Apart from Gemini’s addition, the council’s other prominent industry leaders Block (previously Square), Coinbase, Paradigm, Fidelity Digital Assets, Andreessen Horowitz, and Ribbit Capital.
Gemini – The Latest Addition to CCI
NY-based cryptocurrency custody and exchange, Gemini is all set to join the Crypto Council for Innovation (CCI) – a global alliance of crypto industry leaders to advocate for the industry. According to the official press release, CCI’s Chief Executive Officer, Sheila Warren, shaped the membership.
While welcoming Gemini into its association, the CCI stated,
“We look forward to increasing awareness of digital assets and driving the evolution of financial systems to bring greater choice, agency, and opportunity to individuals and communities around the world.”
Gemini’s Head of Policy and Regulatory Affairs, Ji Kim, stated that the exchange is “fully aligned” with CCI’s mission to ensure the continued growth of the cryptocurrency industry to improve the lives of many. As a CCI member, the exec said Gemini will collaborate closely with global policymakers and regulators to help “build a bridge to the future of cryptocurrency.”
Crypto Lobbying Effort
For context, the lobby – Crypto Council for Innovation – was formed in April 2021 to support communication and raise awareness around crypto’s potential to policymakers, regulators, and people around the globe.
CCI was initially forced by COINBASE and Block and then joined by other platforms like – Fidelity Digital Assets and crypto-focused investment firm Paradigm. It aims to address the industry’s ability to foster financial inclusion and other challenges.
In addition to CC, other crypto-dedicated lobbying efforts such as Blockchain Association and Coin Center are also working towards shaping and encouraging responsible regulation.
Gemini’s Expansion Push
The latest developments come just a month after Gemini received a green light from the Financial Industry Regulatory Authority (FINRA), which allowed Gemini Galactic Markets to operate an alternative trading system (ATS), enabling the trading of digital asset securities. These assets are subject to US securities laws, similar to traditional stocks and bonds are, and can be purchased and sold only via a licensed broker-dealer.
Gemini recently announced the acquisition of trading technology startup, Omniex. The report said the platform will be integrated into the publicly launched Gemini Prime. It is designed to make trading seamless for institutional investors by offering access to several exchanges.
