Billed as an alliance of industry leaders, the Council is hoping to facilitate positive change in the cryptocurrency field and “unlock the transformational promise” of the emerging industry, notes promotional materials from the CCI.
“We know that crypto holds immense promise for spurring economic growth and creating jobs, improving financial inclusion and access, and enhancing privacy and security--and that promise transcends borders. That is why we will help policymakers, regulators, and individuals anywhere in the world to understand the benefits of crypto,” said Gus Coldebella, chief policy officer at Paradigm, in the announcement.
From Twitter
Michelle Bond @michellebond111
"The launch of the Crypto Council for Innovation is welcome news as our industry continues to grow. As the leading standards setting body, ADAM is excited to see initiatives to foster innovation, and we look forward to continuing to advance market integrity and best practices. https://twitter.com/TheBlock__/status/1379409976519712770"
According to the CCI host site, the new alliance will offer expertise and insights into the global ecosystem by addressing misinformation about cryptocurrency and combating misperceptions of the space. “This work will require sharing insights and analysis about crypto, while correcting the misperceptions that inevitably accompany a transformative new technology. By educating leaders about crypto, we can help empower them to participate in the crypto ecosystem for the benefit of their citizens, communities, and families,” Coldebella added, in a statement.
From Twitter
"Crypto doesn't need a council and for sure not one on innovation. Lobby on the other hand ... But I guess they didn't want to call it CLG (Crypto Lobby Group) https://www.wsj.com/articles/fidelity-square-coinbase-launch-bitcoin-trade-group-11617710402"
As part of their mission, according to CCI, it will look to find consensus among industry actors and seek out “areas of alignment” with respect to policy priorities. It will also bring industry leaders together to work on educational initiatives designed to help relevant policymakers and the public better understand the crypto space.
The CCI was convened by crypto-focused investment company Paradigm. The San Francisco-based firm backs companies in varied stages of existence; this includes those just conceived all the way through to those in maturity. The firm is “driven by the conviction that crypto has the potential to bring greater freedom, autonomy, and economic benefit to people around the world, and supports that belief through investments in founders and projects that move the crypto ecosystem forward.”
According to the company, Paradigm backs firms, protocols and currencies with as little money as $1 million and as high as $100 million or more. “Our approach is flexible, long term, multi-stage, and global. We often get involved at the earliest stages of formation and support our portfolio with additional capital over time,” reads information from the company.
