Category: TDC Update

Washington, D.C. – The Digital Chamber proudly presented a special Hero Award to Tigran Gambaryan at the 2025 DC Blockchain Summit, recognizing his extraordinary courage, resilience, and unwavering commitment to combating illicit finance in the digital asset industry. The award was presented by U.S. Rep. Warren Davidson in a powerful moment that underscored the values of justice, freedom, and integrity. 

A former IRS Special Agent and current Binance executive, Tigran was unjustly detained in Nigeria for nearly a year in 2024 while working to promote compliance and responsible practices in the digital asset space. Despite enduring significant physical and emotional hardship, he remained steadfast in his principles — a powerful example of integrity in the face of adversity. 

“We are humbled to honor Tigran Gambaryan with the Hero Award,” said Perianne Boring, Founder and CEO of The Digital Chamber. “His life’s work — both in law enforcement and in the private sector — has made this industry safer and more accountable. His unjust detention highlighted the very real risks faced by those who uphold the rule of law. Today, we celebrate his strength, his service, and his return.” 

Congressman Davidson, a longtime advocate for civil liberties and financial innovation, delivered remarks before presenting the award and shared this statement: 

“I am proud to recognize Tigran Gambaryan – a U.S. citizen – for his resilience and bravery in the face of his unjust detention in Nigeria. His release is a relief, but it never should have happened—no American should be used as leverage by a foreign government. I’m honored to present him with the Hero Award and to welcome him home.” 
  
“I’m deeply honored to receive this award and want to sincerely thank The Digital Chamber, the U.S. government, my incredible wife Yuki, and the countless friends—both personal and professional—who worked tirelessly to bring me home. Your support carried me through the darkest days. I hope what happened to me never happens to another compliance professional. No one should be punished for doing the right thing.” 

Tigran’s career — from leading complex investigations at the IRS to building global compliance programs in the private sector — has left a lasting impact on the digital asset industry. As this space continues to evolve, The Digital Chamber remains committed to honoring those who lead with integrity and ensuring that no one who stands up for what’s right ever stands alone. 

For media inquiries or interviews, please contact digitalchamber@transformgroup.com. 

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About The Digital Chamber 
The Digital Chamber is the world’s leading trade association representing blockchain and digital asset innovators. Founded in 2014, the organization has shaped national policy, defended the industry during its most challenging periods, and secured bipartisan support for blockchain innovation. Today, The Digital Chamber is building the future of the digital economy through education, advocacy, and strategic engagement in Washington and around the world. 

Website: www.digitalchamber.org 

Washington, D.C. – The Digital Chamber (TDC), the Nation’s voice for the blockchain industry, today released the U.S. Blockchain Roadmap: a bold policy framework to ensure the United States remains the global leader in economic competitiveness, national security, and digital innovation. 

Blockchain is more than a financial innovation—it is foundational infrastructure for the digital age. From modernizing financial systems and securing energy independence to strengthening cybersecurity and supply chains, blockchain technology will underpin the next era of American power and prosperity. 

This roadmap provides a strategic blueprint for Congress and the White House to lead in blockchain development and harness its full potential to advance core national priorities. 

The release of the roadmap follows last week’s leadership transition announcement, in which Founder Perianne Boring was named Chair of the Board of Directors and President Cody Carbone was announced as incoming CEO, effective in April. The paper builds on that transition by outlining the organization’s long-term vision for national blockchain leadership and a bold policy agenda for the future. 

“This roadmap is a call to action,” said Cody Carbone, President and incoming CEO. “It lays out a clear plan for how policymakers can embrace blockchain to solve the U.S.’ most pressing issues. TDC is equipped right now to lead the charge in Washington to enact these changes.” 

The U.S. Blockchain Roadmap includes policy recommendations across six pillars: 

• Strengthening financial stability through digital assets 
• Protecting financial freedom and decentralization 
• Leading global capital markets with regulatory clarity 
• Advancing energy security through Bitcoin mining 
• Modernizing the U.S. banking system 
• Exploring blockchain applications for government innovation and national security 

The roadmap also calls for the enactment of the BITCOIN Act, passage of stablecoin legislation, the development of a self-regulatory organization for digital assets, a reform of the Federal Reserve’s master account process, an overhaul of the Bank Secrecy Act to protect American privacy, and a number of other policy recommendations. The framework also proposes the creation of an R&D fund to explore how blockchain can enhance government operations, improve fiscal oversight, and strengthen national security.  

“For the first time, we have the political will and alignment necessary to lead in the digital asset era,” said Perianne Boring, Founder and CEO of The Digital Chamber, and incoming Chair of the Board. “This roadmap provides the strategic direction to turn momentum into action and ensure the United States leads the world in blockchain innovation.” 

The release of the roadmap comes ahead of the DC Blockchain Summit, where Boring and Carbone will outline The Digital Chamber’s vision during a fireside chat titled “Beyond Defense: The Digital Chamber’s Vision for the Next Decade.”

The U.S. Blockchain Roadmap is already earning broad support across the industry. Leading voices from The Digital Chamber’s membership and the broader blockchain ecosystem shared their endorsements of this vision:

“This roadmap is exactly what the United States needs to secure its place as the dominant nation for digital asset innovation and to become the Bitcoin Superpower of the World. The Digital Chamber is leading the way to achieve meaningful reforms in Washington, D.C. that will allow us to win the ‘space race’ for the future of finance.” – Jason Les, CEO, Riot Platforms, Inc.

The U.S. Blockchain Roadmap isn’t just a policy document—it’s a turning point. For the first time, there’s real momentum in Washington to back builders instead of blocking them. At Cryptex, we’ve spent years proving that decentralized finance can be secure, scalable, and meaningful. This roadmap gives innovators the oxygen we need to lead—not just in crypto, but in the future of global finance itself.” – Joseph Sticco, Co-Founder, Cryptex Finance

“It’s a pivotal moment for our industry as the U.S. charts a clear course for blockchain and digital asset policy. We welcome this roadmap as a strong step toward greater regulatory clarity – benefiting innovators, investors, and users globally.” – Dominik Schiener, Chairman of the Board of Directors, IOTA Foundation

“The Blockchain industry has transitioned from an esoteric consideration to impacting mission critical infrastructure. This roadmap couldn’t be coming at a better time and from a better institution and Constellation fully supports The Digital Chamber in this effort.” – Ben Jorgensen, CEO, Constellation Network 

“Zero Hash fundamentally believes that digital assets are a technology, not an asset class. As such, we’re aligned with the Chamber’s US Blockchain Roadmap, which, at its core, represents this truth. The U.S. needs to modernize its financial services laws and clarify the regulatory lines associated with the deployment of digital asset technology to further solidify the United States as the crypto capital of the world and to further ready our economy for the next digital revolution.” – Edward Woodford, Founder and CEO, Zero Hash 

“Bitcoin mining is a critical pillar of U.S. energy security and technological leadership. This roadmap lays out a strong vision to ensure clear, consistent regulations, promote energy abundance, and safeguard American dominance in this strategic sector. Strengthening domestic mining capacity not only secures our financial sovereignty but also fortifies national security by reducing reliance on foreign-controlled digital infrastructure. This is the bold action we need to maintain our leadership in the global digital economy.” – Fred Thiel, CEO and Chairman, MARA

“I’m excited to be part of the momentum around finally getting positive motion on regulatory clarity for crypto.” – Katherine Dowling, General Counsel and Chief Compliance Officer, Bitwise Asset Management, Inc.

“As we enter the golden age of financial innovation, it’s imperative that blockchain remains at the forefront of American strategic policy. Blockchains will improve transparency, privacy rights, and innovation in all of our digital systems, and this roadmap is an excellent start in turning that vision into a reality.” – Tarek Mansour, CEO, Kalshi

“CleanSpark is proud to stand alongside The Digital Chamber in advocating for the industry and supporting the U.S. Blockchain Roadmap as a vital guide for advancing a new digital economy. As America’s Bitcoin Miner®, CleanSpark views Bitcoin as both a global asset and a local business — one that drives financial stability while staying decentralized, enhances power grid resilience across the nation, and promotes economic growth in rural communities. The future is happening now.” – Zachary Bradford, CEO and President, CleanSpark 

“The Digital Chamber’s Blockchain Roadmap 2025 offers important guidance on how the United States can lead by example, protecting the financial freedoms of all who decide to participate within the decentralized financial revolution, enabling the potential for modern economic prosperity, however doing so with clear regulatory guidance where recently there was none. On this brave new road towards President Trump’s envisioned ‘Golden Age’, we at Unicoin, a US publicly reporting cryptocurrency company, will proudly play our part in helping to ensure that America becomes the Crypto Capital of the planet.”  – Alex Konanykhin, CEO, Unicoin 

“Now is a pivotal moment for U.S. leadership in blockchain, digital innovation, and national security. This roadmap provides the necessary clarity and direction to help us lead rather than compete. Effective leadership demands vision, policy, and GRIT. The Digital Chamber’s efforts are crucial in this endeavor. We must prioritize blockchain to secure America’s role at the forefront of technological advancement.” – Mariela Dilev, CEO, GRIT Staffing & HR Solutions

“When you look at how breakthroughs really happen—whether it’s the printing press or the internet—they don’t come from working in silos. They come from unexpected collisions: between industries, between ideas, between people with radically different missions. At NDF, we’ve created a platform that does exactly that—aligned with the U.S. Blockchain Roadmap, but designed to provoke innovation through collaboration. By sharing talent and pooling R&D efforts, we’re not just reducing costs—we’re increasing the odds of serendipity, of that one idea that changes everything.” – Eric Adolphe, CEO, Forward Edge-AI, Inc. / National DigiFoundry (NDF)

For media inquiries or interviews, please contact digitalchamber@transformgroup.com. 

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About The Digital Chamber 
The Digital Chamber is the world’s leading trade association representing blockchain and digital asset innovators. Founded in 2014, the organization has shaped national policy, defended the industry during its most challenging periods, and secured bipartisan support for blockchain innovation. Today, The Digital Chamber is building the future of the digital economy through education, advocacy, and strategic engagement in Washington and around the world. 

Website: www.digitalchamber.org 

Washington, D.C. – The Digital Chamber (TDC), the world’s first and largest blockchain trade association, today announced that President Trump’s son Don Jr. has joined its updated lineup of speakers for the 10th annual DC Blockchain Summit, the premier event for blockchain professionals, policymakers, and innovators. The Summit, sponsored by Chainlink, will be held in Washington’s Capital Turnaround state-of-the-art event venue next week on March 26, 2025. 
 
Trump will be joining virtually at 11:05 a.m. as part of a panel called “Digital Liberty: Expanding Global Access to Digital Assets and DeFi,” moderated in person by IOHK Founder and CEO Charles Hoskinson. Trump will be joined by Zach Folkman, Chase Herro and Zach Witkoff, the Co-Founders of World Liberty Financial, the pioneering DeFi protocol and governance platform inspired by Donald J. Trump. Trump is also one of World Liberty Financial’s Web3 Ambassadors, along with Barron Trump and Eric Trump. President Donald Trump is World Liberty Financial’s Chief Crypto Advocate. Trump actively oversees The Trump Organization’s extensive property portfolio and the expansion of the company’s real estate, retail, commercial, hotel and golf interests. 

“The first few months of the new Trump administration have been as consequential a period as we’ve ever seen for blockchain, especially from a policy perspective. Donald Trump Jr. has undoubtedly helped inform the new administration’s receptiveness, and outside the halls of policy, remains one of the best advocates for crypto and blockchain as the future of finance,” said Perianne Boring, Founder and CEO, The Digital Chamber (TDC). “It is a crucial time to align industry and policymakers to ensure the U.S. leads the world in blockchain innovation and the DC Blockchain Summit is creating that conversation with the industry’s top thought and policy leaders.” 
 
The event’s full agenda is now live at https://www.dcblockchainsummit.com/agenda. This year’s lineup of Summit speakers comprises a broad spectrum of backgrounds, including blockchain pioneers, industry executives and policymakers to discuss the key areas of opportunity, considerations and friction points that need to be resolved to enable institutional engagement.   The event will be livestreamed exclusively on Rumble.  
  
Speakers include:   

• Michael Saylor, Co-Founder and Executive Chairman, Strategy, Inc 
• Richard Teng, CEO, Binance 
• Paolo Ardoino, CEO, Tether 
• Sergey Nazarov, Co-Founder, Chainlink
• Stani Kulechov, Founder, Aave Labs
• Avery Ching, CEO, Aptos Labs
• Tigran Gambaryan, Head of Financial Crime Compliance, Binance
• Thomas J. Lee, Co-founder, Head Of Research, Fundstrat/FS Insight
• Wyoming Governor. Mark Gordon
• Senate Banking Committee Chairman Tim Scott
• U.S. Sen. Ted Cruz
• U.S. Sen. Cynthia Lummis
• U.S. Sen. Bill Hagerty
• U.S. Sen. Tim Sheehy
• U.S. Sen Kirsten Gillibrand
• House Financial Services Committee Chair French Hill 
• Digital Asset Subcommittee Chairman Bryan Steil  
• SEC Commissioner HESTER M. PEIRCE
• Hon. David Burt, Premier, Government of Bermuda
• Among many more…  

   
The DC Blockchain Summit for the last decade has brought together the most influential voices leading the blockchain and digital asset ecosystem, connecting them with the nation’s top policymakers and regulators for crucial discussions and conversations on key issues that will define the future of the industry and its success. This exclusive event features policymakers shaping legislation and regulations impacting blockchain development, as well as CEOs, leading companies, and investors who align with The Digital Chamber’s mission to drive the industry into the future.   
  
For more information on the DC Blockchain Summit, please visit https://www.dcblockchainsummit.com.  

For media inquiries or interviews, please contact digitalchamber@transformgroup.com. 

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About The Digital Chamber 
The Digital Chamber is the world’s leading trade association representing blockchain and digital asset innovators. Founded in 2014, the organization has shaped national policy, defended the industry during its most challenging periods, and secured bipartisan support for blockchain innovation. Today, The Digital Chamber is building the future of the digital economy through education, advocacy, and strategic engagement in Washington and around the world. 

Website: www.digitalchamber.org 

The Nation’s First and Largest Trade Association for Blockchain and Digital Assets Names Cody Carbone as CEO

Washington, D.C. – The Digital Chamber (TDC), the industry’s leading advocacy organization, today announced a strategic leadership transition as it shifts from a defensive stance to a bold, proactive strategy for shaping blockchain policy in Washington, D.C.

Cody Carbone, who currently serves as President, will assume the role of Chief Executive Officer (CEO) in April. In this role, he will set the strategic direction of The Digital Chamber, drive its policy and advocacy efforts, and lead the organization into its next phase of growth. Perianne Boring, Founder and CEO, will transition into the role of Chair of the Board of Directors, where she will continue to shape the organization’s long-term strategy and policy vision.

A Turning Point for Crypto Policy in Washington

This transition comes at a pivotal moment for the digital asset industry. With pro-crypto leadership in the White House and Congress, TDC is shifting into full execution mode to cement U.S. leadership in blockchain innovation.

“For the first time, we have a government that recognizes the strategic importance of digital assets,” said Perianne Boring, Founder & CEO. “Now is the time to advance policy, drive adoption, and execute on the vision we have been fighting for over the past decade. Cody has been a tremendous leader in Washington, and I have full confidence in his ability to take TDC to the next level.”

Former CFTC Chairman, and TDC Advisory Board member Chris Giancarlo praised Boring’s leadership and TDC’s role in shaping policy for the industry. “Perianne has been a pioneering champion for the industry and has built The Digital Chamber into the preeminent policy voice for the digital asset industry. The next era of advocacy is a critical opportunity to drive the U.S. to the forefront of digital asset innovation. Cody is extremely well qualified to lead this next chapter for The Digital Chamber.”

Cody Carbone to Lead the Next Phase of Growth

Since joining The Digital Chamber, Carbone has been instrumental in shaping policy, driving regulatory engagement, and building key relationships with lawmakers and industry leaders. His leadership has played a critical role in securing major legislative victories for the digital asset space.

“I am honored to take on this role at such a defining moment for our industry,” said Cody Carbone, President and Incoming CEO of The Digital Chamber. “The Digital Chamber has been the leading voice for digital assets in Washington, and with pro-crypto momentum building, our work is more important than ever. We are ready to go on offense and drive policy that ensures the U.S. leads in blockchain innovation.”

Join the Conversation at the DC Blockchain Summit

Boring and Carbone will outline the organization’s vision at the DC Blockchain Summit on March 26, offering exclusive insights into the future of blockchain policy.

Fireside Chat: “Beyond Defense: The Digital Chamber’s Vision for the Next Decade”

This exclusive conversation will highlight TDC’s policy priorities, the road ahead for digital assets in Washington, and the industry’s path forward under the new administration.

For media inquiries or interview requests, please contact digitalchamber@transformgroup.com.

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About The Digital Chamber

The Digital Chamber is the world’s leading trade association representing blockchain and digital asset businesses. Founded in 2014, the organization has been instrumental in shaping policy, educating lawmakers, and driving regulatory clarity to support the responsible growth of the digital asset industry. For more information, visit www.digitalchamber.org.

March 12, 2025  

On October 24, 2024, the Financial Industry Regulatory Authority (FINRA) published The Metaverse and the Implications for the Securities Industry, analyzing the metaverse’s potential impact on broker-dealers and investors. The Digital Chamber (TDC) responded with a comment letter supporting FINRA’s proactive approach and advocating for a balanced, technology-neutral regulatory framework.

Assessment of the Report

TDC commends FINRA’s efforts to explore metaverse applications in financial services, such as trading, investor education, and virtual consultations. The Metaverse Report provides a thorough analysis of the metaverse’s potential, outlining both opportunities—such as enhanced customer engagement, operational efficiencies, and new investor education tools—and regulatory challenges. FINRA’s detailed examination of real-world use cases, including virtual branches, gamified investor education, and VR financial advisors, reflects its commitment to staying ahead of technological advancements. By addressing these elements, the report lays a strong foundation for continued dialogue between regulators and industry stakeholders. 

TDC’s Recommendations

In close collaboration with TDC members, we submitted comments addressing these emerging use cases and potential regulatory considerations. Highlights from that comment letter are as follows: 

1. Maintain a Technology-Neutral Framework

FINRA’s existing regulatory framework should remain adaptable to emerging technologies without necessitating broad overhauls. Broker-dealers need clarity on how current regulations apply to metaverse-related activities to foster innovation while ensuring compliance. 

2. Foster Industry Collaboration

FINRA should continue to proactively engage with broker-dealers, platform developers, and other industry participants to identify compliance challenges, data privacy concerns, and best practices for investor disclosures in immersive environments. 

3. Monitor Trends

To ensure its rules remain relevant, FINRA should track adoption rates, evolving definitions of metaverse technologies (VR, AR, digital twins), and emerging cross-border regulatory challenges. 

4. Provide Targeted Guidance Where Needed

The metaverse introduces unique challenges related to compliance, supervision, and recordkeeping. Rather than implementing sweeping new rules, FINRA should clarify how existing regulations apply to decentralized platforms, virtual branch offices, avatar-based interactions, and other novel use cases. Providing targeted guidance will enable firms to implement effective oversight and risk management practices. 

5. Consider Practical and Operational Implications

To ensure regulatory clarity and compliance, FINRA should assess how firms apply existing compliance processes to metaverse innovations rather than imposing outdated standards. A principles-based approach will support responsible adoption while maintaining investor protections. Where rule modifications or new rules may be needed, FINRA should actively solicit feedback from member firms to ensure they have a full understanding of the practical implications involved that necessitate such changes. 

6. Ensure Continued Regulator Education

FINRA should expand its Crypto Hub to include metaverse-related advancements, ensuring a consistent and informed regulatory approach. Centralizing expertise, improving internal knowledge-sharing, and aligning examination and policy efforts will better support responsible innovation in this evolving space. 

Conclusion

TDC remains committed to collaborating with FINRA and other regulators to establish a regulatory framework that supports responsible innovation in the metaverse. As the technology evolves, regulators must remain adaptable, working closely with industry stakeholders to refine policies and address emerging challenges. A flexible, principles-based approach will ensure that innovation can thrive while maintaining market integrity and investor protection.  

We look forward to ongoing discussions with FINRA and policymakers to shape a regulatory landscape that fosters compliance, industry growth, and technological advancement. In addition, we appreciate the contributions to this comment letter by Gavin Meyers, Elaine Critides, and Gene Burd of Pierson Ferdinand LLP for their expertise and leadership in putting together our response. For more information or to get involved in these discussions, please contact us at membership@digitalchamber.org.

About The Digital Chamber

The Digital Chamber is the world’s leading trade association representing blockchain and digital asset businesses. Founded in 2014, the organization has been instrumental in shaping policy, educating lawmakers, and driving regulatory clarity to support the responsible growth of the digital asset industry. For more information, visit www.digitalchamber.org.

By: Jean-Philippe Beaudet

February 12, 2025  

The Growing Risk of Quantum Computing 

Quantum computing is rapidly advancing, and while it offers incredible potential, it also creates a major cybersecurity risk. It introduces significant security risks across all sectors, particularly for systems relying on conventional cryptographic methods such as public-key cryptography. The U.S. relies on encryption to secure classified intelligence, nuclear command systems, and financial transactions – but quantum computers, once mature, could break these defenses in mere seconds. Without immediate action, any data storage, communication, or financial transactions that rely on existing encryption methods would be vulnerable. 

Blockchain as a Quantum-Resistant Solution 

Blockchain technology offers a promising defense against emerging quantum threats by leveraging its advanced encryption and decentralized nature. Here’s how it helps: 

1. Data Integrity with AES-Grade Encryption 

• Blockchain uses encryption similar to the Advanced Encryption Standard (AES) – the same method the U.S. government uses to protect the most sensitive information¹. 
• AES works by scrambling data into an unreadable format using secret keys of 128, 192, or 256 bits, making it difficult to crack. 
• Think of AES as a high-security vault that doesn’t just lock but scrambles its contents through multiple layers of transformation, making it nearly impossible to decipher without the correct key. The longer the key (128, 192, or 256 bits), the more layers of security are added, ensuring only authorized parties can unlock and access the original data.  
• Implementing blockchain technology across sectors not only fortifies existing security structures but also decentralizes control, reducing single points of vulnerability that quantum attacks could otherwise exploit. 

2. Quantum Key Distribution (QKD) for Secure Communication 

• QKD is an advanced encryption method that allows secure key exchanges. 
• Unlike traditional encryption, QKD can detect if someone tries to intercept the key, ensuring that only the intended parties can access the information. 
• When integrated with blockchain, QKD enhances security for transactions, identity verification, and sensitive data exchanges. QKD combined with blockchain technology is quantum-proof. 

3. Post-Quantum Cryptography for Future-Proof Security 

• Researchers have developed lattice-based cryptographic algorithms like CRYSTALS-Dilithium and FALCON, designed to withstand quantum attacks. 
• These methods are already recommended by the National Institute of Standards and Technology (NIST) to secure digital identities and financial transactions. 
• These algorithms allow blockchains to maintain signature security against quantum decryption threats, safeguarding digital identities and transaction records with high efficiency. 
• Implementing these quantum-resistant algorithms within blockchain ensures continued data security, even in a quantum-enabled world. 

4. Quantum Voting-Based Consensus for Secure, Scalable Transactions 

• Blockchain relies on consensus mechanisms to verify and approve transactions. 
• A new method, Quantum Delegated Proof of Stake (QDPoS), allows for secure voting-based validation without requiring excessive computing power. 
• This ensures blockchain networks remain efficient, transparent, and resilient – even as quantum technology evolves. 

Benefits and Policy Considerations 
Quantum-resistant blockchain technology isn’t just a security measure—it’s a strategic investment that aligns with U.S. national security priorities. Here’s what policymakers should do: 

1. Establish Blockchain as a Standard for Quantum-Safe Infrastructure 

• NIST has already identified blockchain as a viable quantum-resistant technology. 
• The U.S. government should formally integrate blockchain into all critical infrastructure, defense, and intelligence operations to strengthen its cybersecurity. 

2. Support Research & Development for Blockchain-Based Quantum Security 

• Department of Defense CIO for Cybersecurity David McKeown discussed the DoD’s intended post-quantum cryptography transition.² 
• Funding R&D efforts focused on blockchain-based quantum resistance will ensure the U.S. stays ahead in cybersecurity innovation. 

3. Build Public-Private Partnerships for Secure Systems 

• Collaboration between the government and the blockchain industry will accelerate the development of quantum-proof networks and applications. 
• Establishing clear and transparent opportunities for industry and government collaboration to develop new blockchain-based quantum-proof networks and applications is essential. 
• Historically, government support of emerging technologies has led to breakthroughs – blockchain as a quantum-resistant cybersecurity tool is the next frontier. 

Blockchain’s role in a quantum future is indispensable, making government action to harness its potential today crucial to protect critical systems tomorrow. Without blockchain’s decentralized security framework, our nation’s critical data remains at risk. 

Who we are: 

The Digital Chamber (TDC) advocates for national and international standards that leverage blockchain’s inherent strengths to mitigate the risks posed by disruptive military and dual-use technologies. TDC advocates smart, balanced policy, law, and regulation that promotes legal, ethical use of blockchain technologies to protect consumers, human rights, and freedom of speech, while allowing these nascent technologies to flourish in the U.S., grow our economy, and raise our standard of living. 

It is vital for U.S. national security interests to lead in advanced computing and blockchain innovation to ensure networks are safe, information remains secure, and the U.S. can respond effectively to emerging threats. By integrating blockchain, the U.S. can maintain an unbreakable security posture in a post-quantum world. 

If you have any questions, please reach out to Policy@digitalchamber.org. 

What is S.J.Res.3?  

S.J.Res.3 is a joint resolution introduced by Sen. Cruz (R-TX) and Rep. Mike Carey (R-OH). The resolution provides for congressional disapproval under chapter 8 of title 5, (5 U.S.C. § 8) of the rule submitted by the Internal Revenue Service (IRS) relating to “Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales”. The rule was finalized December 30th, 2024.  

Why does 5 U.S.C. § 8 Matter? 

• This harmful rule/regulation broadens the definition of a “broker” to encompass operators of custodial digital asset trading platforms, certain providers of hosted digital asset wallets, processors handling digital asset payments, and individuals who act as vendors in transactions with customers.
  • This would include owners of digital asset kiosks, brokers accepting digital assets as commission payments, brokers dealing in digital assets, and issuers of digital assets who regularly offer redemption services for those assets. 

• This rule also defines decentralized financial (DeFi) participants as “brokers,” subjecting them to stringent and overly burdensome requirements that DeFi technology does not have the technical capability to meet.
  • In adopting this standard, the Treasury Department and IRS rejected numerous comments from the public that various types of trading front-end service providers do not have sufficient visibility to be able to know the nature of these transactions.  

This rule undermines the purpose of DeFi technology: to allow individuals to freely buy, sell, and exchange digital assets. 

The Digital Chamber encourages regulators and lawmakers to support market freedom for the buying and selling of digital assets, as well as simplicity and privacy in rulemakings for their tax-filing process.