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Chamber Advocates for Improved Policy Landscape for Blockchain

The U.S. Chamber of Commerce gathered leading innovators, policy leaders, thinkers, and investors at a recent event to explore the power of blockchain and to chart out policy ramifications. The Chamber released a document announcing its FinTech Innovation Initiative, including principles aimed at encouraging innovation, streamlining the regulatory structure and educating policymakers about the benefits of financial innovation. The Chamber urged regulators to give more guidance on blockchain and cryptocurrency and to broadly consider and issue expedited no-action letters. A U.S. Treasury report echoed many of the Chamber’s concerns and also urged banking regulators to embrace FinTech innovation. Meanwhile, a Bloomberg article considered ways the U.S. government is gaining ground in adopting blockchain technology with current projects at The Centers for Disease Control and Prevention, the Pentagon and a program at the Office of Personnel Management that aims to provide every federal employee with a unique digital identity that could securely automate multiple human resources functions. Blockchain remains a nascent technology for the asset management industry. A recent article from Shearman & Sterling attorneys provides the basics on blockchain and possible implications for the financial services industry. Additionally, lawyers from Shearman will host a webinar on blockchain and digital tokens with the Mutual Fund Directors Forum on Tuesday September 11, 2018 from 2:00-3:00 p.m.