Fidelity, Square and Others Launch Crypto Council

Fidelity Investments, Square Inc., and others have formed a global council that seeks to change the way digital assets are understood and regulated. 

The Crypto Council for Innovation (CCI), launched Tuesday, will lobby lawmakers and develop resources to help both industries and investors better understand the elusive world of crypto. Exchange Coinbase and investment firm Paradigm are also initial council members. 

“We know that crypto holds immense promise for spurring economic growth and creating jobs, improving financial inclusion and access, and enhancing privacy and security—and that promise transcends borders,” said Gus Coldebella, Chief Policy Officer at Paradigm and one of the organizers of CCI, in Tuesday’s press release. “That is why we will help policymakers, regulators, and individuals anywhere in the world to understand the benefits of crypto.” 

CCI has “a mission to demonstrate the transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe,” the group said on its website.

The launch comes amid a flurry of crypto endorsements from some of the biggest names in finance. Morgan Stanley will soon offer crypto exposure to wealthy clients, Goldman Sachs filed a cryptocurrency-tied exchange-traded product and BNY Mellon hopes to offer bitcoin custody this year.  

Bitcoin is up about 96% year-to-date, and investors want in on the returns. But even with greater institutional interest, the asset class remains clouded with skepticism. CCI aims to debunk some of the common misconceptions surrounding crypto. 

“But there are many wrong impressions—and only the beginnings of awareness of crypto’s benefits,” the website reads. “We focus on separating fact from perception in the crypto space, through government relations, education more broadly, and the publication of research addressing key issues.”