Microsoft and USAA join Washington blockchain policy group

Crazy Review : Technology giant Microsoft and military bank and insurance company USAA have joined the Washington non-profit lobbying group Chamber of Digital Commerce to formulate blockchain-related policies in the new year. Since USAA and Microsoft's business models require frequent dealings with government supervisors, they can provide a lot of relevant expertise. Cooperation with policymakers is crucial to the growth and success of the industry. Without everyone's joint efforts, blockchain technology will always be restricted.

Translation: Nicole

Tech giant Microsoft and military bank and insurance company USAA have become the latest members of the Chamber of Digital Commerce, a policy advocacy group studying blockchain technology.

The group is a non-profit lobbying group founded in mid-2014 that is currently working to promote oversight and regulation of companies engaged in Bitcoin or blockchain applications in Washington. The group is led by Perianne Boring, a former Forbes columnist and Capitol Hill interviewer. The Chamber of Commerce is one of the founding organizations behind the Blockchain Alliance, a company focused on promoting cooperation between industry stakeholders and government agencies.

Joining Microsoft and USAA are startups Bloq and Symbiont. Bloq is a technology startup founded by Bitcoin Core developer Jeff Garzik, and Symbiont is focused on researching blockchain capital market applications.

The CDC said each company joined the group's executive committee and committed $50,000 in support.

In the interview, Boring said the group wants to shape blockchain policy in Washington in the new year, and that companies like USAA and Microsoft — which often interact with government regulators because of their business models — could provide relevant expertise.

USAA was one of the main companies that participated in Coinbase’s $75 million Series C funding round, and then worked with the American startup to conduct a pilot project that would allow USAA consumers to view their Bitcoin balances directly through the online dashboard. If the pilot project is successful, the feature could be made available to all consumers.

Boring said USAA brings a lot of relevant experience to the CDC as a regulated financial services company, telling CoinDesk:

“We view USAA as one of the most innovative and forward-thinking banks in this space. So obviously, we’re looking to USAA for guidance on a lot of the issues and compliance points that we’re facing in developing our policies.”

The company did not immediately respond to a request for comment.

Technology push

Other members of the group — Microsoft, Bloq and Symbiont — bring relevant technical experience. The experience shared by each company and chamber members is helpful in promoting the development of blockchain policy in Washington.

He told CoinDesk:

“Most players in the industry are focused on the challenges posed by regulation and public policy. That’s why they are working with Chamber to address these common industry issues.”

Matt Roszak, co-founder of Bloq along with Garzik, spoke about why Bloq joined the nonprofit.

Matt Roszak

He said:

“With my experience in both technology and finance, I believe that working with policymakers is critical to industry growth and success.”

Symbiont CEO Mark Smith echoed those comments, saying that without a concerted effort, “blockchain technology will always be limited.”

In the interview, Boring emphasized Microsoft's position in the technology field and its relevant experience in regulation.

Boring said:

“They are convinced that there is a market for their products, and they believe it is necessary to find a platform for alliance organizations to solve various problems.”

In the statement, Marley, who is responsible for Microsoft’s blockchain technology development and strategy,

Gray said industry lobbying efforts will become more necessary as the technology becomes more widely used.

He said:

“We firmly believe that industry collaboration is critical to bringing distributed ledger technology to market.”