Chamber of Digital Commerce Taps Matthew Mellon to Help Ease Bitcoin's Banking Woes

The Chamber of Digital Commerce (CDC) has named bitcoin entrepreneur and banking family scion Matthew Mellon as its new honorary executive committee chairman.

Mellon, who will serve the Chamber on a volunteer basis, has long been involved in the bitcoin industry, having helped found ventures like Coin.co that focus on compliance solutions for businesses using bitcoin. A former finance committee chairman for the New York State Republican Party, Mellon comes from an American family known for its deep ties in both US banking and politics.

Mellon will focus on growing the level of bank involvement in the bitcoin industry, as well as supporting initiatives that enable conversations between the bitcoin space, members of Congress and financial industry leaders, according to the Washington, D.C.-based bitcoin advocacy group.

CDC president Perianne Boring told CoinDesk that Mellon’s efforts will help strengthen the industry as a whole, noting:

“The digital asset industry has serious challenges to grow and overcome, from Washington to Wall Street. Matthew Mellon has the experience, knowledge and network that bridges these worlds due to his years of work in the financial industry and as a leading voice in shaping public policy on digital assets.”

According to The Hill, Mellon said that he anticipates the organisation will be “the leading voice” for digital currency-related public policy outreach in Washington.

Targeting bitcoin banking barriers

The issue of banking resource shortages facing US-based bitcoin startups is well documented. Owing to a hesitation among banks to do business with a sector beset by regulatory uncertainties, some startups are unable to attract needed support mechanisms regardless of the promise they otherwise present.

The CDC, according to Boring, wants to push for more communication between the bitcoin and banking sectors to help alleviate some of these barriers.

This, she said, is where Mellon’s connections and expertise comes into play.

"With Mr Mellon’s help through facilitating and open dialogue between banking regulators, the banks, and the bitcoin industry, the Chamber is ready to take on this challenge that will benefit the entire ecosystem," she explained.

Boring added that improving bitcoin's relationship with the banking sector will be one of the organisation's top priorities over the course of the next year.

Hat tip The Hill

Images via Shutterstock, Wikimedia