Category Archives: fintech (finance technology)

Campaign TREND. +1 State Moving to Regulate Bitcoin Campaign Contributions

State:  California

California Regulatory Agency: California Fair Political Practices Commission

Recommendation from the California Agency Legal Counsel: 

  • cryptocurrency contributions do not violate the state’s Political Reform Act
  • BUT, “could be significant difficulties in establishing the true source of bitcoin donors”
 

Utility tokens. Bit Coin + Energy. 3 Bits informed intel:

  • Utility tokens are a hot commodity among bitcoin currencies
  • Why are utility tokens popular?
    • some think they offer legal protection from regulatory schemes
    • others think utility tokens are key to block chain’s future
  • Utlity tokens will most likely be regulated by the SEC and State Securities Boards

Texas Lawyer | Ready Player One? Avoid Getting Played on Utility Tokens

1st State. Data Broker Regulation Bill. 4 Takeaways + 4 Talking Points + 4 Stakeholders

Vermont’s H.764 (2017-2018 | VT)  creates the first data broker regulations that will:

  • eliminates costs on credit freezes & thaws
  • establishes a registry and security standards for 3rd party ‘data broker’ industry
  • clarifies data security requirements for commercial entities
  • criminalizes acquiring data for fraudulent purposes, including harassment & discrimination

 

Talking Points for H764 which will give Vermont residents:

  • greater privacy
  • saves them money
  • gives them information and tools…

+1 State Suing Over Equifax Breach. The Facts:

State: West Virginia

The lawsuit by the West Virginia Attorney General:  Violation of the the state’s Consumer Credit and Protection Act  

The potential penalty: $150,000 for each security breach and $5,000 for each violation of each of the 730,000 West Virginians affected by the Equifax breach

The statement from the WV Attorney General:

“Equifax’s failure to secure consumers’ personal information constitutes a shocking betrayal of public trust and an egregious violation of West Virginia…

Data Security Issues at the Conference of Western Attorneys General. 5 Topics. 2 Enacted Laws

Conference of Western Attorneys General will be discussing the following data security issues this year:

  • data privacy, cybersecurity, and digital piracy
  • breach notification
  • the European Union’s data protection regulations
  • national security & cybersecurity intersection
  • FinTech

Enacted Laws to be highlighted:

  • Arizona’s Regulatory Sandbox Program, signed into law by Governor Doug Ducey on March 22, 2018
  • Arizona House Bill 2154 into law on April 11, 2018 that prioritize data privacy in…

Lege Trend. Gov Signs Post Equifax Bill in the Goldenrod State. 3 Key Elements of the Bill.

State: Nebraska

Nebraska’s 2018 post-Equifax reform bill: Legislative Bill 757 (2018)

What does Nebraska’s LB 757 do?

  • requires reasonable security and disposal procedures and practices for all entities possessing data
  • non-affiliated 3rd parties also have to maintain reasonable security and disposal procedures for data
  • free credit freezes and free credit thaws

3 Points. Final EQUIFAX Response Bills in the American Pasque Flower State. LEGE TREND.

State: South Dakota

The South Dakota post-Equifax data breach bills: House Bill 1078 & House Bill 1127 

What did House Bill 1078  do? Freezes remain in place until the consumer requests otherwise & must be lifted within 3 days of a request

What did House Bill 1127  do? Cost free credit report freezing & un-freezing (thawing)

Lege Trend. Indian Paintbrush State calls for No Regulation for Bitcoin. 3 Points from the Bill + 3 reasons good for Tech.

Wyoming HB 0070 (2018) will create this regulatory system for bitcoin in Wyoming:

  • Creates an open blockchain token
  • Cannot be marketed as an investment or part of a repurchase agreement
  • Exchange of open blockchain does not trigger broker dealer regulations

3 Tech commentaries:

  • Wyoming is forward-thinking to allow freer reign for cryptocurrency companies
  • Makes Cheyenne intruiging to a  few dozen crypto startups
  • Wyoming revealed its willingness to be a “test bed for future regulation”

The…

Lege Trend. Cyber Security Standards for Tax Preparers in the Flowering Dogwood State

State: Virginia

The legislation: HB 183 (2018) SB 271 (2018) 

What’s required by Virginia’s HB 183 and SB 271?

  • Any income tax preparer in Virginia has to notify the VA Department of Taxation of a cyber security breach 
  • Notification is triggered by when the tax preparer discovers the breach and must be done without unreasonable delay

Is there a cost savings according to the bill’s author? Yes, the state will save $300,000 a year because the state Department of Taxation won’t be issuing…