Gemini has joined the Crypto Council for Innovation (CCI) cryptocurrency alliance to work with regulators to develop regulation of crypto assets.
About it reported on Twitter, CCI CEO Sheila Warren, formerly Head of Blockchain and Distributed Ledger Technology at the WEF. The alliance also includes the Coinbase exchange, Block (formerly known as Square), Fidelity Digital Assets, Paradigm and a number of other organizations.
Gemini Compliance Officer Ji Kim said that the exchange intends to contribute to the development of cryptocurrencies at the international level, and is ready to cooperate with legislators and regulators on this issue.
Last year, Coinbase and Block already tried to start a “dialogue” with regulators about the benefits of cryptocurrencies. Over the summer, CCI participated in a virtual event called “The ₿ Word” aimed at raising awareness of various organizations about bitcoin. The Coinbase exchange is considered one of the largest sponsors supporting the creation of cryptocurrency bills. Between 2020 and 2021, the exchange increased its lobbying spending by over 460%, from $230,000 to $1.3 million.
Prior to joining the alliance, Gemini did not report US lobbying spending in 2020. However, according to US Senate documents, in Q3 and Q4 2021, the exchange spent $120,000 on a contract with Sternhell Group, a DC public relations company. The firm’s principal is Alexander Sternhell, a former senior political adviser to the US Senate Banking Committee.
This month, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said the agency is working with crypto exchanges to develop regulations that will not hinder the development of the industry and protect the rights of investors.
Source: Bits
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