Tacen Statement on the Executive Order on Ensuring Responsible Development of Digital Assets
INTRODUCTION TO TACEN
Tacen is a blockchain software development and consulting company headquartered in Cheyenne, Wyoming. Tacen employs a talented team, consisting of 19 employees in the U.S. and over 30 in total across 6 countries.
This Executive Order marks a historic moment for the blockchain and digital assets industry. It is monumental because it means that the U.S. government has recognized that the industry is here to stay. The Executive Order also embodies the same spirit of proactive regulation and engagement between regulators and industry that is at the core of our mission as a “Legal First” blockchain company.
THE ROLE OF INNOVATORS IN THE DIGITAL ASSETS ECOSYSTEM
Tacen believes that the innovator’s role is to push boundaries, challenge existing ways of thinking, and press for positive change. To achieve these goals, innovation must be grounded in responsible development that requires understanding and complying with the law. We believe that, through the application of these principles, the digital assets ecosystem can expand economic opportunities in the U.S., safeguard consumers, and ensure continued development of cutting-edge technologies.
As proud members of the Blockchain Association and the Global Digital Asset & Cryptocurrency Association, both of which represent many of the top U.S. leaders in this space, Tacen works diligently with its partners to ensure that emerging technologies such as the Executive Order’s proposed Central Bank Digital Currency (“CBDC”) will drive growth in the industry. Tacen is uniquely positioned to lead as a “Legal First” blockchain company because of our all-star team of professionals and technologists with years of experience in a comparatively new industry.
COMMITMENT TO RESPONSIBLE DEVELOPMENT
Tacen is committed to the responsible development of blockchain technology. We believe that entrepreneurs must thoroughly review systems being deployed and adopt audit and alert processes to safeguard against hostile actors both internal and external. We also believe that developers must understand the impact of unsafe code deployment. Finally, we stand united with U.S. regulators in knowing that continued communication and collaboration is necessary to enhance the digital assets ecosystem.
COMMITMENT TO COMPLIANCE WITH U.S. CONSUMER PROTECTION LAW
Tacen is committed to protecting consumers by creating and maintaining effective procedures for privacy, consumer education, and disclosure. We believe that responsible innovation can create a more transparent system of digital assets exchange through peer-to-peer trading technology such as our Hybrid Decentralized Exchange (“hDEX”).
We believe in defending consumers against financial surveillance and interdiction by hostile actors and are developing systems to support U.S. regulators’ goal of protecting the safety of consumers.
COMMITMENT TO COMPLIANCE U.S. LAW PROHIBITING ILLICIT FINANCE
Tacen is committed to combatting illicit finance through compliance systems that we are developing to act as a filter for the hDEX. We believe in proactive and voluntary compliance where guidance may not yet exist and ongoing engagement with U.S. regulators. Furthermore, Tacen is a leader in developing tools that help innovators comply with AML/KYC guidelines.
TACEN’S VIEW ON STABLE TOKENS AND THE U.S. CBDC INITIATIVE
Tacen supports the Administration’s initiative to evaluate the creation of a U.S. CBDC to compete with privately-issued stable tokens, which will provide U.S. consumers with greater market choice. For example, our CEO Jae Yang recently spoke in support of the Wyoming Stable Token Act, which provides a framework to create state-issued digital assets that are backed by U.S. Treasury bills. We believe that, with proper oversight and planning, stable tokens issued by states or central banks will reduce risk associated with the custody of digital assets and facilitate the spread of blockchain technology across the financial services ecosystem.
Tacen remains committed to the goals of consumer protection, combatting illicit finance, and promoting blockchain technology. As a result, we applaud the Administration’s initiative to prioritize the responsible development of digital assets. This Executive Order will not only better inform regulators and the President regarding the state of the digital assets economy, but also it will help expand communication and feedback with innovators who are hungry for regulatory certainty.