Coin Center, a new public policy organisation dedicated to digital currency research and advocacy, has launched with widespread backing from the bitcoin industry.
In an open letter to the community, executive director Jerry Brito said that one major goal of the group is to help shape the global regulatory debate that could decide the fate of digital currency usage in the US and abroad.
Brito, a former executive director and research fellow at noted market research organisation Mercatus Center, wrote:
Notably, Brito recently co-authored a critique of the BitLicense that was published by Mercatus. He formally left the organisation on 18th August, cryptically announcing by email that we would be moving on to another venture.
Coin Center will have an initial budget of $1m to support its efforts.
The organisation received funding from a variety of well-known bitcoin investors, companies and venture groups including:
Move toward advocacy
The group’s emergence comes at a critical juncture for digital currency adoption as regulators and governments worldwide debate if and how the technology should be regulated.
Speaking to CoinDesk, Jeff Garzik explained that there is demand for more information about bitcoin, both on the policy front and beyond, and that as a result, new groups are being formed to fill this need.
Given the fact that regulators are still working out how they plan on defining digital currencies, he said that "new policy research and study is needed".
"The time was really right for this effort," he argued.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.