Binance Joins Executive Committee of U.S. Blockchain Industry Lobby Group - Here’s Why it Matters
Binance, the world’s largest crypto exchange by trading volume, has joined the Chamber of Digital Commerce in a move that is expected to boost its lobbying power over new crypto regulation.
Per 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 alongside other industry players.”
The work is expected to be carried out through initiatives related to education, advocacy, and “close cooperation with policymakers, regulatory agencies, and the 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 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,” the company’s VP of Public Affairs, Joanne Kubba, commented in the post.
She added that 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 said.
The Chamber of Digital Commerce works on a range 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 Congressional candidates in the US: North Carolina Republican Representative Patrick McHenry, Arizona Republican Senate candidate Blake Masters, and Oregon Democratic Senator Ron Wyden.
The Chamber is led by Perianne Boring, who has appeared on TV on multiple occasions advocating for the crypto industry.
Not the first association Binance joins
Binance has in the past joined several national industry 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 in April this year decided to ditch the organization and instead set up its own government affairs team in Washington DC.
An important step for the industry
The decision by Binance to join a major advocacy group with a strong presence in the US now is important, given the fallout and potential regulatory crackdowns that could be 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 in the past also famously mocked Binance CEO Changpeng Zhao (CZ) for not doing the same.
In the absence of FTX and its former CEO, it appears Binance is getting ready to take on at least some of the lobbying FTX was doing – hopefully for the betterment of the industry as a whole.