Perianne Boring graduated from the University of Florida during the height of the latest round of economic downturn and saw the results first hand in her native Lakeland. Since that time she has worked as a Congressional financial analyst and free market advocate and has written extensively on macroeconomics and consumer finance. Perianne also runs a popular personal blog called the Boring Bitcoin Report.
Ms. Boring is a firm believer that cryptocurrency technologies have the potential to correct many of the problems inherent in a centralized economic system.
Cointelegraph: What are the immediate general objectives of the Association?
Perianne Boring: The next several months are dedicated to operational logistics including recruiting our membership and advisory board and executive team. We plan to be fully operational at the start of the new Congress in January 2015.
CT: What is your opinion of the draft of regulations released by New York State?
PB: The 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 potential 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, potentially seriously injuring legitimate applications of this valuable emerging area.
CT: Did these regulations have any effect on any of your plans with the Digital Chamber of Commerce?
PB: 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 www.dos.ny.gov/info/register.htm.
CT: Why is a Bitcoin Trade Association necessary?
PB: To date, the digital currency industry has only been informally represented in Washington, DC. We recognize that it is crucial that legislators, regulators, the media, and the policy community have an authoritative, high-integrity source of information to guide them in the appropriate treatment of this new, potentially highly beneficial technology.
CT: What is the Association’s position on cryptocurrency regulation?
PB: Good policy is imperative to facilitating the emergence of digital currencies as a valuable participant in the American and world economy.
CT: Is fair and balanced regulation possible in today’s political climate?
PB: We certainly hope to help facilitate this process.
- Perianne hosting the Money & Tech show
CT: As an economist, what are your feelings about the influence of the finance industry on the political dialog?
PB: The 2008 financial crisis devastated my community in Lakeland, FL. I didn’t know anyone that was not affected by the housing collapse. At the time I was studying economics at the University and Florida and began digging for answers as to how this could have happened.
With over US$17 trillion of debt, another estimated US$100 trillion in off-sheet liabilities, and expansionary monetary policy, the younger generation’s economic health and future is at great risk. I dedicated my career to being an advocate for sound money policies. I believe Bitcoin is a beautiful technology that has the potential to increase access to financial services home and abroad.
CT: The financial industry has a great deal of influence in Washington. How do you plan to compete?
PB: We are looking to recruit a top tier team of policy and public relations professionals. We plan to build the legitimacy and credibility for digital currencies in Washington and among the larger public. We will also form a coalition that will advocate on behalf of digital currencies. These groups will include consumer, merchant and small business organizations as well as policy groups. Overstock is currently the best example of a third-party advocate for Bitcoin.
"We plan to build the legitimacy and credibility for digital currencies in Washington and among the larger public. We will also form a coalition that will advocate on behalf of digital currencies."
CT: Is the association now or will it be in the future aligned with any political action committees?
CT: What is the overall goal of the trade association?
PB: The goal of the Digital Chamber is to promote the acceptance and use of digital assets where socially beneficial and prevent the, primarily, federal government from stifling these innovative, affordable financial services and payment processes through ill-considered political, legislative, or regulatory action.
CT: Recently we had a lot of people comparing your Association to the Bitcoin Foundation. How can you comment that?
PB: We are not associated with the Bitcoin Foundation, but we welcome collaboration and will provide enthusiastic support to any groups who share the Chamber's meticulously high standards for integrity and authenticity.