“Chamber of Digital Commerce Develops New Initiative to Promote Best Practices for Burgeoning ICO Ecosystem”
Washington, D.C., September 18, 2017 – The Chamber of Digital Commerce is pleased to announce the Token Alliance, an industry-led initiative to educate, promote and help shape the responsible growth of token and digital asset issuances. The Token Alliance is co-chaired by former Chairman of the U.S. Commodity Futures Trading Commission, Dr. Jim Newsome, and former U.S. Securities and Exchange Commissioner, Paul Atkins.
Token sales or Initial Coin Offerings (“ICOs”) can be a powerful tool for startups and businesses seeking funding through a crowdsale. In 2017 alone, more than 100 token sales raised over $1.5 billion. However, regulatory uncertainty and compliance continues to be a challenge for the industry. The Token Alliance will work with the community to recommend legal frameworks that drive innovation and promote investment, balanced with protections for market participants.
“With the SEC’s recent findings regarding ICOs, combined with the CFTC’s determinations and enforcement, it is clear that proactive industry efforts are imperative and timely,” said Jim Newsome, Founding Partner of Delta Strategy Group and former Chairman of the CFTC. “I look forward to helping shape the dialogue and enable this innovative technology to progress for the benefit of industry and consumers.”
Paul Atkins, CEO of Patomak Global Partners and former SEC Commissioner said, “The Token Alliance will serve a much needed role in helping the industry establish for itself appropriate guidance for this new and exciting asset class. I’m thrilled to be a part of this initiative and bring my service as a former securities regulator to help foster this ecosystem.”
The initial participants of the Token Alliance is comprised of more than 70 organizations including: Alluminate, AlphaPoint, Bankcoin Global, Blake Cassels & Graydon, Bloq, CMT Digital, Cognizant, Cooley, Crowell & Moring, Elliptic, Gem, Hashed Health, Loyyal, Microsoft, Netki, Node40, Parsons & Whittemore, Perkins Coie, Polsinelli, Qtum, Reed Smith, Rimon Law, Rivetz, Steptoe & Johnson, t0 and Tally Capital.
“As with all new technologies, it is important to set appropriate guidelines to curb potential abuse, while protecting innovation,” said Perianne Boring, Founder and President, Chamber of Digital Commerce. “We look forward to working with our members to continue to promote and advocate for the power of the blockchain.”
The Token Alliance is open to participants from across technology, legal, advisory and other sectors, with an expertise in blockchain technology. Companies interested in learning more and participating are encouraged to contact the Chamber of Digital Commerce at:[email protected].
About the Chamber of Digital Commerce
Headquartered in Washington, D.C., the Chamber of Digital Commerce is the world’s largest trade association representing the digitalasset and blockchain industry. For more information, please visit: DigitalChamber.org.