The Chamber Of Digital Commerce Wants Your Support
Virtual currencies have a new advocate in Washington, D.C.: the Chamber of Digital Commerce. Founded and led by Perianne Boring, a former legislative analyst and author of the “Boring Bitcoin Report,” the organization is currently raising money to fund its operations into next year and hire a permanent full-time staff.
The Chamber is business oriented
The Chamber of Digital Commerce picks up in the United States where the Bitcoin Foundation leaves off. Whereas the Bitcoin Foundation focuses on protecting and promoting bitcoin and developing the bitcoin protocol, the Chamber of Digital Commerce describes itself as “an authoritative representative for the digital commerce industry in Washington.” Though the Bitcoin Foundation recently hired lobbying firm Thorsen French Advocacy to act as its representative in Washington, Ms. Boring is quick to point out that her organization and the Bitcoin Foundation are not competitors. To wit:
“It is of our view that the Chamber of Digital Commerce and the Bitcoin Foundation are different entities with complementary initiatives. In no way does the Chamber apply criticism of the Bitcoin Foundation. We welcome everybody who is dedicated to protecting and promoting the digital currency and digital asset industries. The management of the Bitcoin Foundation is on record as taking a more relaxed position on the need to mitigate the regulatory, political, and prosecutorial risk to bitcoin. Although that is not the Chamber’s view, we respect the many varying perspectives in this sector.”
The Bitcoin Foundation has struggled to remain relevant in the face of increasing criticism by members and non-members alike in the past year. Among the issues cited by bitcoiners are the organization’s US focus at the expense of other regions, the perception that it engages regulators too much (or not enough), that it is too secretive and that the board is not representative of or responsive to the membership. The Foundation has managed to accrue more than $4 million in assets since its inception, leading some members to demand full accountability for the organization’s monthly expenditures.
The orientation of the Foundation’s board toward business interests is a particular point of contention, as this is thought to run counter to the interests of individual bitcoin users. The Chamber of Digital Commerce, by contrast, makes no secret of its business oriented agenda. Indeed, the cost of sponsorship ensures that only the largest and best funded bitcoin startups will be able to join the organization as full members. In the Chamber’s defense, the membership fee structure currently proposed is comparable to other industry associations outside the virtual currency space. The Bitcoin Foundation’s $1000 entry fee for businesses looks awfully modest by comparison.
Perianne Boring had this to say about the structure of the Chamber of Digital Commerce:
“The Executive Committee will fund the majority of the organization’s budget, but we are also offering a General Membership for smaller businesses. Both the Executive Committee Board and General Members will play a role in the Chamber’s policy discussions and initiatives. While the Executive Committee is the policy-making body, the Digital Chamber’s stated standards, to which we all are deeply committed, is that it only will accept as Executive Committee members applicants who demonstrably are dedicated to the flourishing of the entire sector. The credibility, and therefore effectiveness, of the Chamber depends on honoring this commitment.”
The chamber is motivated
The Chamber of Digital Commerce has an ambitious plan. Ms. Boring intends to stem the tide of restrictive regulations at the national level that threaten businesses operating in the virtual currency space. She describes herself as “very confident that the Digital Chamber has the most effective and efficient strategy to mitigate political and regulatory risk.”
Boring’s first target is New York’s proposed BitLicense rules, now several weeks into their public comment period. Though the New York proposal falls outside the scope of the Chamber’s mandate, the implications for the bitcoin economy as a whole are thought to be far-reaching enough to merit its attention. The organization is currently sponsoring a petition addressed to the New York Department of Financial Services that asks for BitLicense to be shelved or at least reconsidered.
The members of the organization will ultimately set the agenda. Whether the Chamber will focus solely on bitcoin or will expand its activities to cover other digital currencies and online businesses will depend on the final composition of its membership. If your company uses cryptocurrencies and you want a voice in Washington, this might be the organization for you. If you want to support the organization without becoming a member, the Chamber of Digital Commerce is accepting bitcoin donations through its website.
