Fidelity and Square work to shape Bitcoin regulations with a newly formed council
Fidelity and financial services provider Square have joined forces with several other companies to form the Crypto Council for Innovation, a trading group that will lobby for appropriate cryptocurrency regulations, according to the Wall Street Journal’s April 6 report.
The list of members also includes the crypto currency exchange Coinbase and the crypto-focused investment firm Paradigm.
Paradigm CEO and co-founder of Coinbase, Fred Ehrsam, claims that the crypto industry is still “fragile” despite its seemingly mainstream entry:
Crypto is at a mainstream crossroads. In its very early stages, and just like the internet (once it was), it’s very fragile when it’s at that stage.
As is known, the total market value of cryptocurrencies has recently reached $ 2 trillion, and all large and medium-sized banks have exceeded the current value of the crypto market.
In addition to building good relations with lawmakers, the new council will also focus on advancing technology research in the emerging industry.