Call To Action: Chamber of Digital Commerce Urges Industry To Submit

COIN CONGRESS SAN FRANCISCO July 23, 2014 — The newly formed Chamber of

Digital Commerce finds the New York Department of Financial Services (NYDFS)

proposed BitLicense rules and regulations to be severely debilitating to the digital

currency industry.

Despite Ben Lawsky’s claims that these proposed regulations are intended to be

guardrails to “protect consumers and root out illegal activity – without stifling beneficial

innovation” these rules could potentially crush the Bitcoin industry in New York and

stifle jobs, investment, and innovation. The Digital Chamber agrees that we need

guardrails in these areas, but these proposed regulations are onerous and in many cases

simply misplaced, with the potential to seriously injure legitimate applications of this

valuable emerging area.

“One egregious aspect is that the NYDFS is only giving 45 days to comment, which is

severely inadequate to proposed regulations of this scope” said Perianne Boring,

President of the Digital Chamber. “We are requesting that the NYDFS extend the

comment period through the end of 2014, to allow the industry adequate time to properly

review and respond.”

The Digital Chamber is calling on the Bitcoin community to submit comments to the

NYDFS. Instructions on how to submit comments can be found on the NYDFS website

at http://www.dos.ny.gov/info/register.htm.

Earlier this week the digital currency and digital asset communities came together to

form the industry’s first trade association, the Chamber of Digital Commerce.

About the Chamber of Digital Commerce

The “Digital Chamber” is the first D.C.-based non-profit, trade association dedicated to

promoting the acceptance and use of digital currencies. Website:

(www.digitalchamber.org)

MEDIA CONTACT

Perianne Boring

Chamber of Digital Commerce

president@digitalchamber.org

(202)302-6064