Crypto Space's Getting Lobby Group To Liaison With Regulators

The crypto industry has suffered a lot because of its esoteric nature. Most people including government officials don’t understand the technology. As a result, it gets labeled as a scam or fad. However, that phase is long gone now. Today, the whole world knows that crypto is going to stay for good. It’s only going to get more prevalent through different initiatives.

But that doesn’t mean that the path is clear now. The lack of understanding is still taking a toll on the progress of crypto. The bureaucrats and diplomats still have a hard time realizing how the whole thing works. That’s why, the crypto community has come up with a solution for it.

Enter the Crypto-Lobbying Group

The crypto mining industry has decided to set up a lobbying group. The motto is clear, they want the communication to be crystal-clear. They want to avoid untoward actions due to the dearth of transparency. With a panel of experts, the group will debunk the myths and misconceptions about the technology. It will ensure that the government and crypto community are on the same page.

On 15 August 2023, the group was launched officially as the Digital Energy Council. It will work towards the advancement of crypto policies and the adoption of this technology. The founder and president, Thomas Mapes informed the media about this historic step. He said that it was long overdue and finally happened at the right time.

Mapes has a history of working with the government. He worked as a chief of staff at the US Department of Energy Office of International Affairs. Also, he was the director of energy at the Chamber of Digital Commerce. His experience and blockchain knowledge made him the right candidate for this designation

Furthermore, he shed light on his experience with cryptocurrency. He said that he came across crypto mining during his tenure at the Energy Department. While maintaining the energy supply to those facilities, he understood the basics of it. Mapes asserted that he sees crypto mining entities as energy firms of the future.

But at the same time, he also stressed about the lawmakers’ unawareness of the cryptocurrency. This results in the officials taking irrational actions against the industry. He also gave some examples of it during the conversations. Recently, the Senate Environment and Public Works Committee’s chairperson accused the industry of being an energy sucker. He also blamed them for emitting large amounts of greenhouse gases.

Explaining the scenario further, Mapes talked about the 30% digital asset mining excise tax proposed by the Biden government. He also cited the White House’s crypto mining environmental impact report. The Lobby’s work and efforts will be limited to the US for now. In the future, it may reach other countries too.

Upshot

The entire crypto community has welcomed this landmark initiative. Experts think that it would make things easier for the forthcoming crypto projects. Also, it would help alleviate the belligerence between many officials and the crypto domain.