Binance joins the Executive Committee of the US Blockchain Industry Lobby Group
Binance, the world’s largest crypto exchange by trading volume, has joined the Chamber of Digital Commerce in a move expected to increase its lobbying power over new crypto regulations.
According to a blog post published by Binance on Tuesday, the move to join the chamber is part of an effort to “move the blockchain industry forward together with other industry players.”
The work is expected to be carried out through initiatives related to education, advocacy and “close collaboration with policymakers, regulatory agencies and industry,” Binance said. It added that the goal of these initiatives is to establish a “pro-growth legal and regulatory environment” for crypto.
“As an organization at the heart of the industry’s rapid growth and complex regulatory environment, it is critical for Binance to work hand-in-glove with policymakers, regulators and industry groups like the Chamber,” commented the company’s VP of Public Affairs, Joanne Kubba. the mail.
She added that the chamber has “established itself as a leading voice in blockchain technology policy.”
“We look 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 said.
The Chamber of Digital Commerce works on a number of topics important to the crypto industry, including tax, Anti-Money Laundering (AML)/Know Your Customer (KYC) and securities regulations.
In 2022, the chamber made financial contributions to three United States congressional candidates: North Carolina Republican Representative Patrick McHenry, Arizona Republican Senate candidate Blake Masters, and Oregon Democratic Senator Ron Wyden.
The Chamber is chaired by Perianne Boring, who has appeared on television on several occasions and is an advocate for the crypto industry.
Not the first association Binance joins
Binance has previously joined several national trade associations, including the UK’s self-regulatory trade association CryptoUK, and the Internet and Mobile Association of India.
Binance’s American franchise, Binance.US, has also been a member of the Blockchain Association, but decided in April this year to drop the organization and instead set up its own government affairs team in Washington DC.
Important step for the industry
The decision by Binance to join a large champion group with a strong US presence now is significant, given the fallout and potential regulatory intervention seen in the wake of the FTX collapse.
As has been widely reported in the past, FTX was a very active player on the regulatory scene and former CEO Sam Bankman-Fried (SBF) was often seen in Washington DC lobbying for his company and the industry. SBF has previously also mocked Binance CEO Changpeng Zhao (CZ) for not doing the same.
In the absence of FTX and its former CEO, it appears that Binance is gearing up to take on at least some of the lobbying that FTX did – hopefully for the betterment of the industry as a whole.
