Binance, the world’s largest crypto exchange by trading volume, has joined the Digital Chamber of Commerce in a move expected to increase its lobbying power over new crypto regulations.
For the 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.”
That work will be done through initiatives related to education, advocacy, and “close collaboration with policymakers, regulatory agencies, and industry,” Binance said. He added that the goal of the initiative is to create a “pro-growth legal and regulatory environment” for crypto.
“As an organization at the core of a rapidly growing industry and a complex regulatory environment, working with policy makers, regulatory bodies and industry groups like the Chamber is important for Binance,” the company’s VP of Public Affairs, Joanne Kubba, commented in a post.
He added that the chamber is “establishing itself as a leading voice in blockchain technology policy.”
“We are looking forward to work with the Chamber and find solutions together for the long term when we start Web3 and a new era of global economy,” said Kubba.
The Digital Chamber of Commerce works on a variety of topics important to the crypto industry, including taxation, Anti-Money Laundering (AML)/Know Your Customer (KYC), and securities regulation.
In 2022, the Chamber made financial contributions to three candidates for Congress in the US: North Carolina Republican Representative Patrick McHenry, Arizona Republican Senate candidate Blake Masters, and Oregon Democratic Senator Ron Wyden.
The room is chaired by Perianne Boring, who has appeared on TV on numerous occasions to advocate for the crypto industry.
Not the first association Binance has joined
Binance has now joined several national industry associations, including UK independent 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 in April this year decided to leave the organization and set up its own government affairs team in Washington DC.
An important step for the industry
Binance’s decision to join a major advocacy group with a strong presence in the US is now significant, given the fallout and possible regulatory violations that could be seen in the aftermath. FTX collapsed.
As has been widely reported in the past, FTX is a very active player in the regulatory scene, and the former CEO Sam Bankman-Fried (SBF) is often seen in Washington DC lobbying for companies and industries. SBF in the past has also famously mocked Binance’s CEO Changpeng Zhao (CZ) for not doing the same.
In the absence of FTX and its former CEO, it looks like Binance is gearing up to take on at least some of the FTX lobbying going on – hopefully improving the industry as a whole.
