Binance Joins Chamber of Digital Commerce
The importance of laws that benefit the crypto space cannot be overstated. As history has already shown us, a single law can make or break an entire industry and as such, it is important for the crypto industry to advocate for itself within regulatory frameworks.
Thankfully, crypto advocates have a new and very influential voice in their corner. This comes as Binance, one of the biggest crypto exchanges in the world, has joined the Chamber of Digital Commerce, a US-based crypto lobbying group as part of its executive committee. This move, Binance says, is to further the interests of the industry as a whole.
Details About the Development
As the official announcement from December 20, 2022, says, Binance will be working with other industry players to advocate for cryptocurrency among lawmakers.
“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 is imperative for Binance. Such work is fundamental to our mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain, which ultimately ensures protections for users,” said Binance VP of Public Affairs Joanne Kubba.
As part of its duties to the organization, Binance will participate in research, roundtables, working groups and discussions with policymakers and regulators. The end goal of this will be to promote beneficial regulations that favour the crypto industry. As many will know, regulators and the crypto industry have a historically tumultuous relationship.
From the infamous period of ICOs to the lawsuits the SEC has had with several projects to the endless debate about the legal status of crypto, the two have had a volatile relationship. However, all this could potentially be mitigated by more productive engagement between industry stakeholders and lawmakers. And given Binance’s status in the industry and the fact that the Chamber of Digital Commerce is the world’s first and largest trade association representing the blockchain industry, much can be done through this partnership.
“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,” Kubba added.
More announcements are expected as the Chamber progresses in its role and engages with regulators.
The Importance of Lobbying
The periods during and after crypto winters are usually times for the industry to develop structures that will keep it going even when the market is not rallying. One of these is establishing better relationships with lawmakers and making sure that regulations favour them.
For this to happen, the big names in crypto need to throw their weight behind advocacy and lobbying and this is exactly what Binance is doing. Should the efforts of the Chamber of Digital Commerce be successful, those within the industry can look forward to more robust and beneficial laws and more industry growth in the future.