Fidelity Investments and Square Inc. are leading other financial firms in forming a trade group to shape the regulation of cryptocurrencies, reports The Wall Street Journal. The Crypto Council for Innovation will lobby policymakers, take up research projects, and champion the economic benefits of digital currencies and related technologies.
Crypto investor Paradigm and Coinbase Global Inc., which operates a cryptocurrency exchange, also signed on as initial members of the group.
The launch of the Crypto Council comes when main digital assets have surged, drawing the attention of mainstream investors, banks, and brokers.
Despite the crypto surge, its market’s future remains uncertain as it is in the early stages and very fragile.
Policymakers and regulators are expected to play a crucial role in shaping the path of cryptocurrencies.
Advocates have argued that digital assets and blockchain technology have the potential to create jobs and extend financial services to consumers at little or no cost.
The Crypto Council plans to appoint a board that includes representatives from each of the four initial members.
Major cryptocurrencies are currently declining. BTCUSD is down 2.44%, ETHUSD is down 1.74%
