Introduction to the American Innovation Project
Several influential entities within the cryptocurrency sector, alongside lobbying organizations, are establishing a new nonprofit organization aimed at influencing policy in Washington, D.C. This initiative, named the American Innovation Project (AIP), includes notable participants such as Digital Currency Group (DCG), Coinbase, Kraken, Paradigm, and Andreessen Horowitz, as well as the Cedar Innovation Foundation, which is known for its pro-crypto advocacy and undisclosed political funding. Announced on Tuesday, the nonprofit’s goal is to promote constructive discussions surrounding decentralized technology among policymakers from both major political parties.
Goals and Objectives
Julie Stitzel, who serves as the senior vice president of policy at the lead financial backer DCG, explained that AIP will engage directly with legislators and their aides on regulatory concerns that pertain to cryptocurrency and decentralized technologies, such as decentralized AI systems. Stitzel expressed that AIP seeks to provide a streamlined understanding of complex technological advancements, making them more accessible to decision-makers. She underscored that the group aims to add to existing initiatives in D.C. while ensuring the organization maintains a focus on education and nonpartisanship.
Nonprofit Status and Compliance
Registered under the nonprofit 501(c)(3) status, akin to organizations like museums and educational institutions, AIP will benefit from tax exemptions and provide liability protection for its leadership. However, such organizations are typically understood to be non-political, according to IRS guidelines, which state that they cannot operate primarily for the advantage of private entities or engage substantially in legislative influence.
Leadership and Events
Stitzel will be joined on the board by prominent figures such as Kristin Smith of the Solana Policy Institute, Allie Page from the Blockchain Association, and Nick Carr from Coinbase. Many of these leading voices in crypto are currently participating in a private policy conference at the Four Seasons in Jackson Hole, Wyoming, co-hosted by SALT and Kraken. Esteemed guests at the event include Eric Trump, Tim Scott, the chair of the Senate Banking Committee, and members from the SEC and Federal Reserve.
Upcoming Initiatives
Later this week, AIP will commence its first educational function, a closed-door session coinciding with the ongoing policy summit. However, the organization has withheld details on the attendees and specific discussion topics for this initial gathering.
