Square, Fidelity, Coinbase start cryptocurrency lobbying group

[ConnerDalfino]

I wish lobbying didn't have to be a thing, but since it is, I'm glad we're getting some big names to help stop the regulations that are stifling crypto's development.

Hopefully, they'll fix the nonsense that any transaction is a separate taxable event that must be tracked and reported separately, even if it's only converting to another cryptocurrency.

https://seekingalpha.com/news/3679495-square-fidelity-coinbase-start-cryptocurrency-lobbying-group

[hatshepsut93]

It's likely a net positive, but don't forget that they are not "cryptocurrency enthusiasts" - they care about themselves and would gladly support any regulation that benefits them, even if it's bad for users, like for example regulations that concern privacy. But the good thing is, they will be defending Bitcoin from getting banned, if there will ever be such a threat, and that could mean a lot.

[Lorence.xD]

It's likely a net positive, but don't forget that they are not "cryptocurrency enthusiasts" - they care about themselves and would gladly support any regulation that benefits them, even if it's bad for users, like for example regulations that concern privacy. But the good thing is, they will be defending Bitcoin from getting banned, if there will ever be such a threat, and that could mean a lot.

Yeah, that is why they are a lobbying group, it is just a fancy word for a conglomerate of corporations that bribe politicians into doing some regulations that will favor them and cripple their competition. Although it is good that they are on the side of bitcoin, what worries me is that they are against the individual.

[slaman29]

It's likely a net positive, but don't forget that they are not "cryptocurrency enthusiasts" - they care about themselves and would gladly support any regulation that benefits them, even if it's bad for users, like for example regulations that concern privacy. But the good thing is, they will be defending Bitcoin from getting banned, if there will ever be such a threat, and that could mean a lot.

Good reminder. These are not enthusiasts and they are in no way blockchain and crypto supporters anymore than a speculator is not a user. They are interested in it because they have financial interests in it and they need their money, and they don't want anything to endanger it. Great for them, they don't care about the actual users and how it affects them.

[mk4]

Just a reminder that we already had Coin Center[1] for this same purpose, and they've existed for a good while now(2014ish if I remember correctly). But I guess this new CCI group has bigger names and companies so.. the more the merrier?

[1] https://www.coincenter.org/

[slaman29]

Just a reminder that we already had Coin Center[1] for this same purpose, and they've existed for a good while now(2014ish if I remember correctly). But I guess this new CCI group has bigger names and companies so.. the more the merrier?

[1] https://www.coincenter.org/

Never heard of them but in Asia and in China even we have many more organizations like that, to try and lobby the governments at local level earlier for such things. It sort of works I guess if you read the news they get coverage and attend conferences (this was before Covid) but in the end legislations seem to ignore all they said and gone ahead anyway with what the government deems is right.

[Yaunfitda]

It's likely a net positive, but don't forget that they are not "cryptocurrency enthusiasts" - they care about themselves and would gladly support any regulation that benefits them, even if it's bad for users, like for example regulations that concern privacy. But the good thing is, they will be defending Bitcoin from getting banned, if there will ever be such a threat, and that could mean a lot.

Yeah, and that's what a lobbyist do or at least some powerful people hiring lobbyist . But the thing here is that those companies are more willing to influence that crypto is not that bad as portray by others, of course they are going to do it because in the end this groups are going to benefit in the long run, so no surprise at all and it could be very well effective, specially "legislative lobbying".

[thirdkiller]

I hope Bitfinex and Ownr are not part of this lobby, though, I'm even sure of it. Does this organization want to deprive us of decentralization and anonymity?

[LeGaulois]

They are !

It's the core business of Coinbase, Square owns several million in BTC, and Cash App allows the user to buy BTC. Let's imagine if a day cryptocurrencies are totally banned Coinbase will be shut down and the other will lose millions in capital and millions in revenue income.

Yes they have a financial interest, but you do have too, like many others, otherwise, you wouldn't hodl bitcoins and probably wouldn't be here.

It's likely a net positive

A net positive I don't know. Was it a net positive when they started to bother us with let's say: the KYC process? Nope.
It's exactly the type of things that this council will preach about.

Regulations and all the other shits are exactly what Bitcoin was against. We got an alternative, but we repeat the same mistakes

[dothebeats]

Lobbying is great if the cause is good. However for this particular lobbying group, I don't think they carry the sentiment of us all in the cryptocurrency community. As business giants in the field of cryptocurrency, their interests would revolve around themselves first, community second, so I don't think if they are really in it for crypto or just for the $$$ the industry could bring to them.

[kryptqnick]

There are lots of negative attitude towards lobbying, but research suggests that lobbying is actually a good thing because it can be put under control and regulations and because it can provide valuable insight into various questions as well as take into account the interest of certain groups of people. It's a better practice than corruption because where there's no lobbying culture, there's simple bribery of the officials to get things done your way. As the crypto industry is growing, it needs advocates of milder regulations and favorable policies, so I think it's good that a crypto lobbying group is being organized. I do hope they'll advocate for something that is beneficial to all crypto users, not just to the big rich companies which united to do the lobbying, though.

[avikz]

I wish lobbying didn't have to be a thing, but since it is, I'm glad we're getting some big names to help stop the regulations that are stifling crypto's development.

Hopefully, they'll fix the nonsense that any transaction is a separate taxable event that must be tracked and reported separately, even if it's only converting to another cryptocurrency.

https://seekingalpha.com/news/3679495-square-fidelity-coinbase-start-cryptocurrency-lobbying-group

That's a good and positive news! Corporates have money which they can spend on positive advertising in favor of cryptocurrency and related technologies. They will probably be able to influence some powerful politicians to speak in favor of favorable crypto regulation. Not only in the US but internationally!

There are still many countries where cryptos are not regulated. There are even some countries which are planning for a crypto ban. If they can start adding local players into their lobby, that will be positive fo4 us only! Power to them!

[sunsilk]

It's likely a net positive, but don't forget that they are not "cryptocurrency enthusiasts" - they care about themselves and would gladly support any regulation that benefits them, even if it's bad for users, like for example regulations that concern privacy. But the good thing is, they will be defending Bitcoin from getting banned, if there will ever be such a threat, and that could mean a lot.

This is the truth. They join and do whatever they want related to crypto that will benefit them even as opposed to the banning. In reality, they're the ones that are going to have their purpose. But somehow, we, crypto enthusiasts are thinking that they're doing it for the betterment of the community which includes us.

And that's the help that we're going from them despite the interest that they're doing on for themselves, for their companies.

[slaman29]

They are !

It's the core business of Coinbase, Square owns several million in BTC, and Cash App allows the user to buy BTC. Let's imagine if a day cryptocurrencies are totally banned Coinbase will be shut down and the other will lose millions in capital and millions in revenue income.

Yes they have a financial interest, but you do have too, like many others, otherwise, you wouldn't hodl bitcoins and probably wouldn't be here.

Yes but they literally have their lifesavings of investors, their business loans at risk, as well as their career reputations. Unlike many people like me, we only invest what we can lose. So we do hope for a good future but we feel no need to go in and make things happen because we have I guess, belief and utility.

These guys are worried because they're gambling more than what they can afford to lose:) My humble opinion.