Falcon Global Capital Hires Lobbyists to Promote Bitcoin in Washington

NEWS
Tanaya Macheel
May 23, 2014 at 22:10 UTC  |  Updated  May 23, 2014 at 22:21 UTC

Falcon Global Capital has filed to register lobbyists on Capitol Hill in an effort to further "education and understanding of bitcoin and other crypto-graphic based currencies".

Greater bitcoin discussion in Congress should give lawmakers more familiarity and comfort with the concept, currently misrepresented by its scandals and its volatility.

Co-founder Brett Stapper said:

"In our discussions and debates we have realized that those who oppose bitcoin don't really oppose it, they simply don't understand it."

Though more US politicians are taking an active interest in the technology, awareness remains low, leading many to worry that the US government could seek to implement unfavorable or restrictive policies for the industry.

Fighting back

Falcon's move follows that of government relations group Peck Madigan Jones, who last month pressured Capitol Hill by putting "bitcoin and mobile payments" on its lobbying agenda.

Clients of PMJ include Deloitte, Wells Fargo Securities, US Chamber of Commerce and MasterCard, among others. Given these notable names, the development caused widespread concern in the bitcoin community.

As bitcoin's popularity increases, so does the need for representation in Congress, especially if well-established companies in the banking and finance industries use their weight in Washington to obstruct the digital currency's growth.

Having government support is one of the most critical issues the bitcoin community faces, Stapper said.

"Our main concern is that our elected officials will pass regulations without being fully educated on the topic which could have a negative impact on the bitcoin ecosystem."

Investment funding rising

The San Diego-based bitcoin investment fund aims to give investors greater exposure to bitcoin by purchasing large amounts for them – between $25,000 to $10,000,000 – and storing them in a digital vault, providing clients "an easy entry and exit point", its website states.

However, it's far from the only player. California-based bitcoin-only venture fund Pantera launched an investment fund this March, amid new enthusiasm that Wall Street investors will look to support the bitcoin movement in 2014 and beyond.

Image via Falcon Global Capital

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Falcon Global Capital