Digital Commerce CEO Boring Challenges Warren’s Crypto Bill, Advocates for Informed Legislation

The Chamber of Digital Commerce, founded in 2014 by Perianne Boring, is a prominent trade association representing the blockchain and digital assets industry. With Boring’s background as a former Congressional staffer and financial analyst, the Chamber has become a leading advocate for the innovation, acceptance, and use of digital assets and blockchain technologies.

Central to the Chamber’s mission is its role in policy advocacy. It actively engages with lawmakers, regulatory bodies, and industry stakeholders to foster a regulatory environment conducive to the growth and innovation of blockchain technology. Balancing regulatory concerns with technological advancement, the Chamber aims to ensure that the digital asset ecosystem thrives in a compliant and secure manner.

Education is another cornerstone of the Chamber’s activities. It provides resources and information to demystify blockchain technology and digital assets for various audiences, including policymakers, businesses, and the public. This educational initiative aims to foster broader acceptance and integration of these technologies into mainstream finance and industry.

The Chamber also emphasizes industry collaboration, bringing together a diverse array of players from startups to established financial institutions. Through events, roundtables, and partnerships, it encourages dialogue, networking, and the sharing of best practices within the blockchain community. This collaborative approach addresses industry challenges, sets standards, and drives innovation in the digital asset space, making the Chamber a crucial bridge between the blockchain industry and policymakers.

Perianne Boring, the Founder and CEO of the Chamber of Digital Commerce, expressed strong concerns about U.S. Senator Elizabeth Warren’s stance on cryptocurrencies in a recent interview with Kailey Leinz on Bloomberg Television’s “Bloomberg Crypto.” Boring’s comments highlighted the potential risks of the senator’s proposed anti-money laundering bill and the broader implications for the U.S. in the field of advanced technologies.

Critique of Senator Warren’s Bill: Boring described Senator Warren’s anti-money laundering bill as a measure that would effectively ban cryptocurrencies in the United States. She emphasized that such a ban would be detrimental to national security, as blockchain-based technology and open-source money are considered advanced technologies crucial for maintaining a competitive edge. Boring argued that by banning these technologies, the U.S. would cede leadership in this critical area to its adversaries and other global players.

Concerns Over Technological Understanding: Boring expressed concerns about the lack of technology experts involved in the legislative process, questioning why banks were pushing the bill and why technology experts were not consulted. She stressed the importance of having leaders in financial committees and positions, such as the House Financial Services Committee, the Senate Banking Committee, or the Treasury Secretary, who understand the technical aspects of blockchain and digital assets. According to Boring, this understanding is essential for the U.S. to lead successfully in the future of global finance.

Political Implications for Crypto in 2024: Looking ahead to 2024, Boring highlighted the significant political stakes for the crypto industry. With over 40 million Americans owning cryptocurrencies, she suggested that if these individuals voted for representatives who understand and support crypto technology, the U.S. could be in a much stronger position.

On 14 December 2022, Senators Elizabeth Warren and Roger Marshall (R-Kan.) unveiled the Digital Asset Anti-Money Laundering Act of 2022. This bipartisan bill aims to address the national security risks posed by cryptocurrencies and other digital assets in the United States. The legislation seeks to tighten the existing anti-money laundering and counter-terrorism financing (AML/CFT) framework. It proposes measures to ensure that the digital asset ecosystem adheres more closely to the regulatory standards that apply to the broader financial system, thereby closing existing loopholes.

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