SoftLedger joins the Chamber of Digital Commerce as one of their newest industry members! Our goal is to help support and grow the digital asset and blockchain technology ecosystem. As a leading accounting solution for digital assets, the growth of digital currency and the blockchain industry is critical to our success. Therefore, SoftLedger is committing itself to support and help grow this booming professional community. A community including the world’s leading innovators, operators, and investors in the digital asset and blockchain technology ecosystem.
The Chamber of Digital Commerce is an American advocacy group located in Washington, D.C. They promote and support the emerging industry behind blockchain technology, digital currency, and digital assets. The organization was founded in 2014 by Perianne Boring, and soon after received the status of being a non-profit organization from the IRS. They are currently the world's preeminent trade association representing this industry.
“Our mission is to promote the acceptance and use of digital assets and blockchain-based technologies. Through education, advocacy, and working closely with policymakers, regulatory agencies, and industry, our goal is to develop an environment that fosters innovation, jobs, and investment.” - digitalchamber.org
The Digital Chamber of Commerce has recently issued a call to action to the U.S. government. Its purpose was to encourage the development of blockchain solutions in order to become a leader in this space. This industry can reinvent how we do business, and governments around the world are already becoming aware of its incredible benefits and potential. As a result, the Chamber is beginning to worry. They believe if the U.S. waits much longer, they risk missing out on U.S. innovators to governments who have already adopted this technology.
A top priority of the Chamber is to encourage compliance with anti-money laundering/counter financing of terrorism obligations. In other words, AML/CFT is a process that identifies, prevents, and takes measures against the finance of terrorism in all its forms. In 2010, a law was passed that regulates this process. Additionally, a new anti-money laundering and terrorist financing law has been proposed but has yet to be approved by Congress. The AML/CFT controls have an association with ‘know your customer’ (KYC). This is a process where banks and other financial institutions collect information on clients in order to screen for risks related to money laundering, the financing of terrorism, or both.
The Chamber of Digital Commerce works closely with law enforcement to fight money laundering, terrorist financing, and other related crimes without hindering innovation. Therefore, informing law enforcement about the advantages blockchain provides for tracking illicit activity is an active part of their mission. This includes engaging with Congress to ensure legislation addresses these issues appropriately, as well as working with industries to develop more effective compliance solutions.
Digital tokens create incredible opportunities for investors and traders, but many risks come with these exchanges. There are also different perspectives on the regulation of digital tokens, unfortunately, they do not all agree. The U.S. Securities and Exchange Commission has recently taken action on this topic by issuing a warning to investors about digital token fraud and market manipulation. They have even advised companies with no digital token associations to still make announcements in their registration statements. These early regulations are testing the waters for global regulations all around the world.
In conclusion, the Chamber of Digital Commerce is keen on giving regulatory clarity to digital tokens. This occupies a significant position within the Chamber as the largest and most active working group. With the proliferation of blockchain platforms, tokenized assets are being used for numerous purposes, and their use is growing every day. From securities laws to tax laws, the blockchain industry needs more clarity on how to treat digital tokens. As part of the Chambers' efforts to propel the industry forward, they have developed a wide range of educational resources. Additionally, to help fast-track this process, they are actively working with policymakers.
At SoftLedger, our goal in joining the Chamber is to support and increase the awareness and adoption of blockchain technology.
A CPA with more than 10 years of varied public and private accounting experience, Ben has led many complex financial projects to successful outcomes.
Ben holds a B.S. in Accounting from the University of Maryland.