Blockchain Support Group ‘Chamber of Digital Commerce’ Requests US Govt for Crypto Guidelines

Across the world, various governments have successfully implemented blockchain strategy. However, in the United States, such efforts have stalled. In 2018, the IRS was publicly criticized by a member of Congress for not creating a specific tax code for cryptocurrency.

Now, the Chamber of Digital Commerce, a blockchain advocacy group, has put out a public call for the US government to develop a concrete strategy for blockchain implantation in the country.

Groups such as the Chamber of Digital Commerce aren’t uncommon as a number of groups have popped up in recent times to promote blockchain use such as Blockchain for Europe.

The message from the Chamber was directed to the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB).

In their message to the CFPB, they recommended that tools such as no-action letters be adopted to help foster innovation and also said that unnecessary entry barriers should be removed with regards to the blockchain industry. An example of such as rule can be seen in Indonesia where a new regulation requires that a minimum of $70 million in capital be held by traders who want to deal in cryptocurrency futures.

For the CTFC, the Chamber expressed their approval at LabCFTC, a hub that was launched last year for the study of blockchain-based innovation. They also expressed their support of the CTFC’s Plans to undergo an in-depth study into the workings of Ethereum.

As part of their message, they have asked the government to put our clear and concise statements regarding the use of blockchain.

According to them, the only statements that have been made so far have been in the form of warnings to consumers and have sanctions on the industry. Now, they say, it is time to give “clearly articulated statement of support for the private sector”

New Laws Needed

Besides statements, laws and regulations need to be put in place to properly guide those within the blockchain industry and those that wish to interact with it.

“Other developed nations are promoting the adoption of blockchain and digital assets. It is imperative that the U.S. also recognize the power and potential of blockchain technology. …We can either step forward as visionary leaders or risk falling behind,” their statement said.

The “multi-tiered and multi-stakeholder structure of U.S. financial services regulation” must also be taken into consideration and the US government has been recommended to create a formal office for the addressing of these concerns.

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