According to the Wall Street Journal, Fidelity Investments, Square, and several other financial firms are forming a new industry coalition aimed at standardizing regulatory frameworks for Bitcoin and other cryptocurrencies.
The Crypto Council for Innovation (CCI) will lobby policymakers, conduct research, and advocate for the economic benefits of digital currencies and related technologies. Initial members include cryptocurrency investment firm Paradigm and trading platform operator Coinbase Global.
Bitcoin’s Mainstream Momentum
The council’s launch coincides with surging digital asset prices, attracting institutional investors and financial service providers. Earlier this year, Bitcoin’s market cap surpassed $1 trillion for the first time.
However, the market’s long-term stability remains uncertain. Proponents argue that blockchain technology can:
- Create jobs
- Expand low-cost financial services globally
Yet regulators worldwide will play a pivotal role in shaping its future.
Key Voices in the Coalition
Fred Ehrsam, Paradigm co-founder and former Coinbase president, noted:
"Crypto is at a mainstream inflection point—still fragile, like the early internet. Critical policy decisions (e.g., data encryption legalization) shaped the web’s success. Crypto faces similar crossroads."
The CCI plans to appoint a board with representatives from its four founding members, followed by a management team.
Industry Players Betting on Crypto
- Fidelity: Launched Bitcoin custody services in 2018; now seeks SEC approval for a Bitcoin ETF.
- Square: Added Bitcoin to its balance sheet; enables trading via its Cash App.
- Coinbase: The largest U.S. crypto exchange, serving 43M users across 100 countries, plans an IPO this month.
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FAQs
1. What is the Crypto Council for Innovation’s goal?
To advocate for pro-crypto policies, research benefits, and standardize regulations.
2. Why is Bitcoin’s regulatory framework critical now?
With rising institutional adoption, clear rules could reduce volatility and spur growth.
3. How does Coinbase’s IPO impact crypto markets?
It signals mainstream legitimacy and may attract more traditional investors.
👉 Learn why Square’s Bitcoin strategy is gaining attention
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