Chamber of Digital Commerce

Last updated
Chamber of Digital Commerce
FounderPerianne Boring
FocusBusiness advocacy
MethodPolitical lobbying, Advocacy, Public relations
Website digitalchamber.org

The Chamber of Digital Commerce is an American advocacy group that promotes the emerging industry behind blockchain technology, bitcoin, digital currency and digital assets. [1] [2] [3] [4]

Contents

History

Headquartered in Washington, D.C., the organization was founded in July 2014 by Perianne Boring. In October 2014, the chamber received 501(c)(6) non-profit status from the Internal Revenue Service. [5] In 2015, economist and former JPMorgan Chase executive Blythe Masters was appointed to the advisory board. [6]

In December 2019, former Chairman of the Commodity Futures Trading Commission Christopher Giancarlo was appointed to the advisory board of the chamber. [7]

The chamber is also interested in patent applications, particularly those filed by China concerning the digital industry. [8]

PAC (political action committee)

In August 2014, political news site The Hill reported that the Chamber had registered a political action committee with the United States Federal Election Commission. As The Hill piece noted, “formation of the PAC is a sign of increasing maturity for Bitcoin and a signal that politicians could face political pressure to support virtual currencies.” [9] [10] [11] [12] To date, however, the PAC has only raised $10,000 of which only $2,700 has been contributed to a candidate. [13] [14]

Related Research Articles

<span class="mw-page-title-main">Digital currency</span> Currency stored on electronic systems

Digital currency is any currency, money, or money-like asset that is primarily managed, stored or exchanged on digital computer systems, especially over the internet. Types of digital currencies include cryptocurrency, virtual currency and central bank digital currency. Digital currency may be recorded on a distributed database on the internet, a centralized electronic computer database owned by a company or bank, within digital files or even on a stored-value card.

<span class="mw-page-title-main">Campaign finance in the United States</span> Contributions to American election campaign funds

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<span class="mw-page-title-main">Brock Pierce</span> American entrepreneur and former child actor (born 1981)

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Virtual currency, or virtual money, is a digital currency that is largely unregulated, issued and usually controlled by its developers, and used and accepted electronically among the members of a specific virtual community. In 2014, the European Banking Authority defined virtual currency as "a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically." A digital currency issued by a central bank is referred to as a central bank digital currency.

<span class="mw-page-title-main">Bitcoin</span> Decentralized digital currency

Bitcoin is the first decentralized cryptocurrency. Nodes in the bitcoin network verify transactions through cryptography and record them in a public distributed ledger called a blockchain. Based on a free market ideology, bitcoin was invented in 2008 by Satoshi Nakamoto, an unknown person.

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<span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.

The Bitcoin Foundation is an American organization that was formerly a nonprofit corporation. It was founded in September 2012 in an effort to restore the reputation of Bitcoin after several scandals, and to try to promote its development and uptake. The organization is modeled on the Linux Foundation and was funded mainly through grants made by for-profit companies that depend on the bitcoin technology.

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References

  1. Anthony Cuthbertson (July 21, 2014). "Bitcoin Breakthrough as Chamber of Digital Commerce Opens in US". International Business Times UK.
  2. Megan R. Wilson (November 24, 2014). "Mellon joins bitcoin advocacy group". The Hill .
  3. Ian Allison (July 3, 2015). "Bitcoin regulation: Chamber of Digital Commerce talks about enlisting former JP Morgan chief Blythe Masters". International Business Times UK.
  4. "Blockchain Technology Gets a Hearing Inside the Fed's Headquarters".
  5. staff (October 16, 2014). "Chamber of Digital Commerce Receives IRS Recognition". Politics & Government Week. Archived from the original on April 9, 2016.
  6. "Board of Advisors". Chamber of Digital Commerce.
  7. staff (October 16, 2014). "Chamber of Digital Commerce Receives IRS Recognition". Politics & Government Week. Archived from the original on December 2, 2019. Retrieved December 2, 2019.
  8. Perianne Boring; Marc Kaufman (n.d.). "Blockchain: The Breakthrough Technology of the Decade and How China Is Leading the Way – An Industry White Paper" (PDF). Chamber of Digital Commerce. Retrieved 2 September 2022.
  9. Julian Hattem (August 25, 2014). "Bitcoin lobby launches spending PAC". The Hill .
  10. Julian Hattem (August 29, 2014). "Bitcoin group descends on Congress". The Hill .
  11. Brenan Salgado (September 5, 2014). "Bitcoin Education Day on Capitol Hill". Vanderbilt Journal of Entertainment & Technology Law. Vanderbilt Law School.
  12. Tess VandenDolder (August 24, 2014). "Politics News: The Bitcoin Lobby Has Launched Their Own PAC". DC Inno. Streetwise Media. Archived from the original on September 11, 2016. Retrieved August 13, 2016.
  13. "FEC Disclosure Report Search Results". docquery.fec.gov. Retrieved 2017-01-25.
  14. "FEC Disclosure Report Search Results". docquery.fec.gov. Retrieved 2017-01-25.