Chamber of Digital Commerce

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

The Digital Chamber, formally 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]

In 2024, the chamber advocated for the passage of "a clear regulatory framework" on stablecoins to keep the U.S. dollar strong in the digital economy. In a 2024 report, it noted how USD-linked stablecoins are becoming popular for payments and remittances, especially in unstable markets. The chamber has pushed for allowing both banks and non-banks to issue stablecoins, setting strict rules for reserves, and making systems compatible. [9]

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.” [10] [11] [12] [13] To date, however, the PAC has only raised $10,000 of which only $2,700 has been contributed to a candidate. [14] [15]

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.

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">Blythe Masters</span> British economist (born 1969)

Blythe Sally Jess Masters is a British private equity executive and former financial services and fintech executive. She is a former executive at JPMorgan Chase, where she was widely credited for developing the credit default swap as a financial instrument.

<span class="mw-page-title-main">Dark money</span> Undisclosed American political contributions

In politics, particularly the politics of the United States, dark money refers to spending to influence elections, public policy, and political discourse, where the source of the money is not disclosed to the public.

<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 through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

Blockchain.com is a cryptocurrency financial services company. The company began as the first Bitcoin blockchain explorer in 2011 and later created a cryptocurrency wallet that accounted for 28% of bitcoin transactions between 2012 and 2020. It also operates a cryptocurrency exchange and provides institutional markets lending business and data, charts, and analytics.

Circle is a peer-to-peer payments technology company that now manages stablecoin USDC, a cryptocurrency the value of which is pegged to the U.S. dollar. It was founded by Jeremy Allaire and Sean Neville in October 2013. Circle is headquartered in Boston, Massachusetts. USDC, the second largest stablecoin worldwide, is designed to hold at or near a stable price of $1. The majority of its stablecoin collateral is held in short-term U.S. government securities.

<span class="mw-page-title-main">Stellar (payment network)</span> Cryptocurrency

Stellar, or Stellar Lumens, is an open-source, decentralized protocol for digital currency to fiat money low-cost transfers which allows cross-border transactions between any pair of currencies. The Stellar protocol is supported by a Delaware nonprofit corporation, the Stellar Development Foundation, though this organization does not enjoy 501(c)(3) tax-exempt status with the IRS.

A blockchain is a distributed ledger with growing lists of records (blocks) that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks.

United States virtual currency law is financial regulation as applied to transactions in virtual currency in the U.S. The Commodity Futures Trading Commission has regulated and may continue to regulate virtual currencies as commodities. The Securities and Exchange Commission also requires registration of any virtual currency traded in the U.S. if it is classified as a security and of any trading platform that meets its definition of an exchange.

Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc, and is registered in the British Virgin Islands. Bitfinex was founded in 2012. It was originally a peer-to-peer Bitcoin exchange, and later added support for other cryptocurrencies.

Bitcoin was designed by its pseudonymous inventor, Satoshi Nakamoto, to work as a currency, but its status as a currency is disputed. Economists define money as a store of value, a medium of exchange and a unit of account, and agree that bitcoin does not currently meet all these criteria.

Tether is a cryptocurrency stablecoin launched by Tether Limited Inc. in 2014.

A cryptocurrency bubble is a phenomenon where the market increasingly considers the going price of cryptocurrency assets to be inflated against their hypothetical value. The history of cryptocurrency has been marked by several speculative bubbles.

In blockchain, a fork is defined variously as:

A stablecoin is a type of cryptocurrency where the value of the digital asset is supposed to be pegged to a reference asset, which is either fiat money, exchange-traded commodities, or another cryptocurrency.

USD Coin (USDC) is a cryptocurrency stablecoin pegged to the United States dollar. Managed by Circle, USDC is issued by a private organization and is distinct from a central bank digital currency (CBDC).

Paxos Trust Company is a New York–based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.

The general notion of cryptocurrencies in Europe denotes the processes of legislative regulation, distribution, circulation, and storage of cryptocurrencies in Europe. In April 2023, the EU Parliament passed the Markets in Crypto Act (MiCA) unified legal framework for crypto-assets within the European Union.

Terra is a blockchain protocol and payment platform used for algorithmic stablecoins. The project was created in 2018 by Terraform Labs, a startup co-founded by Do Kwon and Daniel Shin. It was best known for its Terra stablecoin and the associated LUNA reserve asset cryptocurrency.

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. ↑ "The Digital Chamber report: U.S. should use stablecoins to promote USD dominance in digital economy". Monetary Brief. Retrieved 2024-11-18.
  10. ↑ Julian Hattem (August 25, 2014). "Bitcoin lobby launches spending PAC". The Hill .
  11. ↑ Julian Hattem (August 29, 2014). "Bitcoin group descends on Congress". The Hill .
  12. ↑ Brenan Salgado (September 5, 2014). "Bitcoin Education Day on Capitol Hill". Vanderbilt Journal of Entertainment & Technology Law. Vanderbilt Law School.
  13. ↑ 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.
  14. ↑ "FEC Disclosure Report Search Results". docquery.fec.gov. Retrieved 2017-01-25.
  15. ↑ "FEC Disclosure Report Search Results". docquery.fec.gov. Retrieved 2017-01-25.
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