Operators of decentralized cryptocurrencies are centralizing their lobbying.
On Tuesday, several industry firms announced a new umbrella group called the Blockchain Association.
The move comes amidst a cryptocurrency market crash that rivals the NASDAQ’s crash in 2000.
The founding members are Coinbase, Protocol Labs, and Circle, and investors Digital Currency Group and Polychain Capital, according to a statement. The association wrote that “we’ll advocate for our community and the opportunities presented by our technologies, and encourage regulatory solutions that protect consumers and support innovation.”
Up to this point, cryptocurrency companies have been negotiating piecemeal for approval with regulators, with some wins and some rejections.
The association has made its first hires and is expanding its staff, the Washington Post reports.