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Satoshi Nakamoto publishes “Bitcoin: A Peer-to-Peer Electronic Cash System” establishing the first framework for blockchain technology and cryptocurrency.
U.S. Department of Treasury’s Financial Crimes Enforcement Network issues interpretive guidance clarifying that FinCEN’s regulations apply to convertible virtual currencies, subjecting administrators and exchangers of bitcoin and other cryptocurrencies to the Bank Secrecy Act; and becomes the first U.S. regulator to assert jurisdiction over the blockchain ecosystem.
“This virtual currency is currently unregulated and has allowed users to participate in illicit activity, while also being highly unstable and disruptive to our economy. I urge regulators to take appropriate action to limit the abilities of this highly unstable currency.” – U.S. Senator Joe Manchin
Virtual currency is treated as property for U.S. federal tax purposes; general rules for property transactions apply.
NYDFS became the first, and is still the only, state to issue a license specific to virtual currency.
The Chamber of Digital Commerce officially opened its doors, becoming the first and only trade association in Washington, DC solely focused on representing the digital asset and blockchain technology ecosystem.
The Chamber has held three Congressional “fly-ins” where all Chamber members are invited to Washington, DC to advocate for blockchain on Capitol Hill. Congressional Blockchain Education Day has been attended and sponsored by members of the Congressional Blockchain Caucus and over 300 businesses innovating with blockchain-based technologies.
U.S. Commodities Future Trading Commission determines that bitcoin and other virtual currencies meet the definition of a commodity under to Commodity Exchange Act. Order CoinFlip, Inc., d/b/a Derivabit, et al.
The Blockchain Alliance is a public-private forum created to address public safety concerns about digital currencies and to combat criminal activity using blockchains. The Blockchain Alliance is credited for coordinating with more than 100 industry and law enforcement agency participants and training their agents to better combat illicit activity associated with blockchains.
The DC Blockchain Summit is the keystone event of the Chamber of Digital Commerce and brings together policymakers and businesses to discuss some of the most pressing issues impacting blockchain technology. This event is hosted in partnership with Georgetown University’s Center for Financial Markets and Policy.
The Chamber’s Chairman, Matthew Roszak, testified before the U.S. House of Representatives Energy and Commerce Committee in a hearing entitled “Disrupter Series: Digital Currency and Blockchain.” This hearing led to the passage of H. Res. 835, establishing supportive language for blockchain technology in the Congressional Record.
“Whereas blockchain technology with the appropriate protections has the potential to fundamentally change the manner in which trust and security are established in online transactions through various potential applications in sectors including financial services, payments, health care, energy, property management, and intellectual property management….”
Chamber signs Memorandum of Understanding with international group of trade associations to promote global regulatory interoperability.
Marking the first set of Fortune 500 companies to join the Chamber’s membership.
The Chamber helped organize blockchain training and education for more than 90 central bank heads at the Federal Reserve’s annual meeting with The World Bank and the International Monetary Fund. The event included an opportunity for Chamber members to hear private remarks from Chair Janet Yellen. Prior to this day, Chair Yellen had never spoken publicly about blockchain technology and we were among the first to receive her thoughts!
The Smart Contracts Alliance is an initiative of the Chamber of Digital Commerce promoting real-world applications of smart contracts to enhance business. The Smart Contracts Alliance helps shape adoption, technology standards, and policy around smart contracts and has published a series of educational and legal resources, including “Smart Contracts: Is the Law Ready?,” a comprehensive report addressing some of the biggest legal questions impacting the adoption of this technology. Today more than 150 companies have contributed to the work of the Smart Contracts Alliance.
North Carolina forked away from New York’s BitLicense path and, instead, updated the state’s existing laws. The bill defined “virtual currency” and clarified which activities using virtual currency trigger a money transmission license. Notably, the North Carolina Commissioner of Banks expressly stated that virtual currency miners and blockchain software providers, including smart contracts platforms, colored coins, smart property, multi-signature software, and non-hosted, non-custodial wallets, would not require a license.
The industry’s first event fully dedicated to smart contract technologies is held in New York’s Times Square. More than 250 of the world’s leading financial institutions, legal experts, blockchain technologists and innovators gather to explore and discuss the adoption of smart contract technologies.
The Structured Finance Industry Group and the Chamber of Digital Commerce partner to examine the application of blockchain in securitization and issue one of the first comprehensive studies in this area.
“After months of analysis and multiple consultations with various industry constituents involved in the securitization lifecycle, there is little doubt that blockchain and smart contracts, a key technology that enables many blockchain applications, hold such promise. Blockchain will streamline processes, lower costs, increase the speed of transactions, enhance transparency, and fortify security.”
40+ organizations join together to help the development of blockchain tech by addressing intellectual property issues.
Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934: the DAO.
The Chamber’s Token Alliance is actively working with the SEC, CFTC, and Congress on issues impacting tokenized networks. We published our first report in July 2018, “Understanding Digital Tokens: Market Overviews & Proposed Guidelines for Policymakers & Practitioners.” The report includes principles and guidelines for utility token sponsors and trading platforms to promote sound business practices and minimize unintentional regulatory risk.
The Foundation of the Chamber of Digital Commerce is a non-profit charitable organization that sponsors and supports research and educational activities to promote the acceptance and use of digital assets and blockchain technologies.
that is critical of aspects of virtual currency trading activity.
The Chamber’s State Working Group publishes this resource for state legislators as they explore ways to encourage the growth of blockchain technology. 50+ bills introduced in 2019 track against our Toolkit! State legislation has exploded, from 64 bills introduced in 2018, to 237 and counting as of May 16, 2019.
View the State Blockchain Report Card »
The Chamber Canada provides unprecedented global access to support the growth of Canada’s blockchain community.
Tanya Woods, the Chamber’s managing director for Canada was appointed to the Ontario Securities Commission Fintech Advisory Committee in February 2019.
In support of our mission, the Chamber is calling on the highest levels of the U.S. government to embrace a comprehensive, national strategy for blockchain. The Plan proposes that the U.S. approach blockchain technology with clearly articulated support to encourage private sector development and innovation required of emerging industries.
Seven Members of Congress wrote a letter to the Director of the National Economic Council requesting that the Administration “hold a forum on blockchain technology and include blockchain technology in the initiatives the Administration intends to promote on emerging technologies.” The letter is the first step in making blockchain technology – the innovation and the economic benefits that come with the technology – a national priority.
One of the world’s largest technology companies announces its cryptocurrency project, spurring an international policy debate on crypto and blockchain.
FATF Issues Guidance Applying AML Recommendations to Virtual Assets and Virtual Asset Service Providers. Guidance for a Risk-based Approach to Virtual Assets and Virtual Asset Service Providers.
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