Numerous associations have opened offices in the center of political power in the United States. The lobbying that they do seeks to protect the interests of the companies, rather than that of the users.
Lobbying is a set actions conducted to try to persuade someone in a collegiate body or corporation so that a situation is changed. It is commonly done in politics and finance, where participants seek to influence the hierarchy of public powers to achieve favorable decisions.
In recent years, lobbying has also scaled in the cryptocurrency ecosystem. For example, Ripple recently announced the operation of an office in Washington, which would accentuate its regulatory lobbying in the center of US political power.
Although Ripple is only one company, there are numerous blockchain-related associations or conglomerates that have settled in Washington, in an effort to ensure the interests of those that they represent, rather than that of the users or communities that support cryptocurrency projects.
The offices of Coin Center, the Blockchain Association, the DC Blockchain Center and the American Blockchain and Cryptocurrency Association operate in Washington. Additionally, in Virginia, next to Washington, there is also the Government Blockchain Association. All of them promote solutions using blockchains, encourage a better understanding of technology and encourage a regulatory climate while preserving freedom and innovation.
Many of these organizations use a terminology that “entitles” them to own the industry or places them on the front lines of development and innovation. Actually, the users, communities or startups that conduct collaborative work are the ones taking the reins of everything, rather than a handful of leaders that were already out when Bitcoin emerged.
The postulate of the associations also mistakenly includes that they are the ones detecting problems, reducing obstacles to technology advancement, and that blockchains will be the ones playing a fundamental role in the future, instead of Bitcoin.
These partnerships’ flirtation with Washington is on a course different from that of technological development. The first element focuses on the political-legislative aspect of public relations, while the second focuses on improving the Lightning Network through proposals such as Taproot or Schnorr signatures.
Conglomerates seek that the companies that they represent are not left out or are restricted regarding operations with legislative decision making, which would affect their finances.
They are so interested in this not happening that many associations or the companies themselves have decided to open offices in Washington or join any of these organizations so that their position is heard among legislators.
Zuckerberg in Washington
Facebook CEO Mark Zuckerberg has visited the US Capitol several times to talk about the subject. For instance, the executive visited the Congress on Wednesday to defend his Libra cryptocurrency project. The public appearance sparked a media interest as it is all about Facebook, the largest social network worldwide.
It should be noted that the hearings to talk about cryptocurrencies have increased in Washington over the years, but without much presence of the media.
Since Facebook is a world-known company dedicated to social networks, the legislators sought to clarify why it wants to get involved in finances. In other words, before flirting, Zuckerberg went to Washington to show his arguments and try to minimize the concerns of the representatives.
By Willmen Blanco