Foundry Digital Joins Crypto Lobbying Group Blockchain Association

Foundry Digital, the digital asset mining and staking company, said Thursday it is joining the Blockchain Association, a crypto industry lobbying group.

The Blockchain Association is a member-led organization whose “goal is to improve the public policy environment so that blockchain networks can thrive in the United States,” it says on its website.

“Foundry will leverage Blockchain Association’s singular platform, blending industry insights and legal analysis, to inform lawmakers of the economic growth and technological innovations the crypto industry will continue to bring to the job market and electrical grid,“ Foundry said in the statement.

Foundry Digital is a subsidiary of Digital Currency Group (DCG), the parent company of CoinDesk.

Foundry joins the lobbying group as policymakers around the globe are weighing a host of potential regulations for the crypto industry.

U.S. Federal Reserve Chairman Jerome Powell, said on Wednesday that Russia's invasion of Ukraine could emphasize a need for cryptocurrency regulation to prevent sanctioned individuals from using cryptocurrency as a workaround.

As the crypto mining industry has rapidly expanded in the U.S. after China’s sweeping ban last year, miners have come under scrutiny by lawmakers over their use of energy and the impact on the environment. Most recently, U.S. Sen. Elizabeth Warren (D-Mass.) sent letters to six miners questioning “extraordinarily high energy usage” and their environmental footprint.

“Foundry and its clients have grown rapidly and expanded operations in various regions that are often overlooked, demonstrating the type of economic development and community revitalization the crypto industry can bring to these regions,” said Kyle Schneps, director of public policy at Foundry.

Read more: Blockchain Association Raises $4M to Grow Its Presence on Capitol Hill

Blockchain Association members include crypto exchange Binance, soon-to-be-public crypto miner Bitdeer, U.S.-based stablecoin issuer Circle (CRCL) and crypto venture capital firm Digital Currency Group.