In the latest altcoin news, Ripple is in the spotlight – mainly for its meteoric rise of up to 10% over the past 24 hours. Currently, the price of XRP is nearing the $0.60 price margin. However, in other news related to regulation, Ripple is also leading a new initiative.
In fact, Ripple Labs is leading a group of crypto startups to lobby lawmakers and financial regulators in Washington – in an attempt to support crypto and blockchain innovation. As Bloomberg reported a few days ago, the coalition of the San Francisco-based crypto firms is planning to pay the Klein/Johnson Group in order to assist the crypto and blockchain community in conveying to regulators that the industry needs government support.
The new group is named the Securing America’s Internet of Value Coalition and is meant to soften the government’s stance in order to encourage innovation and support competition in the global crypto markets. The group will raise issues with the Congress as well as the SEC, the IRS and other agencies related to cryptocurrencies.
As the preliminary agreement reads, the lobby group Klein/Johnson will reportedly receive around $25,000 a month and 10,000 XRP from the coalition – and the company is apparently planning to convert the cryptocurrency into dollars by the time it discloses the payments on federal lobbying firms.
Aside from Ripple, the coalition also features the digital payments firm Coil, the crypto investment company Yaka and PolySign which is a startup that is set to launch a crypto custodian.
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