A group of major companies, including Fidelity, Coinbase, and Square, have formed a crypto council to lobby policy makers.
The Crypto Council for Innovation has a stated mission of demonstrating the "transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe." The Wall Street Journal first reported the news.
Crypto venture capital firm Paradigm is also an initial member of the council. Paradigm co-founder Fred Ehrsam told the WSJ that crypto is at a "mainstream inflection point."
"It's in its very early stages and, much like the internet (once was), it's very fragile while it's in that stage," he said.
"It's challenging because policy makers want to balance risk and reward, and even people who spend time in this space would struggle to predict where this will go in the coming decade. It was very hard to say where the internet was going to go."
The council reportedly plans to appoint a board that would include members from each of the four initial members. The group will also add an executive team, said Ehrsam.