Digital currency lobby group the Chamber of Digital Commerce receives approval from the Internal Revenue Service as a tax-exempt non-profit organization.
On September 30, the Chamber of Digital Commerce announced it had received recognition from the U.S tax authority the IRS as a tax-exempt non-profit organization under the IRS Code Section 501 (c)(6) that classifies business leagues, chambers of commerce, real estate boards, boards of trade, and professional football leagues, which are not organized for profit, from paying taxes.
In a press release, the Digital Chamber's President and Founder Perianne Boring said the recognition from the IRS was a big step for the industry as it brought an additional level of credibility to her organization's efforts in Washington:
“This recognition adds legitimacy to our efforts to guide policy makers in sensitively and intelligently addressing blockchain technology.”
Along with its recognition as a legitimate digital currency business league, the Digital Chamber announced yesterday it was holding its first Congressional Bitcoin panel in a joint event with the Heritage Foundation, an American conservative think tank based in Washington, D.C.
The event occurred on October 1, in the Lehrman Auditorium and featured Chamber of Digital Commerce President Perianne Boring; law firm partner of Manatt, Phelps and Phillips Carol Van Cleef; and George Glider from The Discovery Institute. Norbert J. Michel from the Heritage Foundation moderated the event, and the discussion was centered on Bitcoin, similar digital technologies and the regulatory environment.
Established in July, the Chamber of Digital Commerce is headed up by former Congressional Staffer and journalist Perianne Boring. The non-profit organization was introduced during the North American Bitcoin Conference in Chicago, and has already received backing from RRE Ventures and Tally Capital, as well as donations from American online retailer Overstock, which has committed to spend 4% of its Bitcoin revenue on efforts to educate and promote digital currencies.
The organization was formed as a public education outlet as well as a tool for influencing lawmakers and regulators about digital currencies. In July, Cointelegraph spoke to Boring in an interview, where she shared her insights on digital currency regulation and the perspectives of her organization.