith brings with her many years of “basic education work” and ample experience lobbying for Overstock on blockchain topics.

The timing of the formation of such an entity is impeccable, as the state of the cryptocurrency market is surrounded with more uncertainty than ever. A landmark ruling by a New York district court judge puts initial coin offerings (ICOs) under the US Securities Exchange Act, essentially deeming all ICOs securities by law, which could have widespread implications on investors and issuers alike. Furthermore, the SEC thus far has only said Bitcoin and more recently, Ethereum, aren’t considered securities, leaving investors holding any of the thousands of other cryptocurrencies scratching their heads.

The lack of clear regulatory guidelines and uncertainty has caused the cryptocurrency market to reach new lows this year. The Blockchain Association should accelerate the inception of regulations from the SEC and others, which would in turn provide much needed clarity for investors and businesses looking to get into cryptocurrencies and blockchain.