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Chamber of Digital Commerce Launches Smart Contracts Alliance

Establishes consortium of leaders in technology, legal and financial services to accelerate the understanding and adoption of smart contracts

Washington, D.C. (July 28, 2016) — The Chamber of Digital Commerce has launched the Smart Contracts Alliance (SCA), an industry initiative of leaders in the smart contracts ecosystem to promote the real-world application of this vital technology. Smart contracts have the potential to deliver greater efficiency, transparency and automation across industries. The SCA’s mandate is to educate and enhance the understanding and adoption of smart contracts, provide a forum to develop industry standards and help shape a pro-growth policy framework.

Co-chaired by Mark Smith, CEO of Symbiont, and Sean Murphy, Partner at Norton Rose Fulbright, the SCA comprises thought leaders and innovators from the technology, legal, and financial industries. The founding participants include: Bitfinex, Blake, Cassles & Graydon, Bloq, Cognizant, ConsenSys, Deloitte, The Depository Trust & Clearing Corporation, Eris Industries, Georgetown University’s Center for Financial Markets and Policy, Gem, IBM, Microsoft, Norton Rose Fulbright, Perkins Coie, Pillsbury Law, String Labs, Symbiont, Tether, t0.com and Wipfli.

“As a pioneer of smart contract technology, Symbiont’s end goal has always been realworld implementation,” said Mark Smith, Technology Chair of the Smart Contracts Alliance. “This initiative will be key in bridging the gap between concept and reality, and making smart contracts accessible across the board.”

“With real-world applications of any major advance in technology like smart contracts, regulation and policy play a pivotal role,” said Sean Murphy, Legal Chair of the Smart Contracts Alliance. “I’m excited to bring Norton Rose Fulbright’s experience in distributed ledger technology to the Smart Contracts Alliance, and help foster the right legal environment for smart contacts to flourish.”

“Smart contracts have the potential to change the landscape of modern business,” said Perianne Boring, Founder & President of the Chamber of Digital Commerce. “The Smart Contracts Alliance is another facet in the Chamber’s growing repertoire of industry initiatives to accelerate the growth of blockchain technology.”

The SCA’s first event, focusing on policy implications and the legal and regulatory challenges of smart contracts going forward, will take place in fall 2016.

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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

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Newsroom

North Carolina Leaps Forward with Blockchain-friendly Bill

State, Chamber of Digital Commerce Makes History with
Comprehensive Money Transmitter Act

Raleigh, N.C., Thursday, July 7, 2016 – Governor Pat McCrory has signed House Bill 289 into law, marking a historical moment for States’ regulation of blockchain technology and virtual currencies. The ratification of the bill, also known as the North Carolina Money Transmitter Act, comes after 16 months of deliberations between the North Carolina Commissioner of Banks, the General Assembly and the Chamber of Digital Commerce.

The Act updates the state’s existing laws to include a defined “virtual currency” term, and clarification as to which activity using virtual currency triggers licensure under the Act. This will ensure 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 will not require a license.

“Decentralized cryptocurrencies represent a significant development in financial services, but, because of the uniqueness of the technology powering them, also pose challenges to regulators, lawmakers and law enforcement officials evaluating how to integrate them into the existing legal fabric,” says Dax Hansen, Partner at Perkins Coie LLP and Chair of the Chamber’s State Working Group.  “North Carolina should be commended for investing the requisite time to understand decentralized cryptocurrencies and thoughtfully address them in the updated Money Transmission Act.”

The result is a more business-friendly approach that invites companies seeking to use virtual currencies or the underlying technologies, like blockchains or distributed ledgers, to bring their businesses to North Carolina. This starkly contrasts New York’s separate licensing regime, and provides a firm direction and sensible alternative for other states exploring the best approach to regulation.

“It’s been a long journey, however the benefits for both business and consumers in North Carolina won’t take nearly as long to surface,” said Perianne Boring, Founder and President of the Chamber of Digital Commerce. “North Carolina anticipated key issues, and developed a reasonable solution to address each concern. This has paved the way for other states to realize and embrace the incredible potential of these technologies.”

The Chamber is working in collaboration with several other states, the Uniform Law Commission and the Conference of State Supervisors as they develop their own approaches to virtual currencies and blockchain technology.

“North Carolina’s updated Money Transmission Act is important to the industry because it underscores that state’s commitment to understanding emerging technology and implementing thoughtful activity-based regulation of certain business models using such technologies,” said Carla L. Reyes, a Bruce R. Jacobs Visiting Assistant Professor of Law at Stetson University College of Law.  “Such careful consideration of the issues and the technology by regulators and legislatures is important for protecting the dual public policy interests of industry innovation and consumer protection.”

North Carolina’s MTA was a keystone initiative of the Chamber’s State Working Group, which is comprised of over 20 member companies and six leading law firms.

The Chamber would like to thank the significant contributions of Joseph Cutler of Perkins Coie, Dax Hansen of Perkins Coie (chair of the State Working Group), Amy Kim of Buckley Sandler, Arika Pierce of Gide, Carla Reyes of Stetson University College of Law and Dan Spuller of Cryptolina.

“We applaud the North Carolina Commissioner of Banks for their thoughtful engagement and approach towards making this bill a reality,” said Perianne Boring.

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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:
Patrick Sutton
Paragon Public Relations
Patrick@paragonpr.com
+1.646.558.6226

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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

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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

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

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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

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:
Erika Zapanta
erika@transform.pr

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Newsroom

Finance and Tech Leaders Hold DC Blockchain Roundtable on Capitol Hill

Members of Congress, regulatory agencies, and industry pioneers educate, collaborate and explore the potential of blockchain technology

Washington, D.C. – May 26, 2016 – The Chamber of Digital Commerce hosted today a roundtable on Capitol Hill between Members of Congress, regulatory agencies and blockchain technology industry pioneers and leaders.

“There is a constellation of key stakeholders in Washington, DC that can impact and influence the direction and adoption of blockchain technology – from regulatory agencies, law enforcement, intelligence, Congress and many others,” said Perianne Boring, Founder and President of the Chamber of Digital Commerce. “Coordinating the various efforts is imperative to enable a policy framework that is both effective, yet interoperable – and most importantly does not stifle investment, jobs or innovation.”

The DC Blockchain Roundtable included participation from some of the world’s largest technology, financial services and blockchain companies, including Bittrex, Bloq, CME Group, ConsenSys, Deloitte, DTCC, and Microsoft.

“Education and engagement with policy makers about this transformative technology is mission critical for the future development and adoption of blockchain-enabled technologies,” said Matthew Roszak, co-founder and chairman of Bloq, an enterprise blockchain software company.

“Distributed ledger technology offers an opportunity to re-think and improve current inefficient processes within the trade lifecycle. DTCC looks forward to helping to lead discussions on this important topic, in collaboration with market participants and policymakers, as this new technology quickly evolves,” said Mark Wetjen, DTCC Managing Director and Head of Global Public Policy.

Topics covered included general educational information about blockchain technology, solutions blockchain technology can bring to the financial services industry, blockchain applications relevant to policymakers and the public sector, and law enforcement concerns and implications.

“Blockchain technology has been, and I believe will continue to be, a positive market disrupter. It has the potential to revolutionize clearing and settling, and I’m interested to see how private sector financial institutions will adopt and use it. I look forward to monitoring and supporting the continued development of this technology and industry,” said Rep. Mick Mulvaney.

“The opportunities and efficiencies that come from distributive ledger technology are just now becoming understood. My job is to educate fellow members of Congress on what this means for future economic growth,” said Rep. David Schweikert.

This roundtable is part of a series of DC Blockchain Roundtables that the Chamber has originated and sponsored for the benefit of the DC policymaking 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:
Erika Zapanta
cdc@transform.pr
(202) 302-6064

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Newsroom

Blockchain Technology and Finance Powerhouses Join Forces in DC Microsoft, USAA, Bloq & Symbiont Announce Executive Membership in the Chamber of Digital Commerce

Microsoft, USAA, Bloq & Symbiont Announce Executive Membership in the Chamber of Digital Commerce

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

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Newsroom

Chamber of Digital Commerce to Testify in US Congress: Hearing Focused on Digital Currencies and Blockchain Technology

Hearing Focused on Digital Currencies and Blockchain Technology

Washington, DC (March 16, 2016) – Today the Chamber of Digital Commerce will testify at 11:00 am ET in the U.S. House of Representatives Energy and Commerce Committee. The hearing is entitled “Disrupter Series: Digital Currency and Blockchain.” Matthew Roszak, co-founder of Bloq, will testify on behalf of the Chamber of Digital Commerce. Roszak will also leverage this important platform to underline the benefits of blockchain technology, its potential to drive innovation, jobs and investment, as well as highlight the industry’s current scalability challenges and potential solutions to build consensus.

“Given the amount of financial and intellectual capital being poured into the blockchain ecosystem, this new technological frontier presents a generational opportunity for entrepreneurs and investors,” said Matthew Roszak. “I am honored to be representing the Chamber at this special gathering in Congress. Maintaining an open dialogue with policymakers is a critical component to this industry’s long term success.”

The Committee on Energy and Commerce, the oldest standing legislative committee in the U.S. House of Representatives, is vested with the broadest jurisdiction of any congressional authorizing committee. It has responsibility for the nation’s telecommunications, consumer protection, food and drug safety, public health research, environmental quality, energy policy, and interstate and foreign commerce.

The Chamber’s full testimony can be downloaded at: https://docs.house.gov/meetings/IF/IF17/20160316/104677/HHRG-114-IF17-Wstate-RoszakM-20160316.pdf

This hearing is open to the public and will be live streamed at: https://energycommerce.house.gov

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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

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Newsroom

Press Release – IBM Senior Vice President and Director of Research Arvind Krishna to Keynote DC Blockchain Summit

WASHINGTON, DC–(Marketwired – Feb 17, 2016) – The Chamber of Digital Commerce announces Arvind Krishna, Senior Vice President and Director of IBM Research, as a keynote speaker at the Chamber of Digital Commerce’s DC Blockchain Summit at Georgetown University on March 3, 2016.

“Blockchain technology is re-imagining the way we transfer, store, and secure assets, including currencies, commodities, property, and identity,” said Perianne Boring, Founder and President of the Chamber of Digital Commerce. “We’re honored to welcome IBM to the DC Blockchain Summit to share their perspective on this groundbreaking technology with Washington, DC.”

Krishna oversees IBM’s Blockchain initiatives, which includes the recent proposal of nearly 44,000 lines of code to the Linux Foundation’s Hyperledger Project. IBM Blockchain code is designed to help developers easily build secure distributed ledgers that can be used to exchange most anything of value. IBM recently announced new cloud-based blockchain services for developers, new garages in New York, Tokyo, Singapore and London that will focus on blockchain and a range of added consulting services to rapidly advance the use of distributed ledger technology across multiple industries.

In addition, Krishna helps guide IBM Research’s overall technical strategy, oversees a global organization of approximately 3,000 scientists and technologists located at 12 labs on six continents. He is the recipient of a distinguished alumni award from the University of Illinois, is the co-author of 15 patents, has been the editor of IEEE and ACM journals, and has published extensively in technical conferences and journals.

The DC Blockchain Summit will also feature CEO of Digital Assets Holdings, Blythe Masters, as a keynote speaker. Additional speakers include: Don Tapscott, Best Selling Author; Sean Murphy, Global Head of Blockchain, Norton Rose Fulbright; Matthew Roszak, Founding Partner, Tally Capital; C. Alden Pelker, FBI; Rep. David Schweikert (R-AZ); Jeff Garzik, Core Developer and Co-Founder, Bloq; Adam Ludwin, CEO, Chain; and many more.

The DC Blockchain Summit is open to the DC community, technologists, students, and all those interested in blockchain technology.

For more details, visit: DC Summit

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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

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