TokenSoft, a platform for issuing digital securities using blockchain technology, has joined Blockchain Association, the first US-based cryptocurrency lobbying group.
As per the official announcement, TokenSoft is joining hands with high-profile cryptocurrency companies and tech veterans intended to charm lawmakers and other regulators who’ve already expressed interest in the field.
The Blockchain Association’s roster includes prominent cryptocurrency names such as Coinbase, Circle, Protocol Labs, as well as investors like Digital Currency Group, Polychain Capital. According to industry estimates, various groups had spent more than $40 million on cryptocurrency-related lobbying within the framework of US regulations in the first quarter of 2019.
The alliance states goal is to improve the public policy environment so that blockchain networks can thrive in the country.
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“The Blockchain Association plays a key role in fostering dialogue with regulators and policymakers on the benefits of blockchain technology. While the Blockchain Association represents many voices bringing value to the blockchain arena, its leadership understands the specific challenges and opportunities facing TokenSoft,” the company said in a statement.
TokenSoft’s Chief Legal Officer, Alex Levine will be co-chairing the association’s newly-formed Security Token Working Group. Levine has taken on the role of TokenSoft’s chief legal officer in December 2019 and he also leads its subsidiary, DTAC LLC, which was recently approved as a transfer agent with the US Securities and Exchange Commission (SEC).
Leveraging his broad experience, Levine is acting as head of DTAC for assisting the upstart in interacting with regulators, specifically in the crypto and blockchain side of things.
TokenSoft, which is a blockchain company specializing in security token issuances, acquired a stake in an SEC-regulated firm in a move that will clear the path for it to operate as a registered broker-dealer. The acquisition puts the company on a firmer regulatory footing and positions it to offer a broader range of blockchain-based securities. It also allows the platform to perform all operations in a regulatory compliant manner.