Advocacy groups push against bitcoin restrictions
As bitcoin is going higher and higher, advocacy groups are starting to make lobby for bitcoin and other cryptocurrencies. It seems that they want more favorable policies for crypto transactions.
This year, bitcoin was the star of the market, and people have started to invest massively in it. Now, these investors have a new mission. They have to prepare to confront Washington and protect the industry’s growth.
Advocacy groups to start a lobby campaign for bitcoin in 2018
Advocacy groups are preparing themselves for a lobby campaign in 2018 in Washington. They want to limit the legislation that would subject cryptocurrencies to more regulation, including taxes requirements.
We are talking about organizations like the Bitcoin Foundation, and the Chamber of Digital Commerce. These organizations are worried about stifling changes that target bitcoin and other cryptocurrencies. For starters, these organizations will target a Senate bill that will bring an update to the money-laundering laws, requiring more entities to investigate illicit transactions.
This lobby campaign comes after bitcoin reached $17.000 this year. Moreover, bitcoin has debuted on Wall Street with new chances for people to invest in futures contracts.
Llew Claasen, executive director of the Bitcoin Foundation, wrote in a letter addressed to the Senate Judiciary Committee:
The bill that the organizations will send to the Senate will have the mission to expand the definition of “financial institution” to include an issuer. Moreover, the definition of cashier will be expanded to “any digital exchanger or tumbler of digital currency.” In the end, advocates think that the new anti-money laundering legislation will undercut terrorism financing and other criminal activity.