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Chamber of Digital Commerce Proposes Guidelines for Digital Token Alliance & ICOs
The Chamber of Digital Commerce, which is a blockchain and cryptocurrency advocacy institution, founded back in 2014, has now set in a few sets of guidelines to address challenges arising out of utility tokens.
Well, in a recently released guideline designed in order to assist the initial coin offering (ICO) markets and to bring in awareness of responsibilities for the token alliance.
The chamber releases a whitepaper, entitled “Understanding Digital Tokens: Market Overviews & Guidelines for Policymakers & Practitioners.” The Token Alliance is comprised of over 350 international associations from the gamut of blockchain and token industries, as well as veterans in the subject matter from economics to law.
The document emphasizes on 3 major areas, namely, a regulatory outlook of selective jurisdictions with emerging ICO space, secondly, the principles & guidelines for utility tokens, finally, the token economic landscape and general discussion of the growth and evolution of the digital token space.
While the former Securities and Exchange Commission (SEC) commissioner and CEO of Patomak Global Partners Paul Atkins said in a press release that, “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. These 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.”
Overall, this testimony signifies the first episode in what is projected to be the manifold portions in the campaign to enable for the innovative thoughts and understanding in the token ecosystem. Also, from the report, it seems that the institute also looks forward to working with the emerging industry and key stakeholders to promote the meticulous organization of a token ecosystem.
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