Fidelity Investments, Square and several other financial companies are forming a new trading group that aims to shape the way bitcoin and other cryptocurrencies are regulated.
The Crypto Council for Innovation will lobby policy makers, take on research projects and serve as the voice of the expanding industry in defending the economic benefits of digital currencies and related technologies.
The board's launch comes as prices for many digital assets have risen, attracting new traditional investors and the banks and brokers who serve them. Earlier this year, the total market value of bitcoin, the most popular digital currency, reached an incredible $ 1 trillion for the first time.
The move is smart and symbolizes the long-term thinking of cryptocurrency companies that seek clear and fair regulation. A closer relationship between the sector and regulators facilitates dialogue and reduces a possible ban on cryptocurrencies, a scenario in which many anti-cryptocurrency analysts have been betting for some time.