As per the latest update, a Lobbying firm of America’s political capital has been hired by cryptocurrency firm – Ripple etc. The news also suggests that the firm will be paid in cryptocurrency XRP (partially). Cryptocurrency seems to be taking over every industry in the market. This new example reveals how effectively the cryptocurrencies are taking over every industry around the world.
Ripple, San Francisco along with several other cryptocurrency firms have hired the Washington DC-based Klein/Johnson group for services and have managed to agree upon the partial cryptocurrency payments in return. As per the reports online, the Lobbying firm is known to receive $25,000 USD in Fiat wherein the rest amount will be paid as 10,000 XRP.
The Motive of Cryptocurrency firms behind the hiring of Klein/Johnson is that they are planning to lobby regulators as well as lawmakers on the domain of cryptocurrency.
Other than Ripple, Hard Yaka, PolySign, and Coil have also joined this plan.All these companies have agreed with this lobbying and have become part of this.
According to the sources at Klein/Johnson, this lobbying efforts of securing America’s Internet of Value Coalition is going to put the U.S. SEC that is Securities and Exchange Commission under target. Not only this lobbying will also include- IRS that is Internal Revenue Service as well as several other government agencies.
What is the Need for Regulations in Cryptocurrency?
With everyone on cryptocurrency domain has been pointing out to the need of regulation in this industry, recently, the Ripple along with the 15 U.S. Congress officials were called over on the SEC to deliver some clarity on cryptocurrencies as well as to issue some guidelines on ICOs. So, clearly, it seems that cryptocurrency is moving way fast than expectations.
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