As the cryptocurrency industry continues to grow, two former US Congressmen—Tim Ryan and David McIntosh—announced the formation of a new advocacy group called the "Bitcoin Advocacy Group" (BAG) to encourage government regulation at the federal level.

The group, which is backed by venture capitalist and Bitcoin developer Wences Casares, will seek to educate members of Congress and the public about Bitcoin and digital currencies, promote public engagement and foster commercial innovation in the space.

Ryan and McIntosh have a history of supporting free trade and small businesses. Since leaving Congress, Ryan has been a venture capitalist and McIntosh has worked at the Mercatus Center at George Mason University, advocating for increased personal liberty and free markets.

In a statement, the group said that the digital currency industry needs a "clear and friendly regulatory environment" in the United States, and that it is committed to working with lawmakers on both sides of the aisle to make sure regulation protects consumers without stifling innovation.

The Bitcoin Advocacy Group intends to focus its efforts on educating policymakers about the most important aspects of digital currencies in order to give them the tools and information they need to create effective regulation.

The announcement of the Bitcoin Advocacy Group comes as the cryptocurrency industry embraces regulation and the need for government oversight of the technology and its applications. At the end of last year, the Commodity Futures Trading Commission (CFTC) released a primer on the technology for lawmakers and regulators and have so far only allowed a handful of companies to provide currency-related services in the United States.

The new group will be led by former US Representatives Tim Ryan and David McIntosh. They are committed to encouraging government regulation at the federal level when it comes to cryptocurrency. This regulation needs to be clear and friendly so that it can effectively protect consumers while also allowing innovation. The group's focus is to inform and educate members of Congress and the public about Bitcoin and digital currencies. Backed by venture capitalist and Bitcoin developer, Wences Casares, the Bitcoin Advocacy Group hopes to foster commercial innovation and facilitate public engagement within the industry. Tim Ryan and David McIntosh have a history of championing free trade and small businesses, and believe in the importance of personal liberty and free markets. The CFTC has recently released a primer on cryptocurrency and its applications and have allowed a few companies to operate in the US. The Bitcoin Advocacy Group is hoping to build upon this and ensure there is government oversight that doesn’t stifle innovation.



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