Advocacy Group Urges US Government To Support Blockchain Innovation

Blockchain North America Regulations United States
The Chamber of Digital Commerce, a blockchain advocacy group, has called on the US Government to foster blockchain innovation in two letters sent to national financial regulators.

The Chamber of Digital Commerce, a blockchain advocacy group self-described as the “world’s leading trade association representing the digital asset[s] and blockchain”, has called on the US government to foster blockchain innovation.

The group presented its stance in two separate letters to regulators, one addressed to the Consumer Financial Protection Bureau (CFPB), and another one to Commodity Futures Trading Commission (CFTC).

“Our comments to the CFPB on their proposed policy on no-action letters and the product sandbox recognized the potential of both tools to bridge the gap between the deliberate pace of regulation and the rapid pace of innovation while upholding the principle to first do no harm,” read a statement Chamber of Digital Commerce website.

The statement refers to the CFPB-proposed no-action letter policy and regulatory sandbox announced in December 2018 and aimed at encouraging banks to experiment with innovative financial products.

Moreover, the group called on the bureau to “eliminate unnecessary burdens to apply for access to these tools; enhance the reliability and practicality of these tools; and promote coordination among regulators”.

The advocacy group’s letter to the CFTC kept a similar tone, backing the
LabCFTC (the agency’s hub for engagement with the FinTech innovation community) and other mechanisms created to spur the development of financial products involving virtual currencies.

The letter praised the commission’s self-certification process as the “appropriate framework for the introduction of new derivatives” and noted its “efforts to learn more about Ether and the Ethereum”, despite the fact that the chamber does not advocate for any specific blockchain technology.

In its statement, the advocacy group called US financial services regulation “byzantine” and urged enhanced coordination among regulators.

The Chamber of Digital Commerce was established in 2014 “to promote the acceptance and use of digital assets and blockchain-based technologies.”

About the author

Maciek Klimowicz

Maciek Klimowicz

A seasoned writer and editor with 10 years of experience in a variety of print and online media. Recognizing the transformative potential of the blockchain technology, Maciek has now put his pen to work to explore the key issues of this fast-evolving sector. Contact him on [email protected].

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