Gemini exchange became a member of the Crypto Council for Innovation alliance – Bits Media

The Gemini platform has joined the Crypto Council for Innovation cryptocurrency alliance (CCI) to interact with regulators in developing regulation of crypto assets.

CCI CEO Sheila Warren announced this on Twitter. (Sheila Warren), formerly held position Head of the Blockchain and Distributed Ledger Technology Department at VEF. The alliance also includes the Coinbase exchange, Block company (formerly known as Square), Fidelity Digital Assets, Paradigm and a number of other organizations.

Gemini Chief Compliance Officer Ji Kim (Ji Kim) reported, that the exchange intends to contribute to the development of cryptocurrencies at the international level, and is ready to cooperate with legislative and regulatory authorities on this issue.

Last year, Coinbase and Block already tried to start a “dialogue” with regulators about the benefits of cryptocurrencies. Over the summer, CCI co-hosted a virtual event called “The ₿ Word.”, aimed at increasing awareness of various organizations about Bitcoin. Coinbase is considered one of the largest sponsors, supporting the creation of bills on cryptocurrency. In the period p 2020 by 2021 years, the exchange has increased its lobbying expenses by more than 460% - with $230 000 to $1.3 mln.

Prior to joining the alliance, Gemini did not report US lobbying expenditures in 2020 year. but, according to US Senate documents, in the third and fourth quarters 2021 the exchange spent years $120 000 under contract with Sternhell Group - a company from the District of Columbia, dealing with public relations. The head of the company is Alexander Sternhell (Alexander Sternhell),  former senior policy advisor to the U.S. Senate Banking Committee.

This month, the chairman of the US Securities and Exchange Commission (SEC) Gary Gensler (Gary Gensler) reported, that the department is interacting with cryptocurrency exchanges to develop regulatory rules, which will not interfere with the development of the industry and protect the rights of investors.