Fidelity, Coinbase and Square establish a crypto council this month

[bbc.reporter]

They will make this appear that this is a step forward, however, the formation of the Crypto Council for Innovation is a strategy to influence policy makers to protect the council’s self interests, to support their own agendas and control everything. They want the cryptospace to be their playground. They do not care about you.



Leading cryptocurrency companies Fidelity Investments, Square, Coinbase and Paradigm are forming a cryptocurrency trade group. The trade group would help lobby policymakers to look at cryptocurrencies in a good light and promote innovation in the emerging sector.

This latest development is a huge step forward for the cryptocurrency space as the council will lobby policymakers and commission research projects. The Crypto Council for Innovation wants to serve as a voice for the crypto sphere and champion the economic benefits for digital currencies and blockchain technology.

Read in full https://coinjournal.net/news/fidelity-coinbase-and-square-establish-a-crypto-council-this-month/

[Darker45]

They will make this appear that this is a step forward, however, the formation of the Crypto Council for Innovation is a strategy to influence policy makers to protect the council’s self interests, to support their own agendas and control everything. They want the cryptospace to be their playground. They do not care about you.

I wonder where this prejudice is coming from. Your thoughts do not only exude skepticism; they seem to show some signs of antagonism.

I personally consider this a step forward. The disadvantage with Bitcoin or crypto in general is that it doesn't have a body which could formally push at least for its acknowledgment in the regulating or policy-making bodies. These are not companies which could hire PR staff and lobbyists and whatnots to educate or to clear some air of doubt or misinformation.

I know that the members of this council do not directly care about individuals. They care about Bitcoin or crypto primarily because they have vested interest. However, I still believe that the success of this council will also be considered the success of crypto itself and its community. You need not worry about control. What they are representing is decentralization, something they themselves cannot control. Even together as one, they cannot control Bitcoin.

[DapanasFruit]

Yes, of course, it can be expected that the entities mentioned above will first and foremost protect their own business interest because that is why they are and what they do - they are doing business for money, for profit and certainly not here to be a charitable or even a religious organization with noble intentions. That is the fact and these organizations are not hiding those intentions from the public. Now, having said that, this is better than nothing at all. I mean it would be better for the whole cryptocurrency industry to have those entities banding themselves and be the channel or medium carrying what this expanding industry may want.

[bbc.reporter]

@Darker45. Hehe I am not being antagonistic to be antagonistic and I am also not a skeptic just to be a skeptic. Bitcoin’s creation stemmed from a distrust for the people in power. This attitude should never go away.

Also, Coinbase sold blockchain intelligence tools to the government and it might also be assisting them in monitoring the blockchain. I do not trust them. Is that antagonistic?

[tipwal]

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[kryptqnick]

I think it's better to have some sort of organizations that lobbies crypto-friendly policies than none. Sure, they're first and foremost interested in the well-being of their corporations. However, for that well-being, they need mild taxation of crypto profits, full legality of crypto usage, friendly banks that allow users and companies who deal with cryptos to be able to process fiat when they need to buy or sell something and stuff like that. So their fight might also have some positive impact on the lives of ordinary crypto users because the corporations are interested in their customers being happy, so that they can make as much money on this as they can.

[DoublerHunter]

^ I can sense different energy on this thread. Like seriously? I don’t see any problem with these organizations protecting their interests. In fact, that is what they do and you’re stupid enough not to know it. These are companies made to earn money and to become sustainable, at the same time making something noble that will help us the users, and the community. Because if we are not here, they are not there. It is a win-win situation. They don’t deserve our resentments and we are not kids anymore. Grow your balls, my dear friend. It is not a fairy tale. Please be reminded these are not government organizations that we are required to serve us any time of the day, we don’t pay taxes to them, they give services to us.

[acquafredda]

Pure lobbying made necessary by the fact that they cannot afford to be cut off from crypto regulation activities that could rain down on them and cause drastic problems to their respective business models. Of course they don't give a damn about the small fish but they are interested in maintaining and increasing their sphere of interest in the world of institutional investors.

[Lorence.xD]

Pure lobbying made necessary by the fact that they cannot afford to be cut off from crypto regulation activities that could rain down on them and cause drastic problems to their respective business models. Of course they don't give a damn about the small fish but they are interested in maintaining and increasing their sphere of interest in the world of institutional investors.

If they cared, they wouldn't form a lobbying group. This council is just a conglomerate that plans to dominate the crypto space and control every aspect of the market, they may deny it right now but I am sure that they are going to do that.

[Ebede]

What's coin base? Saying something or discussing any thing here, concerning thing that I don't know, to be sincere I have to know all these that is related to cryptocurrency, today is my first time to come across coinbase and am really to know the functions, so that with time I can explain to others too.

[acquafredda]

Pure lobbying made necessary by the fact that they cannot afford to be cut off from crypto regulation activities that could rain down on them and cause drastic problems to their respective business models. Of course they don't give a damn about the small fish but they are interested in maintaining and increasing their sphere of interest in the world of institutional investors.

If they cared, they wouldn't form a lobbying group. This council is just a conglomerate that plans to dominate the crypto space and control every aspect of the market, they may deny it right now but I am sure that they are going to do that.

Stop dreaming then because that it is exactly what lobbying is for. Of course, they will lobby for their interest! Are we so dumb to believe these guys have any kind interest in advancing, improving and protecting the crypto space? Obviously not.
They only need to make sure that they will keep operating no matter what happens at a regulatory level.

[aoluain]

Pure lobbying made necessary by the fact that they cannot afford to be cut off from crypto regulation activities that could rain down on them and cause drastic problems to their respective business models. Of course they don't give a damn about the small fish but they are interested in maintaining and increasing their sphere of interest in the world of institutional investors.

If they cared, they wouldn't form a lobbying group. This council is just a conglomerate that plans to dominate the crypto space and control every aspect of the market, they may deny it right now but I am sure that they are going to do that.

Stop dreaming then because that it is exactly what lobbying is for. Of course, they will lobby for their interest! Are we so dumb to believe these guys have any kind interest in advancing, improving and protecting the crypto space? Obviously not.
They only need to make sure that they will keep operating no matter what happens at a regulatory level.

I agree this is purely self serving, Fidelity Investments, Square, Coinbase and Paradigm
are forming this trade group in order to smooth the path for institutional investors to get
into Bitcoin because those investors (a.) will bring a lot of wealth and (b.) they will use the
services of the "trade council"

To a small degree I like the idea of this trade council educating policy makers and officials
in government about Bitcoin but in the end of the day we dont care what these policy makers
think about Bitcoin anyway.

[hatshepsut93]

But they can control how people use Bitcoin, such as KYC-mandatory exchange and custodial wallet. They might discourage people from using open-source/non-custodial wallet and decentralized/P2P exchange.

They can't literally control Bitcoin users, they can influence the decisions of people who use their platforms by creating certain rules, like not accepting deposits from casinos. The companies didn't establish KYC because it's beneficial to them, they did it to comply with the government's demands, so I don't see why would they lobby for more KYC, it would just create more work for them.

[bbc.reporter]

Before we cheer and larp for Fidelity, Coinbase and Square’s cryptocouncil, I reckon we should be skeptical and wait if the council will fight for their users. Will they help the community fight the government’s proposal to require exchanges to do KYC on their users’ private wallets? I hope yes, however, I am skeptical.



The Financial Crimes Enforcement Network (FinCEN) is in line to receive a 50% budget increase to help safeguard the financial system.

According to a discretionary budget request from President Biden, the budget increase would allocate $191 million to FinCEN—$64 million above its original 2021 budget—enabling the bureau to close "loopholes in financial reporting requirements" that enable "illicit actors" to evade scrutiny and mask their dealings.

FinCEN's proposed transparency rules have seen it repeatedly clash with the crypto community. In January 2020 the bureau proposed an amendment to the Bank Secrecy Act that would force US citizens to disclose overseas crypto holdings.

However, nothing has generated quite as much pushback as the bureau’s December 2020 proposal, which would require crypto exchanges to perform KYC checks on users’ private wallets.

Source https://decrypt.co/66236/fincen-set-for-a-50-budget-increase-to-combat-illicit-finance

[davis196]

They will make this appear that this is a step forward, however, the formation of the Crypto Council for Innovation is a strategy to influence policy makers to protect the council’s self interests, to support their own agendas and control everything. They want the cryptospace to be their playground. They do not care about you.

Coinbase,Fidelity and Square are private companies.Their main goal is to make profits.There's nothing wrong with that.Do you expect them to act as if they are some sort of charity foundations?
Do you really think that they can try to "control everything" inside the crypto industry?
The average cryptocurrency enthusiast hates control and centralization,so these companies will lose customers immediately,if they try to do something wrong.
It's good to have lobbyists defending the cryptospace and trying to get support from the politicians.

[Wind_FURY]

Will it be the next Bitcoin Foundation or Bitcoin NYA which failed in the end?

I believe there’s that possibility, but let’s hope the community has learned enough to push back.

I think it's better to have some sort of organizations that lobbies crypto-friendly policies than none. Sure, they're first and foremost interested in the well-being of their corporations. However, for that well-being, they need mild taxation of crypto profits, full legality of crypto usage, friendly banks that allow users and companies who deal with cryptos to be able to process fiat when they need to buy or sell something and stuff like that. So their fight might also have some positive impact on the lives of ordinary crypto users because the corporations are interested in their customers being happy, so that they can make as much money on this as they can.

Are you proposing that we need THEIR permission to use Bitcoin? Have you not learned anything? Then if many more people within the community strongly believe that, then let’s remove Proof of Work. We don’t need it.