How to Get Blockchain Tech on Data Regulators' Radars
I do not envy data protection authorities (DPAs). Although virtually everyone from the top leadership to the rank and file of these organizations is knowledgeable and driven by a sense of purpose, the pace of innovation makes it seem as if their feet are perpetually stuck in digital quicksand or on an escalator going the wrong direction. What specifically is keeping them so busy these days? It begins with keeping tabs on US technology titans such as Google, Facebook, Amazon, Uber and AirBnB. But another major challenge comes from tracking emerging trends in the use of tech and data. While....
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In a breakthrough special address to the Depository Trust & Clearing Corporation 2016 Blockchain Symposium, CFTC Commissioner J. Christopher Giancarlo, signalling the changing attitude of regulators towards blockchain technology, called on regulators to follow private sector innovation, and not lead, to adopt a light touch approach and to primarily follow the philosophy of “do no harm”, a strategy employed during the early days of the internet when regulators rarely interfered. Acknowledging the ever growing interest in blockchain tech and hailing its many benefits, the commissioner....
Digital Asset Holdings CEO Blythe Masters has revealed that financial regulators are keen on the potential of blockchain technology, the same technology that underpins Bitcoin, the cryptocurrency that several authorities seek to regulate. Blythe Masters, CEO of New York-based blockchain startup Digial Asset has claimed that blockchain technology is proving to be favorable for financial regulators. The decentralized, distributed ledger technology is seen as a means to increase transparency while lowering costs, according to Masters. The former JPMorgan executive was speaking to Reuters,....
Lawmakers are prepping new tools to pursue tech firms accused of anti-competitive business practices. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.Editor's noteAs they say, the sun never sets on the Google empire. That said, the role of antitrust law in tech has been on the rise in recent years. Every indication is that the situation is only going to get worse for mega tech firms. So Jeff Bezos’ departure from the top spot at Amazon may well have been a beautifully timed case of quitting while you’re ahead. As I’ve....
FINRA believes the widespread use of blockchain could come to impact its core business practices. The self-regulatory organization for US brokers published a new report on blockchain tech yesterday that offers both a broad overview of the tech from the context of its industry, as well as its take on its potential impact on the brokerage sector. FINRA has been open about its work on the technology (in conjunction with its members) in the past, though the release constitutes some of its most direct comments to date. Most notably, FINRA said that, should the tech see broader use in the....
Who controls your data is a vital and growing concern these days. People are now fully aware of how the giant tech monopolies are extracting value out of users’ private information while they get nothing in return. Regulators, companies and users have all began to challenge the way this happens by limiting the invasion of privacy wherever possible. However, the potential of transferring value to users still remains allusive. Swash changes the paradigm by putting data monetization in the hands of the users themselves. Creating a New Age of User Data Monetization Swash is an ecosystem....