Category Archives: fintech (finance technology)

7 Data Security Policy Issues Raised by a Financial Regulator. Put it on your Radar.

SEC Commissioner Kara M. Stein raises these policy issues for regulators:

  • Should a company value its data?
  • Should it disclose the value of its data?
  • Who is responsible for the appropriate collection and use of data?
  • Who is responsible for protecting the privacy of personally identifiable information that is collected and used?
  • Who is responsible for determining how data can be shared?
  • Who is responsible for establishing and implementing minimum standards for data collection and use?
  • Who i…

Lege TREND. Scale Back Data Breach Notification Bills. Only Focus on Financial Sector. What you need to know.

Which groups don’t like the focus on the financial sector? Retailers, because it slows passage of across the board data breach notification statutes

What’s the purpsoe of focusing on the financial sector?

  • Find a solution for the Equifax breach

What are state officials saying? “He has consistently opposed federal legislation that would pre-empt state attorneys general, as this proposal appears to do.” — CT Attorney General

Inside Cybersecurity | A debate unfolds over narrow breach-notice…

3 Ways State Attorneys General Control Data Security Policy

  • Create policy by litigating
    • ex: suits to support online privacy could be the new tobacco lawsuit
  • Blocking Federal Policies
    • Repulican Attorneys General sued Obama Administration 46 times in 8 years
    • Democratic Attornesy General have sued the Trump Administration 35 times in year 1
  • Crafting policy by managing State-level settlements delivering big headlines and fast payouts
    • ex: Equifax settlements

Forbes | How state attorneys general are driving tech policy

Lege Trend. An internet bill of rights? Hello all tech & telecom: this one is for you. Marketing and data limits.

Activists are promoting an Internet bIll of Rights, the kind of bill state legislatures love. What would it do?

  • Keeping your “browsing history” private
    • ​Except: fraud or potential crimes  
  • Full disclosure when being monitored, and the right to opt out
  • Preserving the privacy of your social media accounts.
  • Ownership of your personal, digital content
  • Notification of injurious data breaches
  • Fair play on social media platforms and/or internet providers
  • Protecting children on social media

    • …

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 Legislature Passes Blockchain Legislation. 2 Points to the Legislation to Pave a Way for Blockcahin transactions.

Ohio Legislature passed SB220 (2018 | OH)  which addess blockahin by adding to the definition of electronic transactions.

The new definition of “electronic record”  & “electronic signature” to  include blockchain-based transactions.

Cleveland | Ohio legislature passes blockchain legislation

Regulatory TREND. Higher State Regulations for Credit Reporting Agencies. 8 states.

  • NY rules will require credit reporting agencies to comply with the state’s Department of Financial Services cybersecurity standards
  • An agreement between Equifax & 8 State Financial regulators will allow the states to:
    • impose punitive damages against Equifax
    • conduct annual  security audits 
    • develop written data protection policies and guides
    • monitor outside technology vendors
    • improve software patch management controls
  • The states:
    • Alabama
    • California
    • Georgia
    • Maine
    • Massachusett…

3 Ways Crypto Currency can Increase Capacity for Renewables

  • “By running off electricity that would otherwise be curtailed because of low demand, crypto-mining could allow more clean energy to be profitably built on the grid”
  • Texas has been a leader in dealing with intermitancy that can power crytocurrency
    • Texas “competitive renewable electricity zones”  
      • average wind curtailment in Texas decreased from over 16% to less than 2%
      • wind generation more than doubled
    • private investment in energy storage
  • flexible demand option for crypto currency…