The crypto lobby is growing as more firms bring together the endeavour to fight rules that assail financial privacy.

The Blockchain Association today announced the addition of 5 new members, with membership now totaling 30 firms. The new members are Uniswap, Blockfi, Fireblocks, CMT Digital and Blockchain Capital.

In its tweet announcing the news, the Blockchain Clan attributed the rise in membership to its work in presenting an industry response to rules from the United States Treasury Department's Financial Crimes Enforcement Network, or FinCEN, at the tail finish of the Donald Trump administration. The association wrote, "Battling back the FinCEN process was an of import step, demonstrating what is possible when we speak with i voice."

FinCEN'south proposal involved extending $10,000 thresholds on reporting all crypto transactions and $3,000 limits on transactions with self-hosted wallets that lack identifying features. The rules, derived from the Bank Secrecy Act, would exist a major interference in peer-to-peer transactions. They are, as of this week, in motion over again.

The Blockchain Association, as a merchandise association, unites members of a single industry under a shared umbrella and lobbies Congress on behalf of mutual interests. Many firms in crypto operate their own in-business firm lobbying operations or private contracts with established firms.

Other members of the crypto industry lobby accept benefitted from the attention that FinCEN has drawn to policymaking. Nonprofit Coin Center recently saw a $i meg donation from Grayscale. A Coin Center representative commented on its coming priorities: "Most of our work in 2021 will likely be continuing to hold to the line for financial privacy and hopefully advancing some more sensible taxation policy."

Coin Middle and the Blockchain Clan were, indeed, highly visible allies in the fight against FinCEN's proposal.

The Blockchain Association had non responded to Cointelegraph'south request for annotate as of publication.