Tag: blockchain

Advancing Digital Assets with Over 70 Industry Leaders on Capitol Hill 

The Digital Chamber (TDC) proudly kicked off the 119th Congress with a fly-in and welcome event, bringing together over 70 digital asset companies to engage with policymakers on Capitol Hill. This event set the stage for a transformative legislative session focused on advancing pro-crypto initiatives. 

This Congress marks a historic turning point for digital assets, as it represents the first “pro-crypto” majority Congress, alongside the first pro-Bitcoin and digital asset President. The evolving political landscape provides a significant opportunity to establish clear, forward-thinking digital asset policies, and TDC is committed to ensuring that the United States leads the global blockchain revolution.

A Day of Advocacy on Capitol Hill 

On January 22nd, TDC and its members met with Congressional leaders from both parties, sharing a clear and unified message: the United States must act decisively to foster innovation and establish itself as a global leader in digital asset technology. 

The discussions focused on three critical priorities: 

• Implementing clear and thoughtful digital asset regulations. 
• Encouraging collaboration between lawmakers, industry leaders, and regulators. 
• Promoting proactive policymaking and education to drive innovation. 

Freshman members of Congress demonstrated an impressive understanding of digital asset technology, underscoring that this is the most crypto-educated Congress in history. Both new and veteran members expressed enthusiasm about working with TDC and industry stakeholders to advance policies that will shape the future of the digital asset economy. 

Key Highlights from the Day 

• Freshman Representation: The 119th Congress includes 63 freshman Representatives (33 Democrats, 30 Republicans) and 12 freshman Senators (4 Democrats, 8 Republicans). Many are pro-crypto, reflecting the growing bipartisan recognition of the importance of blockchain technology. 
• New Senate Subcommittee on Digital Assets: The Senate Banking Committee has established a subcommittee on digital assets, chaired by Senator Cynthia Lummis. This signals that digital asset legislation will be a priority in the months ahead. 
• Bipartisan Momentum: A strong bipartisan effort is underway to drive legislation that promotes the growth of the U.S. digital asset economy. Discussions moved beyond the security vs. commodity debate, with lawmakers expressing interest in addressing stablecoin, NFT, custody, and blockchain-enabled AI legislation. 

Building Momentum for 2025

The day concluded with a bipartisan celebration hosted by TDC and Constellation Network, where policymakers and industry leaders reflected on the progress made and discussed the exciting opportunities ahead. The event highlighted a shared commitment to advancing digital asset innovation and positioning the United States as the crypto capital of the world. 

As we look to 2025, TDC remains dedicated to fostering collaboration across the public and private sectors to drive meaningful progress in the digital asset ecosystem. We extend our gratitude to Constellation Network for sponsoring this milestone event and look forward to the work ahead. 

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Congratulations to Caroline Pham on Being Named Acting Chair of the U.S. Commodity Futures Trading Commission

Caroline Pham has been a thoughtful leader on digital asset issues, working diligently to advance policy impacting our industry. I’ve had the privilege of collaborating with her through the Global Markets Advisory Committee (GMAC), which she sponsors. 

As President Trump strives to position the United States as the global leader in digital assets, the CFTC will play a pivotal role in shaping this vision. Caroline’s deep expertise and proven leadership make her exceptionally well-suited to guide the Commission during this critical time. 

– Perianne Boring, Founder and CEO, The Digital Chamber 

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

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The Digital Chamber expresses heartfelt gratitude to Paul Atkins for his service as a member of our advisory board and co-chair of the Token Alliance. Paul has been a leader at TDC, offering expertise and a steady voice of reason, helping shape our advocacy strategies, and clarifying complex regulatory matters.  

As Paul steps down to pursue a new chapter in public service, we celebrate his dedication to advancing the blockchain and digital asset industry. His contributions have left a lasting impact, and we wish him great success in this next endeavor. 

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The Digital Chamber commends Representative Amo (D-RI-1) and Representative Kim (R-CA-40) for their bipartisan leadership in introducing H. Res. 1622, highlighting the transformative role of Distributed Ledger Technologies (DLT) in strengthening democracy, protecting human rights, and advancing global transparency. This resolution urges the U.S. Government to support the use of DLT to promote democratic values and internet freedom, serving as a formal expression of legislative priorities without carrying the force of law.  

At a time when democratic values face unprecedented challenges worldwide, this resolution demonstrates the United States’ commitment to harnessing cutting-edge technology to reinforce institutions that uphold freedom, accountability, and resilience. 

A Vision for DLT/Blockchains and Democratic Empowerment 

DLT offers tamper-resistant, transparent, and decentralized platforms for recording and verifying data, addressing critical issues of corruption, misinformation, and inefficiencies that sap democratic apparatuses of their efficacy. From securing digitized government documents to facilitating transparent financial transfers and combating censorship, blockchains have the power to create more accountable and equitable systems of governance. 

Key applications outlined in H. Res. 1622 include: 

• Identity Management: Establishing secure and portable digital identities, fighting fraud and identity theft, and securing borders. 

• Citizen Representation: Enabling secure, transparent voting systems, reducing electoral fraud, and empowering citizens to participate in fair elections. 

• Land Registration: Preventing fraud while increasing transparency and accessibility of real estate for consumers. 

• Aid Distribution: Enhancing efficiency, reducing costs, and lowering reliance on intermediaries for individuals coping with humanitarian crises. 

• Censorship Resistance: Empowering free expression by enabling decentralized platforms that protect access to information. 

Why H. Res. 1622 Matters 

By promoting the use of DLT in critical areas such as governance and sustainability, this resolution positions the United States as a global leader in ethical innovation. Key provisions include: 

• Government Engagement: Encouraging agencies like the Department of State and USAID to support blockchain applications in democratic governance, diplomacy, and aid delivery. 

• Combating Censorship: Recognizing blockchains as tools for securing internet freedom and supporting freedom of speech. 

• Responsible Leadership: Urging U.S. policymakers to create frameworks that ensure ethical and sustainable uses of blockchain technology. 

TDC Efforts 

For years, TDC has advocated for integrating blockchain into public policy frameworks. We believe this technology holds immense potential to advance human rights and support democratic values, and we welcome legislative recognition to that effect. H. Res. 1622 aligns closely with these objectives, providing a roadmap for government agencies, private sector innovators, and civil society to explore the possibilities of DLT while addressing concerns about misuse and accessibility. 

What’s Next? 

The resolution will need to be re-introduced in the 119^th Congress. TDC invites all stakeholders to support this critical legislation and encourages the House to act swiftly in its passage. By championing H. Res. 1622, Congress can reaffirm its commitment to technological innovation that upholds democratic values, strengthens institutions, and promotes global human rights in the 119^th Congress. 

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January 9, 2025 – The Digital Chamber today filed an amicus brief in the U.S. Court of Appeals for the Fifth Circuit in U.S. SECURITIES AND EXCHANGE COMMISSION v. IAN BALINA, in support of BALINA’s appeal seeking reversal of the district court’s judgment against him.

Why is this Case Important?

The SEC’s overreaching enforcement campaign against the digital assets industry under its current Chair, Gary Gensler, reinforces the need for lasting judicial guardrails to prevent federal government agencies, including the SEC—regardless of changes from administration to administration—from crippling innovation through actions that exceed statutory authority. 

One of the critical checks against regulatory overreach is the presumption recognized by the U.S. Supreme Court in Morrison v. National Australia Bank Ltd. against applying U.S. securities laws to extraterritorial  transactions (whether in cryptographically secured digital assets or traditional financial instruments). In the BALINA case, however, the district court misapplied Morrison in ways that pose existential harm to the blossoming global digital assets economy and America’s place in it. 

For the U.S. digital assets market to flourish—and for the United States to enjoy the resulting jobs, investments, and other economic benefits —it is critical to establish clear, bright-line rules to guide global market participants on when U.S. securities laws apply—and when they do not—in the context of digital asset transactions. 

The SEC’s arbitrary and capricious approach to enforcement against digital assets activity has achieved the opposite result. Indeed, the SEC’s unpredictable lawsuits enforcing the securities laws against digital asset participants have further compounded confusion in the market by generating court decisions that are often ambiguous, inconsistent with one another, and contrary to long-standing principles of United States securities laws, such as limits on extraterritorial application. 

The district court’s fatally flawed ruling—which improperly applied U.S. securities laws to transactions that are legally and factually extraterritorial—is emblematic of these issues. 

Our amicus brief provides the Fifth Circuit with essential context about the importance  of Morrison and related  caselaw, and explains how proper application of Morrison’s  requirements would protect the global digital asset industry from inappropriate extraterritorial overreach by the SEC. 

“Today, TDC directed its advocacy efforts to push back on the SEC’s efforts to exceed its jurisdictional powers. Digital asset market participants around the world need to have a clear idea of when a transaction is subject to U.S. regulation and when it is not in order to continue their important and innovative work in a lawful manner,” said Perianne Boring, Founder and CEO of The Digital Commerce. “We are hopeful that the Fifth Circuit will consider the arguments set forth in our brief, and we will continue to support  the fair and equivalent application of laws for the global digital asset industry.”

“We are optimistic that the incoming administration will take a more constructive approach to regulating the crypto sector in America, but we are grateful to The Digital Chamber for fighting to ensure that judicial guardrails like Morrison remain intact to prevent government overreach for all administrations to come, ” said Samson Enzer, Partner at Cahill Gordon & Reindel LLP. The Chamber is represented in this matter by Samson Enzer, Landis Best, Lewis Cohen, Miles Wiley, and Victoria Yuhas of Cahill Gordon & Reindel LLP. We appreciate the contributions to this initiative by the Cahill Gordon team and other members of The Digital Chamber.

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

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The Digital Chamber (TDC) applauds Congressman Timmons for his leadership in introducing the groundbreaking New Frontiers in Technology (NFT) Act, the first bill in U.S. Congress to directly address the legal and regulatory treatment of non-fungible tokens (NFTs). We also greatly appreciate that Congressmen Torres has co-sponsored this legislation making it bipartisan. 

Considering recent securities lawsuits and Wells Notices targeting actors in the NFT space, this critical legislation ensures that certain covered NFTs, and their evolving use cases, are correctly defined in law, and are clarified to not be securities.  

TDC Efforts 

While we anticipate a less hostile SEC in the next administration, it is imperative that Congress act now. Passing NFT and other digital asset legislation is essential to establish permanent laws and provide much-needed clarity for the industry. That’s why TDC has been advocating for appropriate NFT legislation for years. We are proud to see the NFT Act include language developed in the CFTC Global Markets Advisory Committee’s working group on NFTs, led by TDC’s Founder and CEO Perianne Boring. We also synthesized these policy recommendations in our Pixels to Policy Report released in July 2023. 

So what exactly does this bill do to protect NFTs? Below is a breakdown of its key provisions: 

1. Defines Non-Fungible Tokens: 

• The bill defines NFTs as any asset that has limited production or uniqueness so that it can be assessed or identified by its unique digital identifier on a on a public distributed ledger; is the digital equivalent of a tangible or intangible good; has inherent function beyond the fact of being on chain; and can be exclusively possessed and transferred from person to person, without reliance on intermediaries. 

• The definition of NFTs in this bill explicitly excludes a comprehensive list of traditional securities, commodities futures, derivatives, and other investment contracts. The list of exclusions was expanded significantly from the discussion draft. TDC and our members greatly appreciate this clarity. 

2. Defines and Creates Protections for “Covered” Non-Fungible Tokens 

• “Covered non-fungible tokens,” per the text, are not investment contracts, and the sale of a covered NFT is not a transaction in a security. This means covered NFTs—that is, most NFTs—are not securities, and the SEC has no claim to regulate them.  
• Covered NFTs are described as those which are primarily for personal, family, or household consumption, listing specific categories. Those include NFTs created as: 
• Works of art, musical compositions, literary works, or other intellectual property 
• Collectibles, merchandise, virtual land, or video game assets 
• Digital identifiers or other certificates or credentials (a new category in this version of the text that TDC applauds the inclusion of) 
• Affinities, rewards, or loyalty points 
• Rights, licenses, or tickets 
• Exclusions apply, however. Even if they fall into one of the categories above, NFTs are excluded from protective coverage under this bill if they are marketed by an issuer or promoter primarily as an investment opportunity, or with promises of future actions designed explicitly for the purpose of increasing the NFT’s value. 

3. NFT and Digital Asset Study 

• The final provision directs the Comptroller General of the Government Accountability Office—and not, importantly, a financial regulatory body like the SEC—to carry out a study of non-fungible tokens and other digital assets, including payment stablecoins, within one year. The report would cover topics, spanning from token minting and custody, to interoperability, to market risks and opportunities, and beyond. 

Your Support is Crucial    

Help the digital asset industry flourish responsibly without the hindrance of misapplied securities regulation.  Contact your Representatives in Congress and voice your support for this important bill. By supporting this Act, you can ensure continued technological innovation, greater consumer protection, and a true home within the United States for blockchain technology. 

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As the U.S. gears up for President-elect Donald Trump’s incoming, crypto-friendly administration, the Securities and Exchange Commission (SEC) has the opportunity to reset its historically troubled relationship with the global digital asset industry and launch an era of transparency, cooperation, and well-reasoned regulation to bring much-needed clarity to digital asset market participants.  We need to foster a culture of mutual trust – where the digital asset industry can have confidence in the SEC’s intentions, and the SEC can recognize that most digital asset participants are striving to operate responsibly. 

President-elect Trump’s nominee for SEC Chair, Paul Atkins — a seasoned SEC veteran and member of The Digital Chamber’s advisory board — alongside Commissioners Peirce and Uyeda, both outspoken critics of the SEC’s anti-digital asset agenda in recent years, are ideally positioned to assess the agency’s actions across it’s divisions and offices. Together, we’re confident they can identify the problematic practices that have stymied the growth and innovation of digital asset market participants in so many ways.

It is not just time to end the “policy” of regulation by enforcement, but also to clear the decks of outdated and confusing former director and staff level speeches, letters and other informal and non-binding “guidance” that make it nearly impossible for current market participants to understand how to comply with the SEC’s rules and regulations. Finally, it is time for sensible and clear Commission statements, no-action letters, and bespoke rulemaking for the digital asset industry. 

What’s Happening

TDC’s Token Alliance Leadership Committee is taking a proactive role in framing out an agenda for the SEC’s new Chair and Commission majority by offering a list of policy priorities designed to start the process of rebuilding trust with the global digital asset community. This week, members of the Token Alliance Leadership Committee met with the staff of SEC Commissioners Hester Peirce and Mark Uyeda to present our 2025 SEC Digital Asset Policy Priorities, which include:

• A timeline for action beginning on Day 1 to Day 90 of the new administration;
• A detailed list of critical and important policy priorities set out by division that should be addressed along that timeline.

We were very pleased by the openness of the dialogue during this meeting and a willingness for ongoing input and look forward to continuing to inform and engage with the SEC on these priorities.

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

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The Digital Chamber proudly congratulates Congressman French Hill on his appointment as Chairman of the House Financial Services Committee for the 119th Congress. 

Chairman-elect Hill’s leadership and vision have been pivotal in shaping the future of digital assets and financial services. As the author of the Financial Innovation and Technology for the 21st Century Act (FIT21)—a historic, bipartisan achievement—he has demonstrated mastery of complex financial policy and the ability to forge consensus on critical issues. Further, Chairman-elect Hill has been a relentless advocate for fair banking access, fighting to end discriminatory practices that exclude lawful digital asset businesses from essential financial services. As the current chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, as the former Republican lead on the Committee’s FinTech Task Force, and as an engaged member of the Congressional Blockchain Caucus, Chairman-elect Hill’s leadership and track record on digital assets policy is nothing short of exemplary. 

We look forward to continuing our collaboration with Chairman-elect Hill as he leads the Committee toward policies that secure America’s leadership in blockchain and digital assets. His commitment, expertise, and proven results are exactly what this transformative era in financial services demands. 

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

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We are delighted to congratulate our esteemed Board Advisor, Paul Atkins, on his nomination as Chairman of the U.S. Securities and Exchange Commission.

Mr. Atkins has been a pivotal ally in advancing our mission to develop robust, orderly, and fair digital asset markets. His dedication, insight, and leadership have been instrumental in shaping our efforts and vision for the future of the industry.

Mr. Atkins is the ideal choice to support President-elect Trump’s bold vision of establishing the United States as the global leader in digital asset innovation. We are confident his expertise and commitment will help pave the way for a thriving and forward-looking regulatory environment.

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

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