Digital Chamber Launches Initiative to Educate and Organize Industry

This week the Financial Crimes Enforcement Network (FinCEN) issued two rulings providing clarification on certain digital currency business models which are now required to register with FinCEN as money service businesses, and are also subject to FinCEN’s strict compliance obligations.

Further, it has been widely reported that the Securities and Exchange Commission (SEC) has issued a significant number of action letters to companies in the digital currency ecosystem. Regardless of who received such letters, it’s important for digital currency companies to understand the SEC process, and what proactive and reactive measures need to be taken.

To help educate and protect the interests of the digital currency industry, the Digital Chamber is launching an initiative to help the industry prepare for heightened government oversight and potential enforcement actions. As a leading advocate and voice for the digital currency industry, the Digital Chamber is taking immediate action to engage and organize the digital currency community on these important developments. The Digital Chamber strongly believes that proactive engagement and dialogue with policymakers are crucial for our growing industry to achieve prosperity and a pro-growth regulatory environment.

Initial action items from the Digital Chamber include:

• “Risky Business” Webinar: For companies operating in the digital currency industry, this vital briefing will address current legal and regulatory risks to help you better understand how to minimize your exposure and protect your business.
• AML Compliance Bootcamps: The Digital Chamber has partnered with The AML Training Institute to offer a series of three-day, hands-on compliance bootcamps throughout the US for digital currency companies. Understanding the multitude of laws that apply to this industry is critical to avoid compliance and enforcement actions. Our bootcamps are specifically designed to for the digital currency industry to help navigate and avoid regulatory pitfalls. Watch for more details to follow.
• Engaged Top Tier Attorney: The Digital Chamber is working with legal experts to advise on the government implications of regulatory actions, and provide strategic advice and ongoing education.

Further information about all three action items will be coming in the near future.