Fidelity, Coinbase, Square, Form Cryptocurrency Trade Group

A group of organizations that includes Fidelity Digital Assets, Coinbase and Square Inc. have formed the Crypto Council for Innovation, a trade group whose mission is to “unlock the transformational promise of crypto.” The lobbying group said the alliance will support governments and institutions worldwide by informing and encouraging responsible crypto-related public policy, and will educate the public about crypto’s potential to create positive change. "We know that crypto holds immense promise for spurring economic growth and creating jobs, improving financial inclusion and access, and enhancing privacy and security -- and that promise transcends borders. That is why we will help policymakers, regulators, and individuals anywhere in the world to understand the benefits of crypto,” said Gus Coldebella, chief policy officer at Paradigm and one of the organizers of the group in a press release. “This work will require sharing insights and analysis about crypto, while correcting the misperceptions that inevitably accompany a transformative new technology. By educating leaders about crypto, we can help empower them to participate in the crypto ecosystem for the benefit of their citizens, communities, and families.” The group said it will find areas of alignment and drive consensus on the crypto industry’s policy priorities, and it will convene the industry’s top leaders to educate policymakers and the global public on issues relevant to those priorities. Fidelity, last month, announced plans to launch a bitcoin ETF, as reported in the Wall Street Journal. The ETF, named Wise Origin Bitcoin Trust, will track an index that takes spot prices from various bitcoin markets. Fidelity Digital Assets will serve as the fund’s custodian, storing Wise Origin’s holdings, the WSJ reported.