Sats Center aims to educate elected officials and regulators on the power of Bitcoin for economic advancement and financial inclusion.
Leading Bitcoin Companies have launched Sats Center, a nonprofit business league dedicated to fostering an innovative environment for Bitcoin, the organization said in a statement Thursday. The nonprofit will provide education to the public, elected officials, and regulators seeking to learn more about Bitcoin and how it can empower economic growth and financial inclusion.
“Sats Center will focus primarily on the state and local level, filling in knowledge gaps about Bitcoin and the opportunities it can bring to communities,” the company said in a statement. “The organization will also create an environment for the innovative open-source industry to connect with regulators and community leaders.”
While many U.S. politicians and regulators are aware of Bitcoin, most still lack a comprehensive understanding of the network. Few people in power in the country realize the true value proposition of the peer-to-peer monetary system and how it can improve the lives of everyday citizens.
This dynamic became clear on Wednesday, as lawmakers of the House Financial Services Committee hosted a hearing to better understand the nuances of Bitcoin technology. Most of those present bundled the sound monetary network and “digital assets” into the same basket, discussing how Congress could help regulators such as the Securities and Exchange Commission and the Commodity Futures Trading Commission embed them into current rules — dismissing critical differences between the two technologies.
Sats Center’s mission intersects with that reality. The nonprofit said it envisions a future where Bitcoin is leveraged to enable commerce, access to financial services, and individual economic sovereignty. To achieve that, Sats Center said it would build a grassroots community of educators, supporters, and advocates working together to inform people and build that future.
Founding members of the nonprofit organization include Bitcoin Magazine, Bit Block Boom, Bitrefill, Casa, Compass Mining, Core Scientific, Marathon, Riot Blockchain, River Financial, Swan Bitcoin, and Upstream Data, among others.