Blockchain Association Strengthens Fight Against FinCEN Rule, Adds Five New Members
- Blockchain Association adds five new members.
- The Association is at the forefront in the fight against FinCEN’s proposed crypto laws.
- The members have grown over three times since launch in 2018.
In a tweet earlier on Thursday, the Blockchain Association announced five new firms to its coalition, namely Uniswap, Fireblocks, BlockFi, Blockchain Capital, and CMT Digital. This brings the total number of members to 30, strengthening the Association’s voice, especially in the recent battle opposing the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) crypto laws proposal.
1/ 🧵Following the industry-wide, unified push against FinCEN’s “unhosted” wallets rule, we wanted to highlight the growth of our community and announce a slate of new Blockchain Association members, bolstering our pro-crypto DC coalition to 30 strong.
— Blockchain Association (@BlockchainAssn) January 28, 2021
The Association launched in 2018 intending to lobby lawmakers in Washington DC and defend the blockchain community from obscure laws. Starting with 10 members, including Circle, Digital Currency Group, and Polychain Capital, the Association has tripled in member size following the recent additions.
This gradual growth in blockchain firms joining BA provides “a bigger megaphone” and allows the Association to “push back on bad rules before they take effect,” the tweet further reads. Additionally, the association is also pivoting from its main issue, pushing clarity on securities law, to focus on other pertinent problems in the crypto space.
“At launch, we focused on pushing clarity on securities law,” Blockchain Association post reads. “Today, we shape the debate on self-hosted wallets, stablecoin policy, tax policy, custody, and privacy.”
The Association, however, saw one of its biggest launching partners, Coinbase, the US largest crypto exchange, leave the association in August shortly after Binance U.S. joined the association.