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The San Diego-based investment fund is still a relative unknown, even in the bitcoin community, being perhaps most noted for a bid in February to purchase seized Silk Road bitcoins at 15% below the market rate. Since then, FGC has repositioned itself somewhat as a bitcoin-focused hedge fund aimed at investors in the $25,000 to $10,000,000 niche. FGC’s connections to the core bitcoin community are not well-established, and the company itself only officially launched in late January of this year.
That lack of high-profile status may also play a role in FGC’s lobbying move. The company’s social media accounts have few followers (37 followers on Twitter, 118 likes on Facebook) hinting that they’ve struggled for recognition, and perhaps investment. With several major investment funds likely to become active in the coming months, and FGC having a completely invisible track record, it’s possible that the firm is at least partially looking to establish credibility through its DC channels and connections.
By registering as lobbyists, FGC becomes the second entity to bring a dedicated focus on bitcoin policy to Congress. In late April, major DC-based lobbying firm Peck Madigan Jones added bitcoin to its list of lobbying issues. This move prompted speculation that one of PMJ’s major clients (such as MasterCard, U.S. Chamber of Commerce or Wells Fargo Securities) had plans for steering U.S. policy towards cryptocurrencies.
