US Chamber of Commerce Expresses Interest in ICOs, Suggest Way Forward

While launching its FinTech Innovation Initiative last week, the US Chamber of Commerce expressed interest in Initial Coin Offerings (ICOs) on the condition that they are regulated.

The body noted that cryptocurrencies and the business of tokens were just one component of its eight FinTech strategies aimed at “bridging the gap between technology and [Washington] D.C.”

The Chamber which was established in 1912 prides itself as the largest lobbying Group in the US and traditionally supports the right-wing Republican Party.

During the launch, the body asked the US Federal government to enact regulations that will help guide activities around token sales especially when it comes to designating tokens as securities “so companies can have more predictability and certainty in the marketplace.”

The Chamber said it intends to “promote new and innovative ways to access capital, such as initial coin offerings (ICOs), while advocating for tailored oversight and strong consumer and investor protections. Entrepreneurs know all too well how difficult it is to raise the capital necessary to start or grow their business.”

The chamber also shared its thinking on the way ahead with regards to token sales saying:

“We urge the SEC to continue studying ICOs to see how they can be an effective tool for raising capital, while protecting investors and ensuring applicable laws are met. We also urge the CFTC to study how cryptocurrency is functioning in the futures and commodities market. In both cases, we urge the agencies to regulate the products and services enabled by the technology instead of the technology itself.”

The Chamber also urged both government agencies to collaborate in determining the roadmap that token deals should take in the future so that contradictions will be avoided thereby giving businesses the opportunity to focus on the salient points especially as they relate to “reducing consumer risk and preventing fraud.”

The Chamber’s announcement concluded with a high note, expressing optimism in the possibility of working with the relevant government agencies in order to clarify regulatory expectations surrounding token issuance in the United States.