Gemini Joined Block, Coinbase At Crypto Council For Innovation

Gemini joined Block and Coinbase at the Crypto council for innovation and declared that it spent up to $120,000 on lobbying activities in the US during the third and fourth quarters of the year so let’s read more in today’s latest Coinbase news.

The crypto council for Innovation announced that Gemini will be joining the list of crypto companies that are aimed at supporting lawmakers on related regulations. The CCI stated that effective as of this week, Gemini joined Block and Coinbase as well as Paradigm, Fidelity, and more, in an effort to help accelerate the group’s growth and global leadership as per the CEO Sheila Warren. The Gemini head of policy and regulatory affairs Ji Kim said that the exchange will work with the lawmakers and regulators to help the adoption of crypto across the world.

Thrilled that @Gemini has joined us at @crypto_council. Welcome! 🚀 https://t.co/fEYIkIQklt

— Sheila Warren (@sheila_warren) February 24, 2022

Former in April 2021 by Coinbase and Square, the CCI aimed to open a conversation with the regulatory agencies on the benefits of digital assets. The group even hosted a virtual event in July 2021 on Bitcoin adoption and it even features speakers like Tesla CEO Elon Musk and former Twitter CEO Jack Dorsey. The former head of blockchain and distributed ledger technology Warren assumed the position of CEO at the CCI back in February.

In addition to the efforts of the CCI, Coinbase emerged as one of the biggest spenders in the US that lobbying for crypto legislation in Congress. The exchange increased the lobbing expenditures by 460% from 2020 and 2021 to $1.3 million. Before joining the CCI, Gemini didn’t report any spending on the lobbying activities in the US back two years ago but the public records in the Senate show that the exchange spent $120,000 in 2021 used for lobbying in the US.

As recently reported, The Ontario regulator flagged tweets from Coinbase CEO and Kraken CEO to the Royal Canadian Mounted Police regarding the ongoing “Freedom Convoy” protests in the country. The tweets published by the CEOs seemed to criticize the Canadian government’s invocation of the Emergencies Act as a response to the convoy protests. Armstrong tweeted that the self-custodial wallets are important and that it was quite concerning that under the Emergencies Act, the banks can freeze or suspend bank accounts without the court order.