Chamber of Digital Commerce Urges US Regulators To Encourage Blockchain Innovation

The Chamber of Digital Commerce, a blockchain advocacy group from the United States of America, has encouraged two key financial regulatory bodies to promote innovation in the field of blockchain technology.

This has been announced in a tweet put out by the Chamber, which reads:

“Chamber of Digital Commerce Encourages the Commodity Futures Trading Commission (@CFTC) and the Consumer Financial Protection Bureau (@CFPB) to Foster #Blockchain Innovation”

The tweet further contains a link to a detailed explanation of the nature of encouragement provided by the Chamber. The matter has been elaborated upon by  Amy Davine Kim, Chief Policy Officer & Paul Brigner, Director of Technology Policy in an article published on the website.

She writes:

“In comments submitted this week to the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB) in separate proceedings, the Chamber encouraged both agencies to foster blockchain innovation and permit the introduction of new financial products based on blockchain technologies.”

The group, as per the post, has provided comments to two bodies: the Commodity Futures Trading Commission (CFTC) and the Consumer Financial Protection Bureau (CFPB) in separate proceedings in this week itself. The focal areas of the comments includes the necessity for permissions to introduce new blockchain-based fintech products. It also emphasizes on the need for different regulatory bodies to work together, in order for the industry to move forward more smoothly.

In advising CPFB, the Chamber has encouraged it to use tools such as “sandboxes” or no-action letters to foster innovation within the blockchain sector. The Chamber has also effectively pledged its support to any official US policies that helps to do away with “unnecessary burdens” that prevent access to decentralized tools. Policies to encourage relevant studies for the same and promote inter-body cooperation will also receive the highest degree of support.

The post finally notes:

“In comments to both agencies we stressed the need for enhanced coordination among regulators, particularly in light of the byzantine structure of U.S. financial services regulation.  We encourage all financial regulators to collaborate on effective and efficient approaches to achieve regulatory goals while promoting investment and growth.”