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Crypto lobby group gains support to fight claims of criminals’ currency

  • Crypto lobby groups are gaining massive support in terms of members and funds
  • They are using the funds to change the narrative of cryptos being criminals’ currencies
  • Cryptocurrencies are gaining wider adoption in several industries

Cryptocurrencies have long been associated with criminals. The anonymous nature of cryptocurrencies is the reason why some criminals prefer to use them. However, a lobby group in the United States is gaining support as it looks to fight the criminals’ currency narrative.

Crypto lobby group garners support

The Blockchain Association, one of the leading cryptocurrency lobby groups, said it has been gaining support in recent months and is looking to fight the narrative that cryptocurrencies are the currency for criminals.

According to a Bloomberg report earlier today, the lobby group stated that it increased its membership and raised millions of dollars to help improve the crypto sector’s image. Blockchain Association executive director Kristin Smith stated that some of the proposed rules would hamper the growth of the cryptocurrency space.

She added that the regulations would put heavy surveillance burdens on cryptocurrency investors and operators of crypto networks, making it tough for some services to remain decentralized. If that happens, then the entire point of cryptocurrencies, which is decentralization, would be eliminated.

Over the past four months, the Blockchain Association has added ten members and now has 34 members. The association was created less than three years ago and has already doubled its number of employees.

Smith added that Blockchain Association members, including Binance and Ripple Labs, have extensively discussed raising funds to ensure they boost hiring and buy advertising to polish Bitcoin’s image.

More crypto groups raise funds to boost the industry image

The work to lift Bitcoin’s image is not left to the Blockchain Association alone. Coin Center, a Washington-based cryptocurrency advocacy group, revealed that since December, it had raised over $300,000 via fundraising from individual donors who contributed small amounts of cryptocurrencies. The group also received $2 million from crypto-investment firm Grayscale Investments and other $1 million from Twitter-founder Jack Dorsey.

Coin Center executive director Jerry Brito stated that his organization would use the funds to ensure that people gain more knowledge on cryptocurrencies. “Our job is to say absolutely there is a real risk here and that we all need to work together, but don’t throw away the baby with the bathwater,” he added.

Cryptocurrencies have become one of the easiest ways for people to send money internationally. They have also gained use in several industries globally. However, the coverage had mostly centered on criminals using them to launder funds, and these crypto lobby groups are working hard to change the narrative.

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