Regulatory TREND. 5 Activities Requiring BITLICENSE in NY

NY Department of Financial Services requires a bitLicense for any of the following acitivities:

  • Virtual currency transmission
  • Storing, holding, or maintaining custody or control of virtual currency on behalf of others
  • Buying and selling virtual currency as a customer business
  • Performing exchange services as a customer business
  • Controlling, administering, or issuing a virtual currency
     

BitLegal | The New York Department of Financial Services (NYDFS), grants a virtual currency (VC) license…

Lege Trend. States Regulating BOTS. Especially BOTS attacking Bill Author Legislation.

State: California

The legislation: SB 1001 (CA | 2018)

What would the bill do? Require automated social media accounts (BOTS) to identify themselves as bots

What’s an example of BOT use? The California Seantor filed a bill on bail reform and hundreds of ots attacked with social media posts like ” “Unconstitutional bail reform doesn’t work and is racist.”

Supporters:

Opponents:

  • Electronic Frontier Foundation

Somewhere in the middle:

  • Allen…

Local Government TREND. Hiring CIOs and CDOs

Chief Information Officers and Chief Data Officers are on the rise for local governments.

What does a Chief Data Officer do? In Cook County, IL the job description is:

  • “organizational governance and policy directives around data usage,”
  • ensuring proper accessibility standards for data

  • evidence-based decision making

  • innovative projects 

  • oversee a communications technology team

  •  holding a leadership position on a Data Governance Council charged with “applying the precepts…

3 Reasons Economists Say Bitcoin Fails Under Regulation

Economist say regulation will kill bitcoin because:

  • bitcoin has no intrinsic value and price volatility
  • the government will regulatue anonymous transactions
  • bitcoin inherently “contradicts the idea of creating “a transparent banking system.”

CoinTelegraph | Former World Bank Chief Economist: Bitcoin Will Fail as Governments Increase Regulation

+1 State Requiring Cybersecurity for Insurance Licensees

State: South Carolina

The Legislation: House Bill 4655 (2017-2018 | SC). South Carolina Insurance Data Security Act

Requirements for South Carolina Insurance Licensees: 

  • insurers tmust “develop, implement, and maintain a comprehensive information security program” for their customers’ data
  • based on model law with 3 steps and a 1/1/2019 effective date:
    • prevent breaches
    • detect unwelcomed access to data
    • remediate after a breach
  • including 3rd party oversight, with a 7/1/20 effective…