Grayscale Investments, the world’s largest digital asset manager, has pledged $ 1 million to Coin Center, Washington, DC’s most influential cryptocurrency advocacy group – a move that she believes will help broaden the industry’s “ foundational knowledge. ”
The million dollar donation was announced in a press release on Monday, also revealing Grayscale’s plan to match contributions to Coin Center through the end of February. During that time, Grayscale plans to double donations dollar for dollar to an additional $ 1 million.
Grayscale got the inspiration for the donate-and-match program from Kraken, the San Francisco-based exchange that raised more than $ 3 million for Coin Center in 2018. including $ 2 million in direct aid from Kraken.
“Coin Center has played a key role in advocating for issues affecting our ecosystem,” Grayscale told Cointelegraph.
The asset manager added that in the past two months, “Coin Center has presented two strengths comment letters that played a key role in correcting problems in the proposed regulation by the Financial Crimes Enforcement Network, or FinCEN, that would have had serious negative consequences for self-hosted wallet users and the overall digital currency industry. “
Coin Center is a leading think tank dedicated to advancing public policy issues in digital assets and blockchain. In 2017 the interest group went to Congress to demonstrate to lawmakers how Bitcoin works. Last year, the organization reached out to the cryptocurrency community to ensure that COVID-19-era lockdown measures do not encroach on civil liberties and privacy.
When asked about the most urgent advocacy work currently needed for the crypto industry, Grayscale said:
“It all comes down to education. Regulators must have fundamental knowledge of a subject in order to make informed decisions about the bills that cross their desks. Education is both the greatest challenge and opportunity for our industry when it comes to policymakers. “
Neeraj Agrawal, Coin Center’s communications director, told Cointelegraph that he was “overwhelmed by the continued community and industry support” of the advocacy group. “We are going to use these funds to continue to represent Bitcoin, Ethereum and cryptocurrency in DC in general,” he said.
Over the next year, Coin Center plans to continue to focus on promoting financial privacy and “more sensible tax policies,” Agrawal said.