Chamber of Digital Commerce Names DTCC’s Mark Wetjen to Board of Advisors

June 29, 2016 by Chamber

Newsroom

Chamber of Digital Commerce Names DTCC’s Mark Wetjen to Board of Advisors

Market Infrastructure Technology Provider Also Joins Chamber’s Executive Committee

Washington, D.C., June 29, 2016 — Today the Chamber of Digital Commerce (“Chamber”) announces the appointment of Mark Wetjen of The Depository Trust & Clearing Corporation (“DTCC”) to its Board of Advisors. In addition, DTCC has joined the Chamber’s Executive Committee. Mr. Wetjen currently serves as the Head of Global Public Policy at the DTCC, the world’s leading post-trade market infrastructure for the global financial services industry, processing nearly $1.5 quadrillion worth of securities transactions in 2015. Prior to DTCC, Mr. Wetjen served as Commissioner at the U.S. Commodity and Futures Trading Commission (CFTC).

“New technologies are creating tremendous opportunities to connect economies around the world, make markets safer and more efficient and deliver services to consumers in novel ways. In particular, distributed ledger technology offers the industry a unique opportunity to drive targeted improvements to the financial market infrastructures that underpin the global capital market,” said Mark Wetjen. “I am pleased to join the Chamber and look forward to collaborating with the industry around fintech and blockchain strategies, which will be important to any future re-architecting of the posttrade environment.”

DTCC has a focused blockchain strategy to ensure the firm capitalizes on distributed ledger opportunities in a measured, appropriate, safe and secure manner. DTCC has made significant advancements with a number of internal business use cases and is currently working on several proof of concepts with the industry, including initiatives related to repurchase agreements (repos) and credit default swaps (CDS).

“We are excited to have Mark bring his vast experience and knowledge of financial markets and technology to our association and the Board of Advisors. Mark and the Board will help to shape the next chapter of financial services technology,” said Perianne Boring, Founder and President of the Chamber.

The Chamber represents the world’s leading innovators, operators and investors in the digital asset and blockchain technology ecosystem, including start-ups, software companies, global IT consultancies, financial institutions and investment firms. Membership is open to all those committed to supporting and growing this thriving community.

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About the Chamber of Digital Commerce

The Chamber of Digital Commerce is the world’s leading trade association dedicated to promoting the understanding, acceptance and use of digital assets and blockchain-based technologies. Headquartered in Washington, D.C., the Chamber is the founder of the Smart Contracts Alliance, the Blockchain Alliance, the Global Blockchain Forum and many other key industry initiatives. For more information, please visit DigitalChamber.org or follow us on Twitter: @ChamberDigital.

Chamber Media Contact:
Erin Tye
Paragon Public Relations
Erin@paragonpr.com
+1.646.558.6226

Chamber of Digital Commerce Presents at North Carolina Senate

June 16, 2016 by Chamber

Newsroom

Chamber of Digital Commerce Presents at North Carolina Senate

Raleigh, N.C., Thursday, June 16, 2016 – The North Carolina Senate Finance Committee met this Tuesday to consider a proposed bill that would, among other things, clarify the state’s regulation of virtual currency and distributed ledger-related businesses. As part of the Committee Meeting, the Chamber of Digital Commerce and law firm Perkins Coie presented on blockchain technology.

The North Carolina Money Transmitter Act would update the state’s existing Act in a number of important ways, including the addition of a defined “virtual currency” term, and clarification as to which activity using virtual currency triggers licensure under the Act.

While current North Carolina law can clearly be read to cover certain virtual currency-related business models, its language remains ambiguous – particularly for companies using the underlying technology for applications other than payments. The Act would not only clarify the licensure requirement as to a variety of virtual currency-related business models, but it would also make important distinctions between companies using virtual currency (like bitcoin), and ones that use the underlying software technology (like blockchains or distributed ledgers).

This Act provides clarity to the entire industry by defining what types of companies innovating with blockchain technology need to be licensed and regulated as money transmitters. It also updates the law to include an important agent of the payee exception, which would be available to all potentially regulated entities, whether the business model is virtual currency-related or not. The Act is a more comprehensive and business-friendly approach to regulating virtual currency on the state level, and starkly contrasts New York’s separate licensing regime.

The Act was first introduced in March of last year at the request of the Commissioner of Banks, and was resoundingly passed by the North Carolina House of Representatives in May by a vote of 117-1.

“The state-by-state money transmitters licensing regime is a costly, onerous and labor-intensive path for any company to take,” said Perianne Boring, Founder and President of the Chamber of Digital Commerce. “The passage of this Act into law is good for business, jobs and innovation in North Carolina. We urge Senate leadership to take the next steps to bring it to the floor for a vote.”

“The North Carolina Money Transmission Act represents a thoughtful approach to virtual currency regulation that reflects prior work by the Conference of State Bank Supervisors and the on-going efforts of the Uniform Law Commission,” said Carla Reyes, Associate at Perkins Coie LLP and incoming law faculty at Stetson University College of Law. “The importance of clarity provided through legislative action for members of the industry cannot be overstated, and the Act offers both that clarity and other important updates to North Carolina money transmission law.”

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About the Chamber of Digital Commerce

Chamber Media Contact:
Erin Tye
Paragon Public Relations
Erin@paragonpr.com
+1.646.558.6226

Chamber of Digital Commerce Gathers at Federal Reserve Annual Meeting to Discuss Blockchain Technology

June 6, 2016 by Chamber

Newsroom

Chamber of Digital Commerce Gathers at Federal Reserve Annual Meeting to Discuss Blockchain Technology

Chain, Bloq, Goldman Sachs and NASDAQ Share Their Thoughts With the Federal Reserve, World Bank and IMF

WASHINGTON, DC–(Marketwired – Jun 6, 2016) – The Chamber of Digital Commerce, the world’s largest trade association representing the blockchain industry, helped facilitate discussions at an event hosted by the Federal Reserve, World Bank, and IMF in Washington, DC on June 1 through 3, 2016. Central banks from over 90 countries participated at the event titled “Finance in Flux: The Technological Transformation of the Financial Sector.” The theme of this year’s conference was on blockchain and FinTech.

In her remarks, the Chair of the Board of Governors of the Federal Reserve System, Janet Yellen, addressed heightened concerns about cybersecurity. She also said that it’s undeniable that the global financial system has benefited from FinTech and encouraged central banks to do all they can to learn about financial innovations including bitcoin, blockchain and distributed ledger technologies.

Adam Ludwin, CEO of Chain, delivered the keynote address in the Board of Governors of the Federal Reserve System’s Board Room. “Blockchain technology will provide central bankers, regulators and policy makers with new tools to enhance the safety, soundness and capabilities of the financial markets and payments systems globally. As participants on industry blockchain networks, regulators will gain real-time transparency to measure systemic leverage and monitor compliance. And as potential operators of networks for issuing central bank digital currencies, policy makers have the opportunity to forge a payments system that will enhance security, reduce settlement times and create new possibilities for monetary policy,” said Ludwin.

Jeff Garzik, CEO of Bloq and Bitcoin Core Developer, outlined the innovative elements of blockchain technology, including trust shifting, decentralization, cryptography, immutability and others. “Some of the greatest potential benefits of blockchain technology are going to be first seen and actively leveraged in emerging nations,” said Garzik.

Perianne Boring, Founder and President of the Chamber of Digital Commerce, encouraged the Federal Reserve and central banks to focus on and embrace innovation in blockchain and distributed ledger technology. “We believe blockchain technologies are capable of providing the Fed and other regulators with next generation tools to fulfill their mission of monitoring the safety and soundness of the financial system more effectively,” said Boring.

The conversations with senior level directors of central banks from around the world were very encouraging and indicated a high level of interest in blockchain technology.

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About the Chamber of Digital Commerce

Chamber Media Contact:
Erika Zapanta
erika@transform.pr