August 13, 2025 — (Washington, DC) Today, The Digital Chamber (TDC) announced the intention to expand its presence in digital assets policy debates at the state level. To lead this expanded effort, TDC has hired Anastasia Dellaccio to serve as Executive Director of State and Regional Affairs.
“Key states like New York, California, Texas and Wyoming are making huge strides to build regulatory frameworks for crypto. The Digital Chamber is well positioned to utilize our trusted, national brand to monitor and inform those efforts with Anastasia leading the way for us,” Carbone noted. “She is the right person to take on this newly established role at The Digital Chamber, and we are excited to expand our advocacy reach at the state level.”
Dellaccio has extensive experience in leading public policy at all levels of government, most recently serving as Senior Vice President for External Affairs and Engagement at the Export-Import Bank of the U.S. Anastasia’s past experience includes guiding emerging technology policy and engagement at Core Scientific and Booz Allen, in addition to working at WeWork, the UN Foundation, and the Senate Foreign Relations Committee. She has demonstrated a passion for digital assets, and as a founder of WCOIN, she has worked to increase the number of women actively engaged in crypto.
The Digital Chamber, recently marking its eleventh anniversary, is a non-profit organization committed to promoting blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.
The Digital Chamber (TDC) is pleased to announce that we have submitted our formal response to the Senate Banking Committee’s Request for Input (RFI) on the “Responsible Financial Innovation Act of 2025” discussion draft. Drawing on the expertise of our 200+ diverse members across the blockchain ecosystem, TDC provided over 80 pages of comprehensive feedback addressing nearly every question posed. We hope our insights help inform and strengthen the Committee’s efforts as the legislative process moves forward.
TDC supports the Senate Banking Committee’s thoughtful approach reflected in the discussion draft. At the same time, our members shared concerns about the proposed use of a “decentralization” construct to determine whether an ancillary asset falls under SEC or CFTC jurisdiction. No other major jurisdiction with comprehensive digital asset regulation imposes such a requirement, creating potential pressure for U.S.-based projects to prematurely declare “decentralization” or “blockchain maturity.” Projects must retain the flexibility to develop in line with user, consumer, and investor needs, and not be constrained by rigid statutory definitions.
Our response also highlights opportunities to improve clarity around certain definitions and structural coherence of the discussion draft. It is essential that all terms related to the digital asset market are clearly and consistently defined. While Section 101 introduces a definition for “ancillary asset” under the Securities Act of 1933, beginning in Section 109, the draft shifts to using the undefined term “digital asset(s)” without clarifying how it relates to “ancillary asset(s).” Additionally, the interaction between Sections 101 and 102 creates ambiguity around the treatment of assets sold by originators—particularly regarding disclosure obligations or exemptions. We recommend clarifying the definitions and resolving the originator-related conflict to ensure regulatory clarity and coherence.
Finally, while we support granting the SEC discretion to offer alternative paths for token safe harbors and exemptions, our members expressed concern about the extent to which the draft relies on future SEC rulemaking in areas where innovators need clarity now. Critical issues, such as token disclosure requirements and the definition of when a network is under “common control” of related parties, should be clearly enumerated in statute. Without this enhancement, token issuers risk regulatory uncertainty and potential shifts in policy by future Commissions. We instead support the approach taken in H.R. 3633, the CLARITY Act, which establishes a minimum viable framework in statute to provide innovators with a clear and reliable path forward.
The Digital Chamber appreciates the diligent work of the Senate Banking Committee staff, Chairman Scott, and Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno on the introduction of the “Responsible Financial Innovation Act of 2025” discussion draft. We commend the Committee’s thoughtful engagement with stakeholders and recognize its good-faith effort to foster blockchain innovation while upholding strong consumer protections. As the largest and most diverse blockchain trade association, TDC looks forward to continued collaboration with Congress and regulators to ensure that the final market structure legislation reflects the needs of our members and strengthens the U.S. digital economy.
August 5, 2025 — (Washington, DC) Today, The Digital Chamber (TDC) announced a key leadership hire in Zunera Mazhar, who will serve as Vice President of Policy to help expand TDC’s federal advocacy efforts.
“As we looked for expertise to amplify our members’ voices in the fight for fair regulations, Zunera stood out for her strong track record of leading in technology, regulation and digital assets,” said Cody Carbone, CEO of The Digital Chamber.
Mazhar brings more than two decades of experience in banking and government, with a strong focus on aligning innovation with financial inclusion and modern regulatory frameworks. A former FDIC Deputy Director and Deputy Chief Innovation Officer, she has spearheaded national initiatives on digital assets and emerging tech. Earlier in her federal career, she held senior leadership roles at the U.S. Department of Education and U.S. Citizenship and Immigration Services, where she directed large-scale IT modernization and enterprise communication strategies.
“Federal regulatory agencies are assuming more responsibility for reviewing guidance and rulemaking on the heels of the White House’s recommendations to secure the U.S.’s leadership role globally in crypto. Zunera’s experience as a former regulator will be invaluable in The Digital Chamber’s efforts to ensure our members’ voices shape the fit-for-purpose rules and laws to preserve space for innovation and access to crypto for all Americans,” added Carbone.
The Digital Chamber, recently marking its eleventh anniversary, is a non-profit organization committed to promoting blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.
Economic Intelligence Division, The Digital Chamber
Since April 2025, U.S. spot Bitcoin ETFs have reversed course sharply, drawing $17.8 billion in net inflows between April 12 and July 18 after shedding over $5.5 billion in Q1 amid collapsing basis-trade yields. This shift reflects a renewed wave of institutional demand.
This surge in ETF inflows is a structural shift with regulatory and capital allocation consequences. As nearly $18 billion flows into SEC-registered Bitcoin vehicles in under 100 days, traditional financial infrastructure is absorbing digital assets at a scale that now demands policy attention. For regulators, it marks a tipping point where oversight must adapt to instruments that blend asset exposure with securities law. For investors, it signals that Bitcoin is no longer on the speculative fringe. It is becoming an institutional asset class with liquidity, custody, and compliance built into its rails.
Market Value of Holdings Surpasses $151 Billion
As of July 18, 2025, the 11 U.S. spot Bitcoin ETFs collectively hold 1.28 million BTC. At that day’s spot price of $118,139.41, total market value of ETF Bitcoin holdings now exceeds $151 billion. This means nearly 6.5% of all Bitcoin in existence are held by these ETFs, signaling a significant shift from Bitcoin’s early days as a primarily retail-held asset.
The rally has coincided with a sharp rebound in Bitcoin itself, which traded below $79,000 in early April and climbed nearly 50% in three months, peThe rally has coincided with a sharp rebound in Bitcoin itself, which traded below $79,000 in early April and climbed nearly 50% in three months breaking above $120,000 on both July 17th and July 18th.
This divergence between rising inflows and stable derivatives positioning signals a shift in market structure: capital is entering with long horizon intent. Institutional buyers are likely using ETF’s to obtain regulatory compliant exposure to bitcoin’s upside rather than having direct or indirect exposure to BTC- especially while they await comprehensive market structure legislation and finalized rules around qualified custodians. Until such frameworks are in place, ETFs offer a turnkey, SEC registered vehicle that bypasses the operational and legal uncertainties of direct Bitcoin custody. This behavior mirrors the pattern seen in gold ETF adoption post 2004 when price-led inflows decoupled from speculative positioning and reshaped asset classification.
Structural Shift: Institutions Over Hedge Funds
Bloomberg notes that registered investment advisers (RIAs) have now surpassed hedge funds as the largest known holders of Bitcoin ETFs. This signals a significant maturation in investor profile. IBIT, BlackRock’s fund, leads in every category: flows, volume, holdings, and liquidity.
Advisers now hold over 52% of ETF-related Bitcoin exposure, up from 31% just six months prior. The ETF channel is no longer just a speculative wrapper; it’s rapidly becoming a strategic allocation tool for institutional portfolios.
The past 90 days signal more than a rebound. They mark a structural shift in how Bitcoin is held, traded, and trusted. With $17.8 billion in net inflows, ETF-held Bitcoin now exceeds 1.28 million BTC, valued at over $151 billion. This is balance sheet positioning by fiduciaries. It is capital flowing through regulated channels, tracked, priced, and held with custody infrastructure that mirrors traditional finance.
ETF flows are now a systemic signal. When they surge, they reflect more than just sentiment; they reflect compliance-cleared conviction. And when they hold 6.5% of the global Bitcoin supply, they become systemically relevant.
Implications for Policy and Regulation
This wave of institutionalization forces a policy consideration.
Systemic Recognition: U.S. regulators can no longer treat Bitcoin as peripheral. When hundreds of billions move through SEC-regulated ETFs with liquidity, tight spreads, and institutional holders, the asset class enters the perimeter of systemic market relevance.
Disclosure and Infrastructure Mandates: Expect new proposals on ETF transparency, custody standards, cross-border capital flows, and even macroprudential treatment of digital asset exposure. Crypto is no longer niche. It is on Wall Street’s balance sheet.
Regulatory Oversight: With spot ETFs drawing assets faster than most mutual funds, jurisdictional clarity between the SEC, CFTC, and potentially the Federal Reserve becomes urgent.
New Compliance Norms: Advisers, now the largest holders, will push for uniform frameworks on tax treatment, AML/KYC integration, and cross-border asset portability. Regulation will need to mirror this sophistication or risk creating fragmentation.
International Ramifications: Other jurisdictions, especially in Europe and Asia, will view the U.S. ETF model as a template. Nations without equivalent vehicles risk watching capital exit to U.S.-based digital exposure products.
The takeaway is clear: Bitcoin ETFs are no longer an experiment. They are the first in a series of steps that will bring digital assets further into US capital markets. The flows are votes for structure, governance, and access.
The past 90 days mark a turning point in Bitcoin ETF evolution. With over $17.8 billion in new capital, total ETF-held Bitcoin exceeding 1.28 million BTC, and total value nearing $151 billion, the asset class is institutionalizing.
Whether driven by financial repression, inflation hedging, or the search for convex digital assets, the story is no longer about “when” institutions will adopt Bitcoin. It’s about how fast they are rewriting the rules of portfolio construction.
Commitment to Constructive Engagement
The Digital Chamber is a non-profit trade organization committed to promoting blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Access to digital assets is not merely a technological advancement but a fundamental human right, crucial for economic and social empowerment. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.
Jasmine Fosque leads the Economic Intelligence Division at The Digital Chamber. Her research focuses on digital asset infrastructure, regulatory design, and macroeconomic signals in crypto markets.
The President’s Working Group report, “Strengthening American Leadership in Digital Financial Technology,” is a roadmap for the next three years to fill in the gaps in areas Congress has yet to begin legislating. This will guide regulators and agencies to begin rulemaking and reviewing existing guidance, so that the United States is positioned to lead globally in crypto. We appreciate the Task Force’s efforts, led by Bo Hines, that adopted critical TDC recommendations such as:
Directing the SEC to consider using its rulemaking and exemptive authority under the Securities Act to establish a fit-for-purpose exemption from registration for token issuances.
Establishing that the CFTC should have clear authority to regulate spot markets in non-security digital assets.
Ensuring issuers of digital asset securities, and of securities involving digital assets, should be subject to disclosure requirements that are appropriately tailored to address the novel characteristics of digital assets and blockchain technology.
Supporting clear guidance from relevant agencies allowing Americans to custody their own digital assets without relying on intermediaries.
Clarifying that developers and non-custodial blockchain infrastructure providers are not financial institutions.
Directing agencies to identify, secure and gain access to digital asset keys in seized electronic evidence — bolstering the U.S. government’s digital asset stockpile and providing a strategic advantage as other jurisdictions build their own reserves.
Encouraging federal digital identity guidelines to adopt privacy-enhancing cryptographic technologies like zero-knowledge proofs (ZKPs).
Calling for clear legal protections for decentralized finance (DeFi) protocols that operate autonomously without holding user funds—ensuring DeFi can flourish onshore.
Directing regulators and agencies to collaborate with industry experts to encourage globally consistent regulatory standards that leaves room for innovation, ensuring American interests and companies aren’t burdened by overregulation in the U.S. or abroad.
Advocating that NIST integrate blockchain’s unique benefits into emerging government technology standards to strengthen federal digital infrastructure.
The Digital Chamber and Orbital Beam Consortium Announce Strategic Partnership to Advance Regulatory Goals, Fuel Real-World Digital Asset Adoption
Washington, D.C. | JULY 2025 — Today, The Digital Chamber (TDC), announces a new strategic partnership with Orbital Beam Consortium (OBC). This alliance brings together the nation’s leading blockchain policy advocate and a global data and intelligence powerhouse. The partnership will elevate industry voices and advance an innovation-friendly environment for real-world asset (RWA) adoption across government, enterprise, and capital markets.
TDC’s and OBC’s partnership includes targeted advocacy efforts and curated opportunities for strategic alignment between stakeholders in both organizations.
“This partnership reflects a new playbook for cross-sector collaboration,” said Merris Badcock, Vice President of Industry Relations at The Digital Chamber. “By joining forces with Orbital Beam, we’re creating a strategic bridge between regulatory leadership and the innovators shaping tomorrow’s markets. Our goal is to align the people building in this space with the policymakers shaping it—before the window for meaningful influence closes.”
“This is not just a handshake — it’s a meaningful alliance built on aligned values and a long-term view of the ecosystem,” said Scott Bourke, Founder of Orbital Beam Consortium. “We’re excited to work alongside The Digital Chamber to ensure the next generation of digital asset infrastructure is both regulatory-grade and globally competitive.”
Bourke will also join The Digital Chamber’s forthcoming Ambassador Program, a strategic initiative designed to elevate TDC’s visibility and influence, from Congress to regulators, by leveraging trusted voices to champion responsible innovation and modern policy approaches. In turn, Cody Carbone, CEO of The Digital Chamber, will join Orbital Beam Consortium’s Advisory Board to help guide its policy engagement and strategic vision. Merris Badcock, Vice President of Industry Relations at The Digital Chamber, will also join the Advisory Board, bringing expertise in industry engagement and coalition-building.
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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.
About Orbital Beam Consortium:
Orbital Beam is a private consortium for founders, protocols, and institutions building real-world infrastructure on-chain. We’re not an accelerator. We’re a high-trust network that connects serious operators with regulators, enterprise partners, capital allocators, and policy insiders. Members get direct access to the people and insights that drive adoption—from government grant intel to investor deal flow, compliance support, and curated IRL strategy sessions. If you’re building for the real world, you belong inside this one.
The Digital Chamber (TDC), in partnership with our affiliate, the Digital Power Network (DPN), welcomes the White House’s release of “America’s AI Action Plan,” a vital step toward securing U.S. leadership in artificial intelligence and critical digital technologies.
We are encouraged by the Administration’s commitment to fostering innovative and resilient AI ecosystems that advance national security, economic competitiveness, and American values. In particular, the Plan’s focus on public-private collaboration, investment in next-generation infrastructure, and modernization of permitting processes on federal lands echoes the policy priorities championed by both TDC and DPN.
Supporting a Resilient and Open AI Future
As the leading voice for the digital asset and blockchain industry, TDC has long advocated for a regulatory environment that supports open, decentralized innovation. Our members are at the forefront of building decentralized AI (DeAI) systems – leveraging blockchain technology to promote transparency, resilience, and public trust across the full AI stack. We applaud the Administration’s recognition of the importance of open and secure digital software and infrastructure, and urge continued support for policies that enable the development and deployment of decentralized AI solutions alongside traditional models.
Empowering American Energy and Compute
DPN shares the Administration’s view that modernizing our nation’s digital infrastructure is essential for ensuring American energy dominance, as well as our AI leadership. Streamlined permitting, efficient land use, and enhanced domestic manufacturing capabilities are key to the success of the data center industry and to the broader economy. By embracing the critical role of flexible load operations, such as Bitcoin mining and cloud computing, the U.S. can decentralize critical workloads, alleviate grid pressure, unlock new economic opportunities, and increase the resilience of our digital backbone.
A Call for Balanced, Forward-Looking Policy
As America advances its AI leadership, we encourage policymakers to ensure that new laws and regulations remain technology-neutral and embrace the full spectrum of AI architectures. By supporting both decentralized and centralized systems, the U.S. can maximize innovation, enhance security, and democratize participation in the AI economy.
TDC and DPN stand ready to work alongside the Administration and Congress to shape a future where American ingenuity and democratic values define the next era of artificial intelligence.
The Digital Chamber (TDC) applauds the President’s Working Group on Digital Assets for finalizing its report to the President with recommendations on how to promote growth of digital assets and blockchain technology innovation in the U.S.
The Working Group’s Executive Director, Bo Hines, led an impressive cross-government effort to bring the President’s vision for U.S. leadership in digital assets one step closer to reality. By integrating input from regulators, agencies, and industry stakeholders, we are confident this report will help build a clear regulatory foundation. We look forward to the swift approval of these policy recommendations that will ensure America’s continued global leadership in digital asset innovation.
Washington, D.C. – July 22, 2025 – The Digital Chamber, the leading voice for the blockchain and digital asset industry, proudly announces the appointment of five distinguished leaders to its Advisory Board. These individuals bring deep expertise across legal, regulatory, financial, and technological sectors, further strengthening the Chamber’s mission to promote the acceptance and use of digital assets and blockchain-based technologies.
The new members are:
Lilya Tessler, Partner at Sidley Austin LLP and head of the firm’s FinTech and Blockchain group. Tessler is a seasoned legal advisor on securities and regulatory issues facing financial institutions and emerging technology companies.
Richard Teng, Chief Executive Officer of Binance. Teng leads the world’s largest cryptocurrency exchange and brings decades of regulatory and financial experience, including former leadership roles at the Abu Dhabi Global Market and the Monetary Authority of Singapore.
Jonathan Steinberg, Founder and Chief Executive Officer of WisdomTree, a financial innovator and a pioneer in bridging traditional finance with digital asset infrastructure.
Caitlin Long, Founder and Chief Executive Officer of Custodia Bank. A Wall Street veteran and blockchain advocate, Long founded Custodia to serve as a compliant bridge between digital assets and the U.S. banking system.
Sergey Nazarov, Co-Founder of Chainlink. Nazarov is widely recognized for his role in developing decentralized oracle networks that are foundational to smart contract functionality and blockchain interoperability.
Rachel Anderika, Head of Global Operations and COOat Anchorage Digital. Anderika is a nationally recognized expert in financial regulation and digital asset compliance, with extensive experience building regulatory frameworks for institutional-grade crypto custody.
It’s an honor to join The Digital Chamber’s Advisory Board at such a pivotal time for the industry,” said Lilya Tessler, Partner at Sidley Austin LLP. “As regulatory frameworks evolve, collaboration between policymakers and innovators is more important than ever. I look forward to contributing to this important mission.”
“It is an honor to join the Advisory Board of The Digital Chamber and we are committed to our shared mission of championing pro-innovation policies to expand inclusive participation in the digital asset economy,” said Binance CEO Richard Teng. “We as industry leaders play important roles to advance the industry and investor interests. I am looking forward to the positive impact we can achieve together, especially as the industry matures and global regulatory frameworks evolve and become more constructive.”
“I’m excited to join The Digital Chamber’s Advisory Board alongside industry leaders who understand both the scale of the opportunity and the responsibility we have in shaping a global financial system that runs on blockchain technology. The Digital Chamber plays a key role in uniting our industry’s innovators with policymakers, and I look forward to advancing the standards and infrastructure that make secure, compliant, and globally-connected digital assets possible.” — Sergey Nazarov, Co-Founder of Chainlink.
“I’m honored to join The Digital Chamber’s Board of Advisors at such a pivotal moment for our industry,” said Rachel Anderika, Head of Global Operations at Anchorage Digital. “This is an important opportunity to help lead the conversation around blockchain policy and ensure the U.S. remains at the forefront of responsible innovation. I look forward to working alongside my peers to advance thoughtful, forward-looking regulation that supports crypto technological progress and market integrity.”
“We are honored to welcome these visionary leaders to our Advisory Board,” said Cody Carbone, Chief Executive Officer of The Digital Chamber.“Each of them brings unparalleled insight and experience to help shape the future of digital assets, promote sound regulation, and advance blockchain innovation globally.”
The expansion of the Advisory Board reflects The Digital Chamber’s continued commitment to uniting stakeholders across industry and government to drive responsible digital asset adoption and policy.
About The Digital Chamber The Digital Chamber is a non-profit organization committed to promoting blockchain adoption. We envision a fair and inclusive digital and financial ecosystem where everyone has the opportunity to participate. Through targeted education, advocacy, and strategic collaborations with government and industry stakeholders, we drive innovation and shape policies that create a favorable environment for the blockchain technology ecosystem.
WASHINGTON, D.C. (July 11, 2025) – Today, Blockchain Association, the Crypto Council for Innovation, and The Digital Chamber – the three leading trade associations representing the U.S. digital asset industry – join together to call on Members of the U.S. House of Representatives to pass the Digital Asset Market Clarity (CLARITY) Act.
In a joint letter addressed to Speaker Mike Johnson and Minority Leader Hakeem Jeffries, the coalition urged swift passage of this bipartisan legislation to establish a comprehensive regulatory framework for digital assets and ensure continued American leadership in blockchain innovation.
“The CLARITY Act represents meaningful progress toward the regulatory certainty needed for our industry to foster innovation and for blockchain technology to thrive in the U.S.,” the letter reads. “Advancing this bipartisan market structure legislation sends a strong message that the U.S. is committed as the global leader in digital assets.”
The coalition emphasized that this legislation is the result of years of industry engagement and bipartisan collaboration in Congress. It offers long-overdue clarity that will allow the U.S. to harness the benefits of digital asset technology while protecting consumers and supporting responsible innovation.
“This moment is the result of years of tireless advocacy, collaboration, and education,” said Blockchain Association CEO Summer Mersinger. “The CLARITY Act reflects the serious commitment from lawmakers to get digital asset regulation right. It provides the essential guardrails our industry needs to continue building responsibly here in the U.S.”
The joint letter commends the leadership of Chairman French Hill and Chairman Glenn ‘GT’ Thompson, as well as the contributions of Ranking Member Angie Craig and Representatives Don Davis, Ritchie Torres, and Josh Gottheimer, who have worked diligently across party lines to advance the legislation through committee.
“The CLARITY Act is a pivotal step forward in ensuring the U.S. continues to lead in the global digital economy,” said Ji Hun Kim, President and Acting CEO of the Crypto Council for Innovation. “We commend Congress for working across the aisle to address the complexities of digital asset markets and create a comprehensive framework that supports both innovation and investor protection.”
As the legislation moves toward a House floor vote, the coalition is also encouraging the Senate to build on this progress and work with industry stakeholders to craft and pass complementary legislation.
“By passing the CLARITY Act, Congress moves one step closer to ending the regulatory uncertainty that has stifled American leadership in this space,” said Cody Carbone, CEO of The Digital Chamber. “This legislative effort affirms the U.S. commitment to responsible innovation and signals to entrepreneurs, developers, and investors that America is open for blockchain business.”
This joint effort underscores the shared priorities of the digital asset industry and marks a significant milestone in the push for thoughtful, bipartisan regulation that fosters U.S. innovation, consumer protection, and global competitiveness.
