World’s Largest Crypto Exchange Joins Chamber of Digital Commerce

On Tuesday (20 December 2022), Binance, which is the world’s largest crypto exchange (by trading volume) announced that it had joined the Chamber of Digital Commerce.

The Chamber of Digital Commerce is “the world’s leading trade association representing the digital asset and blockchain industry.” Its mission is “to promote the acceptance and use of digital assets and blockchain-based technologies.”

Binance VP of Public Affairs Joanne Kubba stated:

“As an organization at the crux of the industry’s rapid growth and complex regulatory environment, working hand in glove with policymakers, regulatory bodies and industry groups like the Chamber are imperative to our mutual mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain which ensures protections for users...

“The Chamber has established itself as a leading voice in blockchain technology policy. We are looking forward to working with the Chamber and finding solutions together for the long term as we usher in Web3 and a new era of the global economy.“

And Blain Rethmeier, VP of Public Affairs, Chamber of Digital Commerce, had this to say:

“Blockchain technology is the future of finance. Our members represent the leading organizations that are committed to building the necessary infrastructure to enable a more sound and inclusive financial system. Binance has established itself as a leader in this emerging ecosystem and we are thrilled to welcome them and their contributions to our Executive Committee.“

In the press release shared with CryptoGlobe, Binance went on to mention that it would “work closely with the Chamber of Digital Commerce, its team and members to educate, advocate and bring forth solutions for some of the most pressing issues impacting the industry” and that it would “participate in research, roundtables, working groups and discussions with policymakers and regulators to help bring sensible regulations and policies that benefit society and users.”  

On 23 July 2021, Perianne Boring, the Founder and President of the Chamber of Digital Commerce, talked about the institutionalization of Bitcoin during an interview with anchor Maria Bartiromo, anchor Fox Business show “Mornings with Maria“.

Bartiromo started the interview by asking about the “institutionalizing of crypto”, by which she was referring to Elon Musk’s comment on 21 July 2022 at the recent (virtual) B Word conference about Tesla “most likely” resuming the accepting Bitcoin as a means of payment and the report published on 22 July 2022 by Business Insider that said that JPMorgan has given its wealth management clients access to five cryptocurrency funds.

Boring replied:

“Well, I’ve always had all the confidence in the world that digital assets, and Bitcoin specifically, will emerge as its own asset class, but not without controversy, and we’ve absolutely seen that in the markets with Elon Musk, these about-faces from the banks…

“So these two announcements, you know, JPMorgan’s specifically, what they’ve done is they’ve removed a couple of these closed-ended mutual funds from the restricted list. So now, the $630 billion dollars under JP Morgan’s wealth management division can have access to the securitized Bitcoin and Ethereum products.”

Bartiromo asked how digital assets will impact the economy.

Boring answered:

“Bitcoin has really emerged as the leader of a store of value and in many ways it is replacing the role gold has played in diversifying portfolios for many years and in the last segment, we talked a little bit about inflation. Corporate institutional and retail investors are looking to invest in Bitcoin as a hedge against inflation, especially during uncertain economic times like this.”

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