Key Takeaways:
- Injective has joined the Blockchain Association to support pro-crypto legislation in the US.
- This move gives Injective a stronger voice in shaping industry regulations.
- Partnership to further drive growth, adoption and security in the Web3 ecosystem.
Injective, a next-gen layer-one blockchain designed for Web3 finance applications, has officially joined the Blockchain Association, a leading advocacy group promoting the cryptocurrency and blockchain industry in the U.S. This move reinforces Injective’s commitment to fostering a supportive regulatory framework for crypto innovation in the U.S.
Injective’s Commitment and Influence on Policy
Injective reaffirms its commitment to shaping crypto regulation by actively engaging with the ecosystem and influencing key legislation.
Funded by notable VC firms like Pantera Capital and incubated in the Binance ecosystem, Injective is now in the company of elite members of the Blockchain Association — such as Coinbase, Circle, and Brevan Howard. This kind of representation is critically important for nascent technologies.
Their partnership represents more than just a symbolic gesture. Eric Chen, CEO & Co-Founder of Injective Labs, added that Injective’s membership to the Blockchain Association gives them a stronger voice in shaping the policies discussed in Washington that have a direct impact on the blockchain industry. The role of the open source community is therefore significant to mould regu-latory frameworks that are pivotal for the sustainability and growth for adoption of decentralised technologies.
If we need proof of the Blockchain Association’s behind-the-scenes influence over legislation coming out of D.C., we only have to look back to February, when the Securities and Exchange Commission (SEC) withdrew an appeal after a ruling in our favor. The strong engagement at our conference shows the Association’s effectiveness in representing crypto as we fight regulatory overreach, making the SEC hesitant to challenge it.
The Benefits of Injective’s Involvement
Joining the Blockchain Association gives Injective strategic advantages to advance the Web3 ecosystem.
- Broadened Policy Representation: Injective now represents an infinitely more powerful voice in the types of policies that will define the health and success of the overall blockchain industry for years to come. With this added influence, Injective can advocate for policies that foster innovation, protect consumers, and create a level playing field for all participants.
- Strategic Network Expansion: The Blockchain Association offers Injective an invaluable platform to connect with other industry leaders, partnering with those who can drive innovation and lift it to the forefront of blockchain adoption. As Injective continues to grow, it also opens doors for further collaboration as the network seeks to navigate the evolving regulatory landscape and capitalize on emerging opportunities.
- Enhanced Regulatory Clarity: The Blockchain Association’s continuous pursuit of clearer regulatory frameworks will work to the advantage of Injective itself as it will support the protocol’s endeavors to, not only comply to such frameworks, but also minimize the legal risks of operating in various jurisdictions.
The Blockchain Association: Crypto’s In-House Lawyers
The Blockchain Association — founded in 2018 — quickly established itself as a frontrunner in voice for crypto advocacy, bringing together a broad spectrum of industry players from major blockchain companies to startups and individual investors.
The Association’s policy focus will be strategically focused on key areas essential to the future of the crypto industry, including:
- Decentralized Finance (DeFi): Actively promoting the direction and adoption of blockchain-enabled financial systems that operate without the need of traditional intermediaries.
- Securities Laws: The importance of clear and uniform guidelines for token classification to protect investors and enable informed investment choices.
- Non-Fungible tokens (NFTs): Fostering the unique advantages of NFTs to revolutionize ownership and control in the digital realm, putting power in the hands of creators and collectors.
- Stablecoins: Advocates for the transformative potential of stablecoins in revolutionizing global payments infrastructure, making transactions faster, cheaper, and more accessible to individuals and businesses around the world.
One of the main tenets upon which The Blockchain Association is based is the need for a competitive and innovation-driven U.S. digital asset market. This involves engaging with industry stakeholders, policymakers, and regulators to tackle important issues and craft sound policy solutions that encourage innovation, nurture consumers, and ensure responsible expansion.
Injective’s Pledge to Build the Future of Crypto Regulation
By joining the Blockchain Association, Injective is taking a step beyond its Moose theorem ethos, demonstrating its commitment to extending its hand towards policy makers and aligning itself with the regulatory future of crypto. Injective aims to make the U.S. a global crypto leader.
Although the price of Injective’s native token, INJ, may not directly change as a result of this announcement, the long-term impact of this strategic partnership will be massive. It ensures that the voice of the developers in the blockchain space is well represented in regulatory discussions, paving the way for a more favorable future for the entire industry.
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