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1️⃣ Welcome to the Future! 🤖🔗: The dynamic duo of Blockchain and AI is here! Each powerful in its own right, together, they could turbocharge the digital revolution. Expect advancements in AI powered by the unshakeable security of blockchain. Let’s dive in!

2️⃣ The Fort Knox of Data Security 🔐: AI craves data. The more, the merrier!🍴 But, where there’s data, there are threats. Enter Blockchain – a virtual Fort Knox protecting data from tampering, fraud, or loss. Once it’s in, it’s IN, making blockchain a trusty gatekeeper for our precious data.

3️⃣ Your Data, Your Rules 👑: Blockchain gives YOU the power to control your data!🎛️ The “Data as a Human Right” model takes center stage, boosting your confidence and encouraging participation. Goodbye, data misuse, hello data democracy!

4️⃣ Transparent & Trustworthy AI 🔍: Thanks to blockchain, AI decisions become an open book. Every action, every decision, traced, and tracked. Particularly for high-stakes sectors like healthcare and finance, blockchain assures that AI decisions are explainable and verifiable.

5️⃣ Decentralized Intelligence – Power to the People 💪: Blockchain champions decentralized marketplaces for AI models, breaking the monopoly of tech giants. Share, sell, and innovate – it’s an open playground for developers and smaller players. Power to the people!

6️⃣ AI DAOs – Revolutionizing Management 🔄: Imagine self-governing, smart contract-based organizations. That’s AI DAOs for you, enabled by blockchain. Say hello to a new era of AI applications, collectively owned and managed by their users.

7️⃣ To Infinity and Beyond! 🚀: Blockchain and AI, an unbeatable team, usher us into a new era of secure, democratic, and user-centric applications. The road ahead might be challenging, but the journey is rich with promise and filled with exciting possibilities!

🎯Why it’s Important 🎯: The fusion of Blockchain and AI signals a dramatic shift in how we interact with technology. Enhanced data security means safer environments for data-intensive applications, leading to better, more accurate AI models. Greater control over personal data promotes ethical AI development and ensures user privacy. Finally, the decentralization of AI development democratizes the field, fostering innovation and broadening participation. Together, Blockchain and AI are setting the stage for a future where technology is more secure, more democratic, and more innovative. 

Get ready to witness history in the making!

Only July 27, Senators Warren (D-MA) and Marshall (R-KS), alongside Senators Manchin (D-WV) and Graham (R-SC) re-introduced the Digital Asset Anti-Money Laundering Act. This proposal aims to eradicate digital asset innovation from the United States at the expense of market security by imposing impractical and unworkable compliance burdens on industry participants. We have met with nearly all members of the Senate Banking Committee on this proposal and it is unlikely to pass the Senate. However, it will receive significant media attention, possibly a markup in the Senate Banking Committee, and could attract additional co-sponsors. For those reasons, we strongly encourage all consumers interested in preserving and improving the health and viability of the digital asset ecosystem to call their Senators to voice opposition to this bill. 

The legislation would classify certain industry participants, including individual miners and validators, as financial institutions subject to the Bank Secrecy Act compliance regime. Treating these entities commensurate with the largest banks, hedge funds, and money transmitters would weigh them down with unnecessary compliance, stifle innovation, hinder industry growth, and force activity offshore to jurisdictions with less adequate security and oversight. 

For example, digital asset validators and miners do not typically engage in activities that qualify them as financial institutions under the Financial Crimes Enforcement Network’s (FinCEN) definition. FinCEN’s regulations are designed to cover entities that engage in traditional financial activities, such as accepting deposits, issuing loans, or engaging in other types of lending or financial intermediation. Digital asset validators and miners are generally involved in the technical operation of blockchain networks and do not provide financial services to customers. Blockchains are the software rails on which transactions, financial and otherwise, operate–but we do not subject software providers of banking infrastructure to the same regulations as banks.  

Registering as a financial institution would impose significant compliance costs and hinder or preclude participation in the digital asset ecosystem. Covered entities may be forced to depart the U.S., resulting in a brain drain of talented developers and technical experts critical to continued digital asset ecosystem development. This is already occurring: in 2017 the U.S. led all other nations with a 40% share of global blockchain developer roles; that share has dwindled to 29% today and is projected to decrease by an average of 2% annually–and in an industry expanding at a torrid pace, meaning we are holding a diminishing share of a growing pie. 

Instead of requiring digital asset validators and miners to register as financial institutions, regulators should focus on developing a regulatory framework that is tailored to digital assets’ unique characteristics and balances the imperative for consumer protection with the benefits of innovation and growth. 

As such, we oppose this legislation and urge Congress to reconsider its approach to regulating the digital asset industry. There is an outcome to this subject that balances consumer protection and allows for innovation to flourish. We hope policymakers choose to work collaboratively with industry to develop sensible, nuanced regulations before our allies and adversaries exploit our indecision, to the long-term detriment of our economic competitiveness and consumer choice. 

July 27, 2023 – The Chamber of Digital Commerce is thrilled to see that the House Agriculture Committee led by Chairman GT Thompson passed H.R. 4763, The Financial Innovation and Technology for the 21^st Century Act, for consideration on the House floor. 

This Act establishes a digital asset market structure framework appropriate for the unique characteristics of digital assets. This functional framework will provide clear rules of the road for market participants as well as protect investors and consumers. 

“Congratulations to Chairman Thompson, Rep. Hill and Rep. Johnson on their hard work on this bill and their bipartisan efforts,” said Cody Carbone, Vice President of Policy at The Chamber. “This bill is a massive step forward for the digital asset industry and we look forward to making sure this bill continues to stay true to its intension and benefit the digital asset industry.” 

After being marked up by both the House Agriculture and Financial Services committees, and with overwhelming bipartisan support, the bill will now be moved to the House floor for full consideration. 

**Chamber experts are available for comment. Contact press@digitalchamber.org to schedule an interview.** 

July 26, 2023 – The Chamber of Digital Commerce is pleased to see that H.R. 4763, “The Financial Innovation and Technology for the 21^st Century Act” has passed markup and is on its way to the House floor. 

The Act establishes a digital asset market structure framework appropriate for the unique characteristics of digital assets. This functional framework will provide clear rules of the road for market participants and protect investors and consumers. 

During markup, Chairman McHenry pointed out that this bill has been the work of bipartisan efforts across weeks, and The Chamber is proud to have been part of those discussions. 

Critics of the Act said that it will cause more confusion in the digital asset world, but with its layout of a regulatory framework, it provides clarity so that investors and consumers are protected. 

“This Act provides a way forward for the digital asset industry that has previously not been available,” said Cody Carbone, Vice President of Policy at The Chamber. “We applaud Chairman McHenry, Congressman Thompson, Congressman Hill, and Congressman Johnson for their leadership to bring clarity to the digital asset industry.” 

**Chamber experts are available for comment. Contact press@digitalchamber.org to schedule an interview.** 

July 25, 2023 – The Chamber of Digital Commerce is delighted to express its robust support for the bipartisan ‘Blockchain Regulatory Certainty Act‘. We are eager to see this pivotal legislation advance through the House Financial Services Committee and move closer to enactment. 

This Act represents a significant stride in providing regulatory clarity for blockchain developers, service providers, and digital asset miners. By ensuring that these entities are not treated as money transmitters or financial institutions, the Act provides a safe harbor that encourages innovation while maintaining the integrity of the digital asset ecosystem. 

“We believe this Act will stimulate growth and innovation in the blockchain industry by reducing unnecessary regulatory burdens. We look forward to working with Congress to ensure the successful implementation of this legislation,” said Cody Carbone, Vice President of Policy at The Chamber. 

The Chamber commends Congressman Emmer (R-MN) and Congressman Soto (D-FL) for their leadership and the members of the House Financial Services Committee for their foresight and commitment to supporting the blockchain industry. We are confident that the ‘Blockchain Regulatory Certainty Act’ will play a pivotal role in shaping a positive regulatory environment for blockchain technology in the United States. 

Summary of the Blockchain Regulatory Certainty Act 

The Blockchain Regulatory Certainty Act provides a safe harbor for non-controlling blockchain developers and providers of blockchain services. It ensures that these entities are not treated as money transmitters or financial institutions unless they control digital assets in the regular course of business. The Act aims to foster innovation in the blockchain industry by reducing regulatory burdens while maintaining necessary safeguards for the digital asset ecosystem. 

July 19, 2023 – The Chamber of Digital Commerce opposes S.2355, the Crypto-Asset National Security Enhancement Act.  

The Chamber views it as an excessive and misguided approach to addressing security issues related to decentralized finance (DeFi) and Crypto Kiosks.  

Traditional financial systems have long been exploited for money laundering activities at a scale much larger than the nascent crypto sector. Therefore, while the digital asset industry welcomes strong, effective AML laws, it is crucial that these laws are proportionate and do not unfairly penalize the industry or inhibit innovation.  

“The Crypto-Asset National Security Enhancement Act of 2023 is a bad bill. As is, this bill is unworkable,” said Cody Carbone, Vice President of Policy at The Chamber. “We at The Chamber are committed to work with each individual bill sponsor to educate them so they can produce commonsense legal frameworks that protect consumers, U.S. national security, and deter bad actors without stifling innovation or infringing on privacy rights.” 

The Chamber maintains that the bill is technically unfeasible, excessively burdensome, and could potentially stifle the burgeoning digital asset industry in the U.S., harming not only the innovators in the field but also consumers seeking to leverage these emerging financial tools. 

A more balanced approach is to instead recognize and leverage the inherent transparency and programmability of blockchain systems, and work alongside industry experts to formulate a technologically sound, practical approach that supports both national security and the growth of the DeFi sector. 

**Chamber experts are available for comment.  

Contact press@digitalchamber.org to schedule an interview.**  

July 19, 2023 – The Chamber of Digital Commerce, the digital asset industry’s preeminent advocacy organization, proudly marks its 9th anniversary, marking nearly a decade of driving policy and regulatory initiatives to foster the growth and adoption of blockchain technology. 

Since its establishment in 2014, the Chamber has achieved significant milestones, playing a pivotal role in shaping the crypto policy landscape. Notable accomplishments include organizing the groundbreaking Bitcoin Education Day on Capitol Hill, providing influential testimonies before the U.S. Congress to endorse legislation supporting blockchain development, and spearheading impactful campaigns to safeguard citizens’ financial and online privacy rights by curbing harmful regulations.  

The Chamber has also been instrumental in advocating for a National Action Plan for Blockchain, publishing industry guidelines, and effectively influencing policy decisions, including the Travel Rule and Market Structure legislation. 

“I am immensely proud of our team and the remarkable progress we have made in the past nine years. This milestone is a testament to the dedication and expertise of our team, as well as the unwavering support of our esteemed members,” said Perianne Boring, Founder and CEO of the Chamber of Digital Commerce. “Looking ahead, we remain focused on our mission, leveraging blockchain’s transformative power to chart a path towards boundless possibilities and unlock a future of innovation and prosperity.” 

As we commemorate our 9^th anniversary, the Chamber recognizes our mission is ongoing. Our dedicated team persistently collaborates with legislators and regulators to shape the U.S. into a more accommodating environment for blockchain technology and digital asset innovation. 

With a diverse membership comprising over 150 members from technology and financial services backgrounds, the Chamber continues to drive industry collaboration and advocacy. The DC Blockchain Summit, the Chamber’s flagship event, will return in 2024, fostering greater collaboration between industry and policymakers in Washington, DC. For more information on Chamber membership and the DC Blockchain Summit, visit our website.  

For any press inquiries please reach out to press@digitalchamber.org.  

July 14, 2023 – The Chamber of Digital Commerce is pleased that there has been a ruling in SEC v. Ripple, applying the legal precedent set forth in the Chamber’s brief. 

This ruling comes after years of litigation, including The Chamber’s amicus brief filed in September 2022. In the amicus brief, The Chamber lays out the applicable legal precedent for initial offerings of digital assets and makes the court aware that no federal law (or regulation) governs the legal characterization of a digital asset recorded on a blockchain.  The Chamber also urges the court to clarify that the law applicable to an investment contract is separate and distinct from the law applicable to the subject of that investment contract. 

“The Court echoed key themes from the Digital Chamber’s amicus brief by unequivocally stating that a digital asset, like other tangible and intangible assets that may be the subject of an investment contract, is separate and apart from the investment contract itself, and does not embody an investment contract. While the Court did not directly render an opinion on secondary resales of digital assets, the opinion provides that certain sales of digital assets may not meet the ‘expectations of profits’ prong of Howey. The Court even cited the Judge’s opinion in SEC v. Telegram where the Digital Chamber played a critical role as amicus curie,” said Lilya Tessler, Partner and head of Sidley Austin LLP’s FinTech and Blockchain group. Lilya Tessler represented the Digital Chamber in filing the amicus brief in SEC v. Ripple and SEC v. Telegram. 

This ruling is a promising move as the digital asset industry is navigating in a lack of regulatory and legal clarity. Although this decision is a great first step, The Chamber looks forward to working with Congress in developing legislation that will help to reinforce and further define the points made in this ruling. 

 “This case is a big milestone in the process of setting clear and consistent sets of rules for our industry, and we are also encouraged by the legislation also in play,” said Perianne Boring, CEO and Founder of The Chamber of Digital Commerce. “The digital asset industry deserves a level playing field and we will continue to advocate for sound policy that promotes U.S. leadership in the digital economy.” 

** Chamber experts are available for comment. Email press@digitalchamber.org to schedule time to speak with our team. ** 

The U.S. Securities and Exchange Commission (SEC) recently reopened its proposal to expand the statutory definition of “exchange” to specifically encompass trading systems that trade crypto assets, including decentralized trading platforms.  As the leading voice for the digital asset and blockchain industry, the Chamber of Digital Commerce submitted a comment letter in response to questions raised in the reopening release. Our goal is to ensure that any final rules the SEC adopts specifically account for the unique attributes of blockchain technology and digital assets.

In our comment letter, we highlight the fact that the reopening release continues the SEC’s ill-fated attempt to regulate the activities of a disparate and dynamic group of persons from around the world utilizing open-source software, known as “automated market maker” (“AMM”) smart contracts, as a single securities intermediary.  The SEC’s proposed approach to include AMM software within the scope of these regulations without further consideration will deter innovation and disrupt the development and adoption of these technologies.

Our letter also points out that the Commission should identify specific crypto assets that it believes are securities as one component of any of AMM software regulation. This would allow users of these systems that engage in transactions in crypto assets to better understand when such transactions might trigger obligations under U.S. securities laws.  The vague language the SEC proposed could create uncertainty and confusion for industry participants, from software developers to DeFi protocol users.

The SEC’s economic cost analysis set out in the reopening release elicited many questions from a broad range of industry stakeholders. Indeed, the SEC itself acknowledges the possibility of decreased innovation due to uncertainty and compliance costs. We believe that the Commission’s economic assessment of the impact of the proposed rules on crypto trading platforms, and particularly on decentralized trading platforms, is clearly not based on accurate or reliable data and woefully underestimates the actual economic cost that the proposed rules would have on decentralized trading systems. In our view and the view of many others, a comprehensive and accurate economic analysis is a fundamental obligation for every SEC rule-making process and the SEC should be prohibited from adopting rules in cases where it fails to meet that burden.

The Chamber’s comment letter reflects our foundational desire for regulatory certainty and clear compliance standards that are appropriate for the nature of digital assets and blockchain technology, their benefits to users, and the potential risks they may present.  We believe in striking a delicate balance between prudent regulation and fostering innovation. The Chamber remains hopeful for further amendments to the proposed rules that encourage both consumer protection and technological progress, creating a sustainable roadmap for our industry.

As global economies increasingly embrace blockchain technology, the United States must ensure it does not lose its foothold in this innovative space. The Chamber of Digital Commerce is calling on Congress to act now, urging the formation of a dedicated Digital Asset and Blockchain Technology Solarium Commission.  

How would a Solarium Commission help digital assets and blockchain technology?  The original Project Solarium was created by President Eisenhower during the Cold War to develop a strategic approach to counter Soviet expansion. A similar approach was recently adopted in the form of the Cyberspace Solarium Commission, which successfully brought about significant, bipartisan cybersecurity reforms.  

A dedicated commission for digital assets and blockchain technology could provide the much-needed direction to create a comprehensive and strategic roadmap for the future of digital asset and blockchain development in the U.S. 

Blockchain technology, the backbone of digital assets, is rapidly transforming global industries – from finance to healthcare, to national security and arts. However, regulatory uncertainty in the U.S. restrains domestic innovation and development while other nations are capitalizing on the technology’s potential, setting their sights on becoming the pioneers in this digital revolution.  

Countries like South Korea are investing significantly into digital infrastructure, dedicating $44.6 billion to a “Digital New Deal”. Japan is fostering crypto adoption by drafting crypto-friendly laws, while Germany is evolving its financial landscape by allowing companies to issue crypto shares.   

Meanwhile, potential adversaries like China and Russia are harnessing blockchain to build their international influence. China is laying the groundwork for an internationally focused Blockchain-based Services Network (BSN), while Russia and Iran are contemplating a gold-backed crypto to bypass the dollar in bilateral trade.  

These advances pose a direct threat to the U.S.’s technological leadership and economic stability. Given the potential of blockchain and digital assets, the U.S. cannot afford to sit on the sidelines any longer.  

As other nations leap ahead, the time for the U.S. to take action is now. Our ask is clear – the Members of the 118th Congress must prioritize the creation of a Digital Asset and Blockchain Solarium Commission to safeguard the nation’s innovation and technological leadership.