Ripple led coalition to retain Klein/Johnson Group, to pay 10,000 XRP/month
A Ripple led advocacy group named themselves Securing America’s Internet of Value Coalition (SAIV).
Along with Ripple, the group also includes the RippleWorks Foundation, Coil, Hard Yaka and PolySign.
While Coil is a firm looking to build a solution for digital payments, Hard Yaka and PolySign are a digital assets investment firm and a soon to be crypto custodian company respectively.
These companies, however, have a connection with Ripple. For example, Coil was founded by Ripple’s former Chief Technical Officer Stefan Thomas. Hard Yaka allows users to spend Ripple balances in real time through a prepaid card that they have been working on.
These firms are keen on retaining the Klein/Johnson Group, a bipartisan lobby shop that specializes in technology and financial services issue.
“The companies’ lobbying push comes as Congress and agencies like the Securities and Exchange Commission are trying to figure out what kind of federal rules should apply to digital tokens and the blockchain technology that underlies them. Among officials’ concerns are massive price swings in the crypto markets, a spate of fraudulent public offerings involving the coins and their use in criminal activities like drug dealing,” said the report.
The Washington DC-based lobbying firm will be paid $25,000/month. It will also be paid 10,000 XRP – the Ripple- linked open- source crypto token worth $0.56 at the time of writing.
SAIV has an idea of “a vision of fair and equitable Internet of Value,” standard and consistent rules for the main protocols, elucidation of custodian rules and “fair and equitable IRS regulations for capital gains, assets, and charitable contributions.”
“We understand this is really complicated, and there is a lot of misinformation out there. The good news is there is a lot of interest in this topic in D.C,” said Chris Larsen, Executive Chairman, Ripple.
Larsen said he feels good when lobbyists have some guts to take risks.
“It gives them some upside and gives them some risk. Hopefully, it gives them a taste of the industry in a way that hits home,” he said.
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