Blockchain Association raises $4m for lobbying the crypto industry in the US Congress

The nonprofit Blockchain Association said it had raised $4 million from its founders. The funds will go to expanding the lobbying group’s capabilities as the US Congress considers laws directly affecting the regulation of the cryptocurrency industry.

1/ Winning big battles in DC requires the right team & the right level of investment.

Crypto has a deep talent bench + now we’re raising $ to play the game properly.

We’re excited to announce that we’ve raised $4M in funding from members @krakenfx, @DCGco, and @Filecoin.

🚀

— Blockchain Association (@BlockchainAssn) November 18, 2021

The Kraken cryptocurrency exchange and Digital Currency Group each contributed $1 million, while the Filecoin Foundation contributed twice as much. The latter pledged to provide a further $2 million if Blockchain Association succeeds in attracting external funding at a similar level.

“We want to move from reacting to proactively advancing the industry’s interests. This must be a continuous campaign. It is a constant presence and informing. We have a strong chance of achieving our goals. We have pieces on the chessboard,” Kristin Smith, head of the association, told CoinDesk.

The funds will be used to magnify efforts to educate policymakers and lawmakers about the benefits and potential of digital assets. The nonprofit organization will expand its staff to run additional events.

On November 9, the team was joined by former chief legal officer of Compound Labs, Jack Chervinsky, as head of policy development, and Dave Grimaldi as head of the government relations department.

I’m grateful for all your support re: my joining @blockchainassn. I love how many of you said ~ “of course you are, it’s perfect.” I happen to agree 😉

Btw, if you’re a US crypto company interested in working with me & the team, hit up @danspuller to learn more about membership.

— Jake Chervinsky (@jchervinsky) November 10, 2021

1/ I’m excited to announce my new position as Head of Government Relations with @BlockchainAssn.

— Dave Grimaldi (@dfgrimaldi) November 9, 2021

The Blockchain Association is confident it can tilt the legislative trajectory toward protecting crypto.

Currently, staff are focused on changing the definition of ‘broker’ in the infrastructure plan, engaging with SEC Chair Gary Gensler on the application of securities laws, and shaping policy on stablecoins and anti-money-laundering.

Earlier, the Blockchain Association backed the initiative by a group of congressmen to change the broker definition in the infrastructure plan.

Earlier, Jack Chervinsky pointed out the presence of numerous inaccurate formulations in the PWG report on stablecoins.

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