Announcing the Global Token Association
In September 2017, the Communist Party of China intervened in the crypto markets. Their actions included halting domestic ICOs, banning crypto-exchanges, and even prohibiting exchange executives from leaving their country. While such interventions are more common in China, resistance from entrenched interests within America has also been growing, notably demonstrated by the CEO of JP Morgan publicly attacking Bitcoin. These events show that we, as crypto creators and owners, can't just be concerned with our own tokens; instead, we need to unite and make an organized effort to confront resistance from the status quo; we need to evolve the industry conditions so that individual projects can flourish.
And that's why today we are announcing the formation of the Global Token Association.
In order to bring about the necessary changes, leadership will be required. The Global Token Association is intended to assume such leadership. In doing so, the association will work to bring about a new, more mature state for the industry to operate within and advance the interests of all stakeholders represented by it.
Specifically, here are the goals that the association will work to achieve:
- Connect industry stakeholders
- Legitimize the token industry
- Establish rights for token owners
- Create regulatory certainty
- Ensure appropriate treatment for differing types of tokens
- Establish and maintain political support for the token industry
- Reduce tax burdens
- Improve self-regulation
- Develop policy ideas
- Support policing of illicit activity
- Prevent detrimental regulations and government interventions
- Collect and distill information on the industry
- Educate the public via media about token technology
- Increase and unite token industry participation
- Develop a code of conduct for the industry
You can read an elaboration on these goals in our association paper.
Achieving these ambitious goals will require considerable resources. The association will initially be financed through a contribution of Credo tokens from my own company, with additional financing options being explored at a later date. The contribution of Credos ought to be more than enough to get started.
To lead the association, I will be the Executive Chairman and it is my great privilege to share that the #1 Venture Capitalist Tim Draper has agreed to be our Honorary Chair; having a respected figure like Tim Draper hold this position lends tremendous authority and credibility to the association.
For the operations, we will hire an executive director to manage efforts to achieve the goals and to travel to important locations such as Washington DC to meet with stakeholders; I intend to mostly delegate day-to-day operations to the ED given the need for my attention on the Credo-BitBounce project. In time, we will also hire for roles such as token analyst and policy wonks.
To conclude, recent events demonstrate the need for token industry participants to raise their heads up from their own projects and also look at the broader industry; in order to realize the potential and fulfill the promise of token technology, we must confront resistance from status quo actors and evolve industry conditions such as legacy regulations. These changes can be made through the leadership and organized action of the Global Token Association.
Together, we can make this revolution happen and bring about a future where tokens flourish in the newfound freedom that the cryto-economy promises for us all.
Warm Regards, Stewart Dennis Executive Chairman Global Token Association