Gemini Joins Crypto Council for Innovation to Boost Crypto Regulation Efforts

Gemini Joins the Crypto Council

The world of cryptocurrency just got a little friendlier! Gemini, the popular crypto exchange, has officially joined the Crypto Council for Innovation (CCI). This announcement hit the streets like a Bitcoin price rally, creating waves of excitement amongst crypto enthusiasts. As of this week, Gemini has joined forces with other notable crypto-friendly firms like Coinbase, Block, and Fidelity Digital Assets, all working together to give lawmakers a nudge toward understanding the digital currency landscape better.

What is the CCI?

Founded back in April 2021, the CCI emerged from the minds of Coinbase and Square (now known as Block). The council places itself as a bridge between crypto innovators and government regulators. Their mission? To have meaningful conversations about the benefits of cryptocurrency. If you’re into the details, their first notable event was a virtual symposium dubbed “The ₿ Word,” featuring industry superstars like Tesla’s Elon Musk and Twitter’s Jack Dorsey. Talk about star power!

The Push for Adoption

Gemini’s involvement with the CCI isn’t just a free lunch; it’s about igniting the flames of crypto adoption worldwide. According to Ji Kim, head of policy and regulatory affairs at Gemini, the exchange aims to collaborate closely with lawmakers and regulators to ensure a friendly environment for crypto. One can almost envision officials sitting down with Gemini for coffee, discussing why digital currency isn’t the scary monster under the bed.

Coinbase’s Lobbying Prowess

Speaking of legislative influence, did you know that Coinbase has ramped up its lobbying efforts? The exchange has reportedly put its money where its mouth is, increasing lobbying expenditures by more than 460% from 2020 to 2021. From a modest $230,000 to a whopping $1.3 million, it’s safe to say they’re serious about pushing crypto legislation. If only they’d spent that on Bitcoin; we’d all have had a great time at the moon party!

Gemini’s Lobbying Footprint

Before joining the CCI, Gemini remained relatively silent in the lobbying arena, reporting zero expenditures back in 2020. Fast forward to late 2021, and the exchange finally found its voice, declaring $120,000 spent in lobbying activities through the Sternhell Group. Who’s Alex Sternhell, you ask? Just a former senior policy advisor for the Senate Banking Committee who took a turn into the world of public relations for the crypto realm. Because who doesn’t want a D.C. insider on their side?