Despite its libertarian-leaning origins, cryptocurrency companies are now looking at government regulation as both inevitable and, more significantly, a source of legitimacy. That may explain why four major blockchain companies have announced that they have formed a lobbying group in Europe.
Ripple, NEM, Fetch AI, and Cardano released a joint statement on Wednesday, announcing the establishment of Blockchain for Europe. The four companies said that the lobbying group is the “first credible attempt to create a unified voice for the blockchain industry at European level.”
“Ripple is delighted to be a founding member of Blockchain for Europe,” said Dan Morgan, Head of Regulatory Relations for Europe at Ripple. “This is a critical time for policymakers in Europe as they seek to develop the right regulatory framework to capture the benefits of both digital assets and blockchain technology.”
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Ripple & Co’s Blockchain Education
As is to be expected from any lobbying group, Blockchain for Europe will attempt to work with the European Union (EU) institutions to ensure regulations do not cripple business and innovation within the blockchain technology space.
At the same time, the group also says it plans to educate the public within EU member states on the “true nature and potential” of blockchain technology. Given the large volume of bullshit currently floating around in the blockchain ether, educational materials would be a welcome development.
The group has already held its first summit. According to their statement, the event, which was held at the end of November, attracted the four largest EU parliamentary groups.
“This is an extraordinary opportunity to guide European policy in a field that will positively change the lives of so many people,” said Toby Simpson, CTO and co-founder, Fetch.AI. “The convergence of technologies like machine learning, AI and decentralised ledgers delivers the opportunity for a world where technology works more effectively for the benefit of us all.”