Ethereum-based projects launch 'EPAA alliance' to respond to policy

Major Ethereum (ETH)-based decentralized finance (DeFi) projects have taken joint action, expressing concern that centralized companies have excessive influence in U.S. crypto policy discussions.

On the 5th (local time), Cointelegraph reported that major participants in the Ethereum ecosystem, including AAVE Labs, Curve (CRV), the Lido (LDO) Foundation, and the Uniswap (UNI) Foundation, officially launched the "Ethereum Protocol Advocacy Alliance (EPAA)."

The EPAA said, "So far, centralized crypto companies have exercised excessive influence in the policy-making process," and added, "The technologies and principles that constitute on-chain infrastructure have often been misunderstood or ignored." It continued, "Through open, non-custodial protocols that operate without intermediaries, we protect over $100 billion in assets," and emphasized, "We will respond to policy with on-chain solutions, based on the technical expertise and practical experience of the Ethereum ecosystem."

Tomasz K. Stańczak, co-executive director of the Ethereum Foundation, said, "The foundation fully supports this community-led advocacy effort."

As collaboration directions with policymakers, the EPAA presented four initiatives: providing technical expertise, producing introductory policy materials, expanding strategic communications, and identifying common technical areas of interest.

Meanwhile, in the U.S., the political action committee (PAC) 'Fairshake,' led by Andreessen Horowitz (a16z), Coinbase, and Ripple, raised about $260 million in the last election cycle and strengthened lobbying activities. The EPAA plans to counter this by spreading understanding of Ethereum-centered decentralized technology.