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Gemini Joins Coinbase and Block in the Crypto Council for Innovation

Gemini is the latest crypto exchange to join the Crypto Council for Innovation (CCI). Its addition enhances CCI’s list of prestigious crypto firms supporting regulations on digital assets. So far, the group includes Coinbase, Block, Fidelity Digital Assets, and Paradigm, among others.

Gemini’s Quest for Regulating Crypto

Joining the CCI is only one of Gemini’s recent initiatives for supporting policy and regulatory affairs. Notably, the company spent $120,000 on lobbying activities in the U.S. in the last six months of 2021 alone. Now, it looks to “help accelerate [the group’s] growth and global leadership,” according to CEO Sheila Warren.

Gemini will now collaborate with the other crypto exchange platforms to advance the mainstream adoption of cryptocurrencies.

About the Crypto Council for Innovation

CCI launched in April 2021 from the initiative of two other crypto exchanges, Coinbase and Square (now Block). The Council went on to host virtual events debating cryptocurrencies and regulations. The most famous is “The ₿ Word,” which took place in July 2021. Most importantly, the online dialogue featured Tesla CEO Elon Musk and then Twitter CEO Jack Dorsey.

According to the CCI website, the Council’s purpose involves knit-tight collaborations with regulators and the crypto industry:

Around the world, people, institutions, and nations are realizing the benefits of cryptocurrencies: to store value, to transact at high speeds and low cost, to create open applications that don’t require trust in a centralized authority like a company or financial institution, and to take control of one’s online destiny. Our view is that the recipe for good policy requires convening regulators and industry to devise solutions together.

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Coinbase is one of the biggest spenders for lobbying in the United States. The exchange spent roughly $1.3 million in 2021 to convince lawmakers about the necessity of crypto regulations. Now, Gemini looks to emulate these efforts and push for a legal framework supporting crypto trading worldwide.

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