Tag: blockchain

Washington, D.C., April 14, 2025 – The Digital Chamber wholeheartedly supports the recent decision by the U.S. Department of Justice (DOJ) to refrain from prosecuting entrepreneurs and innovators in the digital assets sector for inadvertent lapses in complying with complex and evolving rules.  Reigning in prosecutors from misusing strict liability standards for failure to register as a money services business marks a significant step forward in fostering a fair and just regulatory environment for the burgeoning digital assets industry. 

The DOJ’s decision aligns closely with the core principles of 18 U.S.C. § 1960. This statute is designed to combat money laundering and other illegal activities by dismantling operations that enable such crimes. Its primary purpose is to equip law enforcement with the tools to target those who intentionally exploit the financial system for illicit gain. However, it was never meant to penalize individuals or entities that are committed to compliance, even in the face of complex and sometimes unclear regulations. 

We are particularly encouraged by the clear directive articulated by Deputy Attorney General Todd Blanche emphasizing that the Department’s investigative and prosecutorial focus within the digital asset space will be squarely aimed at “prosecuting individuals who victimize digital asset investors, or those who use digital assets in furtherance of criminal offenses such as terrorism, narcotics and human trafficking, organized crime, hacking, and cartel and gang financing.” This strategic prioritization underscores a commitment to protecting consumers and national security, aligning law enforcement resources with the most significant threats. 

The Deputy Attorney General’s further guidance that prosecutors should generally refrain from criminalizing regulatory violations, including but not limited to unlicensed money transmitting under 18 U.S.C. § 1960(b)(I)(A) and (B), Bank Secrecy Act violations, unregistered securities or broker-dealer offerings, and other registration infractions under the Commodity Exchange Act, absent clear evidence of the defendant’s knowing and willful violation of such requirements, is appropriate and consistent with the original legislative intent. This exercise of prosecutorial discretion acknowledges the genuine challenges faced by innovators and entrepreneurs navigating a rapidly evolving technological and regulatory landscape. It recognizes that unintentional non-compliance, born from a lack of clarity or genuine misunderstanding of complex rules, should not be equated with deliberate criminal conduct. 

The Digital Chamber also welcomes the Justice Department’s active participation in President Trump’s Working Group on Digital Asset Markets, established by Executive Order 14178. The designation of senior legal experts to this vital body underscores the DOJ’s commitment to engaging proactively in the development of a clear and effective regulatory framework for digital assets. This collaboration between policymakers, regulators, and industry stakeholders will be crucial for fostering a balanced and sustainable ecosystem. 

The Digital Chamber also applauds Acting Commodity Futures Trading Commission (CFTC) Chairman Caroline Pham’s statement lauding the DOJ’s policy of ending the practice of regulation by prosecution that has targeted the digital asset industry in recent years and directing CFTC staff to comply with the President’s executive orders and Administration policy, consistent with DOJ’s digital assets enforcement priorities and charging considerations. As Acting Chairman Pham noted in her statement, “[F]or far too long, lawfare from multiple federal agencies against innovators in the digital asset space has created unfairness and uncertainty that has undermined trust in the regulatory process and impeded American competitiveness.” 

The Digital Chamber firmly believes that clarity, education, and open dialogue are essential for the responsible growth of the digital asset industry. The DOJ’s recent decision reflects these principles and provides a crucial foundation for building a regulatory environment that encourages innovation while safeguarding the integrity of the financial system. We commend the Department for its thoughtful approach and look forward to continued collaboration to ensure the United States remains a leader in the digital asset revolution. 

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Kristopher Klaich 
Director of Policy, The Digital Chamber 

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

Below are The Digital Chamber (TDC)’s core market structure principles—the foundational tenets that should guide digital asset legislation. While legislative text will be broader in scope, these principles reflect the consensus of our membership, the largest and most diverse in the United States, spanning key industry stakeholders.

1. Provide robust consumer protections, including transparent and timely disclosures and pathways for recourse.
2. The Commodity Futures Trading Commission (CFTC) should be recognized as the primary regulator for digital asset markets (outside capital raising activities or representing equity or debt interests traditionally recognized as securities).
3. Fungible digital assets should be presumed commodities by default unless they meet a specific, narrowly defined set of criteria establishing them as securities or other. 
4. Rulemaking for the spot market for digital asset commodities should fall to the CFTC. Regulatory frameworks for digital asset intermediaries should leverage existing registration categories rather than create new, duplicative, or burdensome regimes.
5. For digital assets that are securities, the SEC shall use its exemptive authority to implement exemptive relief under: 
   • Section 28 of the Securities Act of 1933,  
   • Section 36 of the Securities and Exchange Act of 1934,  
   • Section 6(c) of the Investment Company Act of 1940, and  
   • Section 206A of the Investment Advisers Act of 1940– to harmonize its rules for the protection of investors and facilitation of capital formation.  

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

As part of its Gaming Workstream and partnership with the Blockchain Game Alliance, The Digital Chamber has submitted a formal comment letter to the Consumer Financial Protection Bureau (CFPB) regarding its proposed interpretation of Regulation E as applied to blockchain gaming platforms and self-hosted digital asset wallets. The rule interpretation sought to classify wallets and gaming platforms as financial institutions subject to the Electronic Fund Transfer Act (EFTA) and its corresponding Regulation E compliance requirements. While we commend the CFPB’s commitment to strengthening consumer protection, we explain that applying Regulation E to these technologies is technically infeasible and risks undermining innovation in the blockchain space. 

What You Need to Know:

1. Self-Hosted Wallets and Developers Fall Outside EFTA and Regulation E
   • Self-hosted wallets are not financial accounts, are not controlled by intermediaries, and their developers do not function as financial intermediaries. These wallets simply provide users with tools to access blockchain networks and fall outside the scope of Reg. E. 
2. CFPB Should Align with FinCEN’s 2019 Guidance
   • FinCEN has already determined that self-hosted wallet providers are not money services businesses (MSBs) under the Bank Secrecy Act. We urge the CFPB to adopt a consistent approach. 
3. Blockchain Gaming Platforms Do Not Provide Financial Accounts 
   • Web3 gaming platforms provide profile accounts for gameplay, not for asset custody. Players retain full control of their assets through a “bring your own wallet” model, and transactions occur externally via licensed third-party marketplaces and payment processors—not within the game itself. 
4. Irreversible Blockchain Transactions Preclude EFTA Compliance 
   • Because blockchain transactions are irreversible by design, game publishers cannot reverse, adjust, or cancel them. Applying EFTA’s consumer protections as written would impose impossible obligations. 
5. Blockchain Enhances Consumer Protection 
   • However, blockchain gaming platforms and self-hosted wallets reduce the risk of asset loss and unauthorized transactions, while empowering users with full control over their assets—even if a game is discontinued. 
6. NFTs Are Correctly Excluded from the Definition of “Funds” 
   • We support the CFPB’s conclusion that NFTs are not “funds” under Regulation E, as they function more like collectibles or digital goods rather than mediums of exchange. 

We respectfully urge the CFPB to consider these technical realities and avoid imposing infeasible compliance burdens on blockchain gaming platforms and wallet providers. TDC, the Blockchain Game Alliance, and our respective members stand ready to assist the Bureau in advancing responsible innovation while protecting consumers. 

Read the full comment letter here. 

Washington, D.C. –  The Digital Chamber (TDC) recently strengthened its advocacy efforts through the addition of Shayla Moon, Director of Government Relations. “We’re thrilled to welcome Shayla Moon as our new Director of Government Relations at the Digital Chamber. Shayla’s incredible experience, deep network, and undeniable talent make her the right leader at the right time. As Washington prepares to move the first-ever digital asset legislation over the finish line, I have full confidence in Shayla’s ability to lead that charge and deliver real results for our members and the broader industry.” – Cody Carbone – CEO of The Digital Chamber. 

“I am excited to join the Digital Chamber team during this transformative period for the blockchain and digital asset industry. Leveraging my experience in legislative affairs and my deep passion for innovation and economic empowerment, I look forward to advancing efforts to engage policymakers and stakeholders on key issues shaping the future of Web3.” – Shayla Moon – Director of Government Relations of The Digital Chamber. 

Shayla Moon is a dedicated advocate for bipartisan collaboration and global competitiveness in today’s rapidly evolving digital economy. As the new Director of Government Relations at the Digital Chamber, she will help to engage policymakers on legislative and regulatory matters that shape the future of blockchain, Web3, and emerging technologies. With a deep background in public affairs, economic development, and trade association leadership, Shayla is committed to fostering an environment where innovation thrives. 

Her career is defined by a strong commitment to bridging political divides and advancing policies that fuel economic growth. Before joining the Digital Chamber, she was Senior Vice President of the Greater Washington Board of Trade, spearheading initiatives that strengthened the region’s business ecosystem. She has also held policy leadership roles at the National Urban League and the U.S. Department of Commerce, where she influenced key legislative efforts on economic policy, housing, and international trade. Throughout her work with trade associations and nonprofits, Shayla has been a consistent champion for solutions that enhance economic resilience and expand opportunities for businesses and communities alike. 

Beyond traditional policy work, Shayla has played an instrumental role in advancing bipartisan initiatives—from supporting nuclear arms reduction through the New START Treaty to advocating for intellectual property protections in collaboration with the Motion Picture Association of America and Creative Future. Her advocacy underscores a steadfast commitment to policies that drive innovation, safeguard economic interests, and promote U.S. leadership in emerging technologies. 

A proud United States Air Force veteran and HBCU graduate, Shayla remains deeply engaged in community service, lending her expertise to nonprofit boards and advocacy organizations. When she’s not shaping the future of blockchain policy, she enjoys gaming, skiing, and adding to her sneaker collection. 

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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 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 13, 2025  

By: Jean-Philippe Beaudet 

Digital identity systems are becoming increasingly common worldwide, with over 90% of countries storing identification information digitally. Among these, 67% support in-person digital identity verification or authentication, and nearly 40% issue digital IDs capable of remote authentication for online services and transactions.¹ These digital IDs are used to provide services to citizens, track individuals who may pose security risks, and prevent identity theft and fraud. 

Unfortunately, despite the advanced countermeasures designed to prevent counterfeiting and fraud, fake IDs — both physical and digital — continue to circulate widely, particularly on American college campuses. Meanwhile, stolen documentation complicates efforts to secure U.S. borders against illegal migration, not to mention the financial burden on Americans. Identity theft cost Americans over $43 billion in 2022 alone. Blockchain Identity Credentials (BICs) offer enhanced security and data fidelity to protect Personally Identifiable Information (PII) from theft and fraud. According to the University of Texas at Austin’s Center on Identity, BICs could have prevented an estimated $1.59 billion in fraud and identity theft cases between 2000 and 2020.² 

Preventing Identity Fraud with Immutable Records 

Blockchain’s immutable decentralized ledger is a natural solution to the growing challenge of identity fraud. Once an identity is recorded on the blockchain, it cannot be altered or manipulated without detection. Each transaction involving a user’s digital identity – whether authentication for government services, financial institutions, or healthcare systems – can be securely logged, ensuring the integrity of their personal data. This capability drastically reduces the risk of counterfeit documents or the use of stolen credentials, strengthening border security and making it harder for adversaries to exploit weak points in identity verification systems. 

Securing National Identity Databases 

Traditional identity databases are prime targets for hackers, with breaches of government and corporate systems often resulting in massive leaks of sensitive personal information. In August 2024, a breach of National Public Data systems exposed an estimated 2.9 billion records, including names, addresses, and Social Security numbers.³ BICs reduce this risk by spreading control of personal data across multiple points, rather than storing it in one central system. Using cryptographic keys, only authorized entities can access this information, making it far more difficult for hackers to steal data. This approach makes BICs powerful tools for protecting national databases, securing citizens’ identities, and defending against cyber espionage and digital terrorism. 

Empowering Citizens with User-Owned Identities 

One of the most significant advantages of using BICs is the built-in concept of user-owned identity, which gives individuals full control over their personal data. Rather than disclosing entire documents, citizens can selectively share specific pieces of personally identifiable information (PII) as credentials for bespoke purposes—for example, proving they are old enough to buy alcohol without revealing their exact birthdate or home address. This approach enhances privacy while still providing governments and other entities with the verifiable data they need for security checks. By limiting the exposure of sensitive information, self-sovereign identity systems reduce the risk of identity theft and minimize unnecessary data collection. 

Enhancing Border Security and Immigration Control 

Blockchain Identity Credentials can significantly improve the efficiency and security of border control, customs, and immigration processes. By leveraging BICs to authenticate digital IDs in real-time, customs and immigration officials can instantly verify the legitimacy of travel documents and visas, reducing wait times and improving the detection of fraudulent credentials. BICs also enable better tracking of individuals of interest—such as those on watchlists or with criminal histories—while maintaining transparency and accountability. By streamlining identity verification, blockchain enhances immigration control and strengthens national borders against security threats. 

The Digital Chamber will continue to collaborate with policymakers, researchers, and industry leaders to advance the integration of blockchain into identity management systems to foster innovation and protect the identities and safety of U.S. citizens. 

1. Metz, A., Casher, C., and Clark, J. 2024. ID4D Global Dataset Volume 2: Digital Identification Progress and Gaps. Washington, DC: World Bank. License: Creative Commons Attribution CC BY 3.0 IGO.
2. How Much Identity Management with Blockchain Would Have Saved Us? A Longitudinal Study of Identity Theft. R. Nokhbeh Zaeem, K. Suzanne Barber, UT CID Report #20-14, July, 2020. Pp 9-11.
3. Emily DeLetter, Social Security Hack Exposes 2.9 Billion Records in National Public Data Breach. USA Today. August 15, 2024. https://www.usatoday.com/story/tech/2024/08/15/social-security-hack-national-public-data-breach/74807903007/

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.