Who Is on the Crypto Council for Innovation? Big Supporters, Explained

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Jul. 22 2021, Published 11:35 a.m. ET

A month and a half after the Bitcoin conference that drew 12,000 people to the in-person Miami event, the CCI (Crypto Council for Innovation) hosted a virtual gathering of its own. The B Word was chock full of notable names like Jack Dorsey, Elon Musk, and Cathie Wood—all of whom are vocal proponents of a crypto-friendly world

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Who's behind CCI? The seemingly faceless organization managed to get some of the world's most prominent business leaders in one virtual room.

The Crypto Council for Innovation calls itself a "global alliance."

On its website, the CCI refers to itself as a "global alliance of crypto industry leaders with a mission to demonstrate the transformational promise of crypto and communicate its benefits to policymakers, regulators, and people around the globe."

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That's a mouthful, but what does it really mean?

Many people think that cryptocurrency has the power to shift the economy in a more positive direction, largely by contributing to economic growth, financial equity, and data privacy. The CCI aims to clarify myths about crypto and get the word out about how to responsibly regulate decentralized currencies.

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Leading companies support the Crypto Council for Innovation

The CCI reports that its four main supporters are Coinbase (NASDAQ:COIN), Fidelity Digital Assets (NYSE:FNF), Paradigm, and Square (NYSE:SQ).

Coinbase operates a cryptocurrency exchange, so the company's involvement makes sense. Fidelity Digital Assets is an arm of the larger Fidelity institution and is working to construct enterprise-grade Bitcoin custody and more, specifically for larger institutions. Paradigm is an investment firm with a crypto lens. Meanwhile, Square's payment solutions have extended to crypto by offering grants that are paid in Bitcoin and used to develop Bitcoin.

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There are a plethora of individuals behind each of these organizations, and the CCI isn't totally transparent about its full list of supporters. Of course, we know that Dorsey spearheads Square, so his involvement is a given. Right now, we know that these brands and other cryptocurrency leaders are helping push the CCI agenda for a more crypto-focused economy.

Projects from the Crypto Council for Innovation are just beginning

With the first The B Word event behind us, the CCI will likely be showing its metaphorical face with more in-person or virtual events in the future. 

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On Apr. 6, the CCI published a paper on its website, authored by Josh Kirshner and Thomas Schoenberger, called An Analysis of Bitcoin’s Use in Illicit Finance.

The paper basically shows a downward trend in cryptocurrency usage for illicit purposes. The authors recognize the 2019 PlusToken Ponzi scheme that led to a small uptick in illicit activity, but also note that regulation efforts like the 2017 AlphaBay DNM shutdown have contributed to an additional decline.

"Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods," wrote Kirshner and Schoenberger. Now, it's just up to the CCI and other crypto enthusiasts to convince everyday people, businesses, institutions, and governments of its findings in order to push the cryptocurrency agenda.

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