According to a report by Decrypt issued on February 18, 2020, the Stellar Development Foundation, the organization following the Stellar blockchain network and its native XLM digital token – has formally entered the blockchain industry trade and lobbying group, the Blockchain Association.

In a bid to promote blockchain adoption en masse, open-source DLT project Stellar has entered the Blockchain Collaboration – a lobbying group intending to bring crypto utilization into the mainstream in the U.S. Prominently, some of the other members of the Blockchain Association involve the likes of Ripple, Coinbase, and Kraken, among others.

In 2019, the Blockchain Collaboration got the attention for initiating the cause for “The Token Taxonomy Act,” which attempts to eliminate cryptocurrencies from the standard definition of a security in the U.S.

It’s also worth highlighting that the Blockchain Association is just one among some 40 lobbying groups contending for promoting regulations and business ecosystem for DLT and cryptocurrency businesses in the U.S. As per sources close to the matter, a consolidated total of $42 million was spent by crypto and DLT businesses for promoting congress in Q1 2019 alone.

Chatting about the addition of the Stellar Development Foundation to the lobbying group, Kristin Smith, Executive Director, Blockchain Association, stated:

“We believe that open blockchain technology will help bring a more inclusive and accessible system, helping build a new system of global trust to meet the expectations of today’s savvy digital citizens.”

“By bringing Stellar on board, we’ll be able to leverage their expertise to highlight open blockchain technology’s potential in our conversations with policymakers.”

In the face of the stringent regulations levied by regulatory bodies in the crypto industry the world over, blockchain lobbying groups are flashing the midnight oil to assure that the industry doesn’t end up delaying due to lax regulatory approach.

As reported on October 23, 2019, Stellar rival Ripple Inc. had bagged the membership of the Blockchain Association to lead the battle for blockchain technology utilization.