Since 2017 the number of blockchain lobbying groups has tripled, according to online trade publication CoinTelegraph.
The lobby groups advocate for digital currencies and the use of blockchain technology as a whole. In the fourth quarter of 2018, there were 33 groups lobbying in Washington D.C., compared to just 12 in the same quarter the year prior.
One initiative is to have cryptocurrencies monitored under the Commodities and Futures Trading Commission and Federal Trade Commission.
Blockchain-focused companies are also working with Congress to establish blockchain’s reputation outside of cryptocurrencies.
“Blockchain is changing and revolutionizing the security of the financial industry. Why would we wait around, and why wouldn’t we institute blockchain on our own to be able to check the technology, but also the transparency of our own legislative process?” Rep. Kevin McCarthy, R-Calif., asked CoinTelegraph.
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