The Bitcoin Foundation has ramped up its lobbying initiatives by announcing the hiring of the DC-based firm, Thorsen French Advocacy.
The foundation announced on Wednesday via a press conference a decision that is perhaps the most significant to date in terms of the nonprofit’s efforts to guide the digital currency’s influence among politicians and regulators. The firm now joins Falcon Global Capital and Peck Madigan Jones, both of whom are now importuning for digital currency.
The Bitcoin Foundation’s own Jim Harper released a statement explaining that while many members throughout Congress hold some understanding of bitcoin, there is still plenty of work to be done in terms of educating lawmakers:
“The lawmakers and regulators who have studied bitcoin take the sensible position that government should seek its benefits and mitigate its risks. We’re carrying this message to Capitol Hill so the bitcoin community can focus on building tools and services that enrich and improve people’s lives around the world.”
The move to hire Thorsen French Advocacy is a significant one, the firm, whose backing includes its founders Alec French and Carl Thorsen, both have held important roles both inside and out of the US government.
The foundation’s strategy is to help foster bitcoin adoption through building understanding. With the digital currency still in the process of shedding bad publicity, the foundation’s goal is to bridge the gap between regulators and bitcoin enthusiasts, subsequently creating an environment for which the digital currency can thrive.
Bitcoin Foundation executive director, Jon Matonis explains:
“When governments are properly informed about bitcoin’s promise, the technology’s social and economic benefits are recognized and its rapid innovation and adoption will increase.”
In the foundation’s press conference, Harper explained that Thorsen French Advocacy‘s role will be creating awareness, driving conversation, and cultivating the bitcoin ecosystem through congressional support. He adds that the firm, in essence, will be able to make the case for the digital currency and the community within as the still nascent industry continues to form.
Thorsen French Advocacy is set to center its attention in and around pivotal areas of regulation, where with the help from Congress, the firm will seek to address latent impediments that may hinder bitcoin’s future acceptance.
Harper explained that the hope is to create a lasting relationship between the bitcoin community and Washington:
“The goal is to clear the decks, clear the way, so that the bitcoin community, businesses and people can build the services, expand out to more and more people the world over, and really deliver on the benefits that bitcoin promises.”
The foundation’s lobbying endeavors are significant for creating an equilibrium between bitcoin and regulators. The stratagem is to retain a clear vision of the regulatory stance in respect to the digital currency, while providing an outlet for the US government to reach out to for answers should they need them. The foundation hopes to provide more clarity to those dealing in digital currency in terms of taxation, while providing those looking to get in on the technology a safer way to do so.
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