New Bitcoin Group Formed to Gain a Voice in Washington

Register now

Supporters of Bitcoin and other digital currencies have created a trade association called the Chamber of Digital Commerce to make their voices heard in Washington.

The non-profit organization will educate lawmakers about digital currencies and assets and promote their use as a way to aid the U.S. economy, says Perianne Boring, founder and CEO of the Chamber.

Boring unveiled digital currency trade association July 19 at the North American Bitcoin Conference in Chicago. The Chamber seeks to facilitate legislation and regulation that will support the growing digital-currency industry.

"Digital currencies and assets, such as Bitcoin, have captured the imagination of Silicon Valley and technology innovators around the globe," Boring says.

The Chamber predicts digital assets will soon be as important as e-mail, Web browsing, and e-commerce, she adds. "We are here to educate policymakers and consumers about how this new technology and asset class will improve the economy and access to financial services."

A separate trade group, the Bitcoin Foundation, has previously presented before regulators in Washington and New York.

A key responsibility of the new Chamber will be promoting an understanding of the value of digital currencies and the use of innovative services and payment mechanisms, Boring says.In addition, the Chamber will educate the public on how digital currencies work, while clearing up prevalent misconceptions about the industry by providing experts to national media for news, analysis and data.

The digital currency industry has an estimated value of $8 billion and experts expect it to grow to more than $1 trillion within six years, Boring says.

For reprint and licensing requests for this article, click here.
Technology Digital banking Law and regulation