Washington, D.C., July 30, 2018 (GLOBE NEWSWIRE) — The Chamber of Digital Commerce’s Token Alliance today released the first edition of a comprehensive set of guidelines to help shape the responsible growth of the token and initial coin offering (ICO) markets. “Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners” is a collaborative report to be used as a resource among industry innovators, investors and policymakers. This first installment addresses so-called “utility tokens,” an aspect of the token economy fighting to be recognized.
“These industry-developed principles are an important tool for responsible growth and smart regulation that strikes the right balance between protecting investors while allowing for innovation in this new technological frontier,” said Paul Atkins, CEO of Patomak Global Partners and former SEC Commissioner. “We think it is important to explain the unique attributes of blockchain-based digital assets, which are not all strictly investment based, and provide guidance to consumers, regulators and the industry.”
The report features three parts:
- Regulatory Overview: A comprehensive understanding of the regulatory environment and securities law as it relates to tokens in the United States, Canada, Australia, the United Kingdom, and Gibraltar.
- Principles and Guidelines for Utility Tokens: Industry developed principles for token sponsors and trading platforms to promote sound business practices and minimize unintentional regulatory risk.
- Token Economic Landscape: An in-depth look into the growth and evolution of the global token landscape, with economic data and statistics.
“The Token Alliance is taking a positive and proactive approach towards working with regulators, which could ultimately create unprecedented opportunities for investment, innovation and jobs,” said Dr. James Newsome, Founding Partner of Delta Strategy Group, former Chairman of the CFTC and Co-Chair of the Token Alliance. “This report will serve as an important resource for policymakers seeking to educate themselves and engage in meaningful industry dialogue.”
According to the report, in 2017, startups raised more than $7.3 billion via token issuances, up from $100 million in 2016 – the industry is expected to grow dramatically as cryptocurrency adoption becomes more prevalent and reaches the mainstream.
“We applaud our members who have worked together to form this critical stepping stone on responsible oversight and governance for the token economy,” said Perianne Boring, Founder and President of the Chamber of Digital Commerce. “It is a strong step towards self governance and a powerful tool to help builders and investors create a responsible and successful industry.”
The Token Alliance is an initiative formed by the Chamber of Digital Commerce with more than 350 global participants, including blockchain and token experts, technologists, economists, former regulators, and practitioners from over 20 law firms.
Built on an open-source foundation, the Token Alliance guidelines are based on the current regulatory state of affairs and will likely evolve over time. This is just a first step – the Token Alliance anticipates additions to these guidelines to address other important aspects of the token economy. All those dedicated to supporting and growing this thriving community are invited to join the conversation and provide feedback to this report on GitHub.
About the Chamber of Digital Commerce
The Chamber of Digital Commerce is the world’s largest trade association representing the digital asset and blockchain industry. Headquartered in Washington, D.C., the Chamber is the founder of the Token Alliance, Blockchain Intellectual Property Council, Smart Contracts Alliance, Blockchain Alliance, Global Blockchain Forum and many other key industry initiatives. For more information, please visit: DigitalChamber.org, and follow us on: @ChamberDigital.
Media Contacts: Jon Temerlies +1-413-241-0404 chamber@edelman.com Marie Knowles +1-202-422-2589 marie@digitalchamber.org
Note: Chamber of Digital Commerce did not issue this press release through our service. We are simply sharing it on our website since it was distributed by a top-tier newswire service and relates to blockchain.