Fidelity, Square (SQ), and Coinbase (COIN) Form a Crypto Council for Innovation to Influence Crypto Regulation and Public Discourse

April 6, 2021 9:57 AM EDT

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Major financial and investing players, namely Square (NYSE: SQ), Fidelity Investments, Coinbase (pre IPO: COIN), and a crypto-focused investment firm Paradigm, have formed the Crypto Council for Innovation (CCI) that aims to influence the global discourse and regulation of the crypto ecosystem.

The aim of the initiative is to lobby policy makers and support research projects that promote the emerging cryptocurrency system.

"We know that crypto holds immense promise for spurring economic growth and creating jobs, improving financial inclusion and access, and enhancing privacy and security -- and that promise transcends borders. That is why we will help policymakers, regulators, and individuals anywhere in the world to understand the benefits of crypto," said Gus Coldebella, chief policy officer at Paradigm and one of the organizers of CCI.

The launch of this new initiative comes at a time when Bitcoin (BTC) trades near its record highs while the entire cryptocurrency market is valued at over $2 trillion.

"This work will require sharing insights and analysis about crypto, while correcting the misperceptions that inevitably accompany a transformative new technology. By educating leaders about crypto, we can help empower them to participate in the crypto ecosystem for the benefit of their citizens, communities, and families," he added.

This body aims to form a board that would consist of representatives from the four founding companies. Eventually, the Council will also have an executive team.

The Wall Street Journal first reported about the existence of the council.

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