Grayscale has donated $1 million to Coin Center and would like to donate another $1 million by February. The announcement was made directly from the official channels of both.
Grayscale announced it in a tweet, and CEO Michael Sonnenshein spoke about it in a tweetstorm.
Coin Center is a non-profit organization that deals with the policy issues surrounding cryptocurrencies and the technologies behind Bitcoin and Ethereum, starting of course with the blockchain. Its aim is to promote an understanding of this field that can serve to create or preserve regulation that protects freedom of use of these innovative technologies.
Grayscale’s donation follows that of Kraken, which made a similar move two years ago.
This is a very special moment for Coin Center. The recent cryptocurrency rally, culminating in historic price records for Bitcoin and Ethereum, has brought a lot of attention to the sector.
Governments have focused their attention on the industry, particularly in the United States where the new Biden administration may want to regulate, as Treasury Secretary Janet Yellen put it, in a way that encourages licit purposes while curbing illicit ones.
Why Grayscale supports Coin Center
However, if new regulation is too strict, it could cripple the industry. That’s why Coin Center needs funding, to promote awareness of the industry and to support advice, campaigns and legal battles.
“The Coin Center team has been amazed by the outpouring of support that the cryptocurrency community has shown us over the years, and especially the last few months. It’s the busiest we’ve ever been and things are only just getting started. The continued success of Bitcoin, Ethereum, and other cryptocurrencies inevitably comes with more interest from government.
Working to educate policymakers about how this technology works and fending off bad policy is made that much easier knowing the community has our back. Thank you to everyone who has supported us over the years, and a thank you to Grayscale for making this matching campaign a tradition”.
As Grayscale’s CEO explained, Coin Center played a key role in preventing the wallet regulation from being passed. This is why they should be supported, explains Michael Sonnenshein:
“Recently, Coin Center played a key role in correcting issues in proposed rulemaking by FinCEN that would have had serious negative consequences for self-hosted wallet users and the digital currency industry at large.
There’s not been a better time to invest in the growth of this industry. While it is the responsibility of blockchain & digital currency firms to support good policy-making in DC, it is in everyone’s interest that regulators are properly informed about developments in this space”.
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