With the interests in the blockchain from banks, financial institutions, and corporations rapidly rising, the Coalition (DCLDC) aims to provide a friendlier regulatory environment for blockchain startups.
The organisation will operate as an advocate for companies and organisations dealing with legal issues surrounding the development of the blockchain technology.
DCLDC chair and Baker Marquart LLP partner Brian Klein stated that the emergence of ill-conceived and superficial regulations on the blockchain restricts the development of unique applications and deployment of efficient distributed systems.
Over 50 US attorneys in the coalition will collaborate with banks and other institutions experimenting with the blockchain technology to protect the civil liberties and constitutional rights of companies and developers.
More importantly, the Coalition is willing to support smaller corporations or development teams that lack the capital to afford expensive legal services.
“Law enforcement and regulatory actions relating to this technology have been steadily increasing over time and are all too often misdirected or premature. It is all too common for responsible entrepreneurs and companies to be subjected to unfair scrutiny by some federal or state agency, which, at a minimum, stifles them and broader innovation,” explained Klein.
Coin Center executive director and DCLDC board member Jerry Brito firmly believes that the establishment of such a coalition will pave the way for innovations. Friendlier regulations and a fairer compliance system will allow developers and companies to focus on the productive work rather than the political and regulatory side of the technology.
“The early internet could not have reached the kind of global scale we see today without the work of motivated entrepreneurs and tinkerers. Historically, defence coalition's similar to the DCLDC have played a key role in keeping the way free for innovators pushing the envelope to build out promising network technologies,” said Brito.
Although in the bitcoin and cryptocurrency industry such organisations are yet to appear, the expansion of the digital currency and increase in the value of bitcoin will hopefully catalyse their emergence.