Kraken has pledged $ 100,000 to Coin Center, a cryptocurrency advocacy group in Washington DC
In a blog from the crypto exchange today, Kraken said it had donated the money to promote Coin Center’s work in educating regulators about digital assets and advancing the rights of crypto users. The exchange said the advocacy group “has been at the forefront of challenging policies such as the proposed STABLE law, as well as the Financial Crimes Enforcement Network’s recent hasty regulations.”
“At a time when misinformation about this new technology remains high, we are calling on all industry leaders to join us in funding this vital work,” said Pete Rizzo, editor-in-chief of Kraken.
Grayscale Investments donated $ 1 million to Coin Center last week, stating that it intended to double donations to an additional $ 1 million by the end of February. The digital asset manager said at the time that it supported Coin Center’s efforts in “correcting problems in proposed regulations” by the Financial Crimes Enforcement Network, or FinCEN.
Last month, US lawmakers introduced the STABLE Act to Congress – a bill that could, in effect, require general regulation for all stablecoins. FinCEN later issued a proposal to limit monetary servicesincluding crypto exchanges registered in the United States, from dealing with self-hosted wallets. Both moves have received criticism from many in the crypto community.
A research and advocacy group focused on advancing public policy issues around crypto and blockchain, Coin Center says its mission is to “promote a regulatory environment that preserves the freedom to innovate using consent-less blockchain technologies.” The think tank has already done it archived two comments in response to the wallet rule proposed by FinCEN.
Neeraj Agrawal, Coin Center’s director of communications, told Cointelegraph last week that the group planned to focus on promoting financial privacy and “more sensible tax policies” in 2021.