The Chamber of Digital Commerce, a trade association representing the blockchain industry, and the Enterprise Ethereum Alliance (EEA), an advocacy group created to advance enterprise blockchain technology, have announced a new partnership. The Chamber of Digital Commerce will become an EEA Associate–Collaborative Member, and the EEA will become a strategic partner of the Chamber of Digital Commerce, according to a release.
The two entities said that the EEA and Chamber staff will now have full access to their respective token-related efforts enabling joint participation including: the EEA’s Working Groups; the Token Taxonomy Initiative (TTI), and the Chamber’s Token Alliance.
Chamber of Digital Commerce Founder and President Perianne Boring, commented on the announcement:
“Any asset, tangible or intangible, can be tokenized, recorded, tracked and traded on a blockchain, enabling many transactions to be faster, cheaper, and more efficient than ever before. However, from standards to public policy, the adoption of digital tokens faces many hurdles that must first be addressed. We look forward to working with the technical experts at the EEA to further support our efforts on behalf of the blockchain industry.”
While many financial industry participants see opportunity in leveraging distributed ledger technology including the issuance of digital securities and other esoteric assets, bespoke regulation pertaining to the sector has been slow to emerge. Meanwhile, other jurisdictions have pushed forward seeking to enable the concept of “utility tokens” or hybrids.
Countries like Singapore, Switzerland, and France have pursued a more flexible regulatory regime. In the US, there are effectively two options: a security or a commodity – both being slotted largely under existing rules.