Blockchain firms form alliance to help take on crooks

Blockchain firms form alliance to help take on crooks

Keen to shake off bitcoin's association with the underworld, a collection of blockchain firms have banded together on a forum promising to work with law enforcement agencies to tackle criminals using the technology.

Founded by Washington DC-based trade groups the Coin Center and Digital Chamber of Commerce, the new Blockchain Alliance aims to act as a resource for regulators and authorities that are fighting criminality on the distributed ledger.

High-profile firms such as Bitpay, Circle, Coinbase and Xapo are among the alliance's members, as they look to clean up the reputation of an industry that is heavily associated with illegality thanks to cases such as the Silk Road and MT. Gox.

The members will work with the US Justice Department, FBI, Secret Service, and Commodity Futures Trading Commission, among others.

Says the group: "By addressing misperceptions about Bitcoin, other digital currencies, and the blockchain generally, and by highlighting the industry’s good-faith efforts to cooperate with investigations, we can promote an approach to enforcement and regulation that does not stifle innovation."

Comments: (2)

Steve Ellis
Steve Ellis - Finextra Research - London 23 October, 2015, 17:591 like 1 like

Pertinent they didn't call it The Bitcoin Alliance.

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 25 October, 2015, 20:14Be the first to give this comment the thumbs up 0 likes

@Steve , you are right same thing came in mind moment I read. There is reason for not namingas Bitcoin Alliance due to the word 'Other digital Currencies' :)

Blockchain getting recognistion is good win for Crypto Currencies and its adoption. SAme echoed in recent Sibos event.