The North American Bitcoin Conference (TNABC) kicked off this weekend with the surprise launch of the Chamber of Digital Commerce (CDC), a new lobbying group that aims to advocate for smart bitcoin regulation in Washington, DC through a three-part strategy combining government relations, media education and grassroots outreach.
Helmed by president and former Forbes columnist Perianne Boring, the CDC aspires to operate a $1.5m annual budget and will feature an advisory board composed of experienced regulators, former members of Congress and early Internet advocates.
While the CDC’s statements suggest it has the tools at hand to move bitcoin’s agenda forward in Washington, in a new interview with CoinDesk, Boring stressed that all these resources won’t make up for the one that is slowly dwindling – time.
Boring told CoinDesk that she formed the CDC because she believes the industry must act now or risk having its innovative potential stamped out by harmful policies:
“I give bitcoin 12 to 18 months before its fate will be decided by lawmakers. We don’t have a lot of time to tackle these issues, and if we don’t, bitcoin will be narrowed down to a hobbyist niche and not a true industry.”
Boring added that New York’s new proposed regulations are an example of why bitcoin so badly needs better representation in government. These decisions, she said, are being made now, and more troubling, they’re being made without the support of an authoritative group representing the industry.
“That’s a huge problem. We absolutely do want to slow down these regulations,” she said. “Small businesses are going to be really hurt by this onerous regulation.”
The CDC issued a new press release today encouraging consumers to submit comments to the New York Department of Financial Services (NYDFS) to fight what it called a regulatory framework that would severely debilitate the digital currency industry.
Regulators Will Decide Bitcoin’s Fate Within 18 Months: Perianne Boring