Kraken has pledged $ 100,000 to Coin Center, a cryptocurrency law firm based in Washington, DC.
In today’s blog about cryptocurrency exchange, Kraken announced that it has donated funds to promote Mint’s work to educate regulators in digital assets and protect the rights of cryptocurrency users. The bourse said the legal team “was at the forefront of complex policies such as the proposed stability law as well as the recent hasty base for the financial crimes network.”
“While misinformation about this new technology remains high, we encourage all industry leaders to join us in financing this important work,” said Kraken Editor-in-Chief Pete Rizzo.
Grayscale Investments also donated $ 1 million to the Coin Center last week, indicating that it intends to raise another $ 1 million by the end of February. The digital asset manager said at the time that he supported Coin Center’s efforts to “solve problems in proposed regulations” for the Financial Crime Prevention Network (FinCEN).
Last month, US lawmakers introduced the Stability Act to Congress – a law that may in fact require general regulation of all stable coins. FinCEN subsequently sent out a proposal to restrict monetary service activities, including cryptocurrency exchanges in the United States, from operating their own wallets. Both steps have been criticized by many in the crypto community.
Coin Center is a research and advocacy group dedicated to addressing public policy issues related to cryptocurrency and blockchain. According to the Coin Center, its mission is “to help create a regulatory environment that preserves freedom to innovate with unlicensed blockchain technologies.” The think tank has already submitted two comments in response to FinCEN’s proposed portfolio base.
Niraj Agrawal, Communications Director at Coin Center, told Cointelegraph last week that the group plans to focus on enhancing economic privacy and a “smarter tax policy” in 2021.