Paradigm, Fidelity, Coinbase and Square join new crypto alliance

Venture firm Paradigm has formed the Crypto Council for Innovation (CCI), aimed at lobbying the interests of the cryptocurrency industry. This is stated in a пресс-релизе of the alliance.

The CCI includes Fidelity Investments, the bitcoin exchange Coinbase, and Jack Dorsey’s payments company Square.

The alliance’s task is to demonstrate the prospects of digital assets and help authorities understand their advantages. Members of the CCI intend to work with countries on developing a regulatory framework.

“By sharing knowledge and experience about the global crypto ecosystem, dispelling misconceptions and misinformation, the CCI supports governments and public institutions worldwide in their efforts to create and promote responsible regulation of cryptocurrencies,” says on the site of the alliance.

In March 2021, SEC Commissioner Hester Peirce urged officials to study the advantages of digital assets, rather than fixating on their illegal use.

Earlier, former CEO of Goldman Sachs’ investment bank Lloyd Blankfein said there is a need to strengthen regulation of Bitcoin.

Back in January, Christine Lagarde, head of the European Central Bank, called Bitcoin a speculative asset and urged countries to cooperate to create rules at a global level.