Binance joins US lobby group of the crypto industry

The exchange plans to influence the development of a regulatory framework in the field of digital assets

21.12.2022 - 07:15

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2 min

Binance is joining the executive committee of the Chamber of Digital Commerce, a U.S. lobby group for the blockchain industry, as the world's biggest crypto exchange steps up its engagement with regulators.

Binance will contribute to research and potentially influence the shape of crypto legislation through discussions with policymakers and regulators, according to a statement. The crypto giant joins traditional finance firms like Visa and Deloitte as well as blockchain firms such as Circle and OKCoin. The exchange's U.S. unit, Binance US, has been on the executive committee since 2020.

The move marks another milestone as Binance has bolstered its regulatory capacity in the past year, after an earlier track record of getting into trouble with financial regulators.

“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 are imperative to our mutual mission of fostering the sustainable development of sensible regulations for cryptocurrency and blockchain which ensures protections for users,” Joanne Kubba, Binance's vice president of public affairs, said in the statement.

Newest member

The group's newest member “has established itself as a leader in this emerging ecosystem,” according to Blain Rethmeier, vice president of public affairs at the Chamber of Digital Commerce.

Binance is also playing an ever-growing role in shaping the crypto industry from the inside. The company is looking to invest into crypto firms with a $1 billion "industry recovery initiative" fund to cushion the blow from the collapse of rival exchange, FTX.

Yet there is some speculation about the financial health of the exchange, with significant outflows reported last week. The lack of transparency of Binance’s finances was also subject to a Reuters investigation this week.

This material is taken from the website theblock.co.

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