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Blockchain Beyond Crypto– Key Factors For Policymakers To Consider - Forbes

Blockchain Beyond Crypto– Key Factors For Policymakers To Consider - Forbes | The Marteq Alert | Scoop.it

While every country is different, let’s take a look at some of the characteristics and traits that should be a part of any blockchain and cryptoasset policy.

  • Smart contracts are essential. 
  • Blockchains and cryptoassets should be differentiated. Not every blockchain will be used for the same purpose, and establishing policies that are flexible enough to accommodate this reality should form the basis for any wide ranging policy.
  • Data governance should be a priority. 
  • Competition should be encouraged.
  • Collaboration will be integral. The true benefit of blockchain – be it implemented at an organization or at a national level - are the efficiencies that are able to be created between the individuals and institutions that are members of the same network. In other words, even as competing blockchain models develop, organizations may find themselves cooperating on an increasing basis.
CYDigital/marteq.ios insight:

The key here is to know that there's a difference between blockchain and cryptoassets, and that blockchain need not be regulated (unless there is abuse pertaining to immutability).

 

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DOJ’s New Cryptocurrency Enforcement Framework Provides Guidance And Promises Of Heightened Scrutiny - JD Supra

DOJ’s New Cryptocurrency Enforcement Framework Provides Guidance And Promises Of Heightened Scrutiny - JD Supra | The Marteq Alert | Scoop.it

The Report identifies and defines specific business models that may facilitate criminal activities, likely foreshadowing future Department of Justice (“DOJ”) prosecution targets:

  • Cryptocurrency exchanges
  • Peer-to-peer exchanges and platforms
  • Cryptocurrency kiosks
  • Virtual currency casinos
  • Anonymity enhanced cryptocurrencies (“AECs”): considered a “high-risk activity” by the DOJ, these currencies use non-public or private blockchains and have been accepted by MSBs and darknet marketplaces. 
  • Mixers, tumblers, and chain hopping
  • Jurisdictional arbitrage and compliance deficiencies
CYDigital/marteq.ios insight:

The objective is not to stop positive developments in crypto, but to prevent fraud and abuse. Stay within the confines of the SEC, and you're safe.

 

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Why Is the California DMV Selling Drivers' Data for $50 Million—And to Whom? - The Drive

Why Is the California DMV Selling Drivers' Data for $50 Million—And to Whom? - The Drive | The Marteq Alert | Scoop.it
New information from Vice's Motherboard reveals that 12 California lawmakers have finally begun taking steps in understanding how the California DMV sells driver's data, as well as staging the building blocks to extend consumer protections to prevent what may be an egregious misuse of personal information.

The lawmakers are now requesting that the DMV reveal what kind of companies it has sold or provided data to, specifically inquiring if it has ever knowingly provided information to debt collectors, private investigators, data brokers, or law enforcement agencies. The California DMV had previously revealed to Vice that the companies requesting data "may include insurance companies, vehicle manufacturers, and prospective employers."

Further information requests involve the use of social security numbers, photos, licensee data of undocumented immigrants, and how the department handles requests for opt-outs.

It's estimated that the California DMV earns roughly $50 million each year from selling the personal information of Californians, but it isn't alone in doing so. Other states like Rhode Island have also partaken in this revenue generator, raking in hundreds of thousands of dollars using the same practices. Both states are a drop in the bucket compared to Florida, which brought in $77 million in 2017.
CYDigital/marteq.ios insight:

You wouldn't be wrong to apply the word hypocrisy.

 

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SEC Commissioner Sees Increasing Demand for Cryptocurrency | Regulation - Bitcoin.com

SEC Commissioner Sees Increasing Demand for Cryptocurrency | Regulation - Bitcoin.com | The Marteq Alert | Scoop.it
Crypto-friendly commissioner with the U.S. Securities and Exchange Commission (SEC), Hester Peirce, said there is an increase in demand for cryptocurrency as investors seek to diversify their portfolios. The commissioner has been an avid proponent of the SEC approving bitcoin exchange-traded funds (ETFs).

We’re seeing more interest coming from institutional quarters than we have in the past. I think that will continue … as people are looking to diversify their portfolios, I think people are also likely to look more to the crypto space.‏‏‎

She elaborated, “As people are more comfortable working in a virtual world in every industry now, I think people are likely to turn more interest to the crypto space.” Peirce previously said even before the coronavirus pandemic that one major advantage of the cryptocurrency industry was that it brings together people from across the world and helps them work together virtually. Industry participants don’t have to be in the same place to be working together.
CYDigital/marteq.ios insight:

There continues to be a softening in the stance. But movement continues to be glacier-slow.

 

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