Welcome to the Future!
What is happening? The National Credit Union Administration is proposing a 72 hour reporting requirement for cyber incidents at credit unions.
Why is this important? It places Credit Unions on par with critical infrastructure in reporting cyber incidents.
How will this be important? The credit union regulator calls this 72 hour standard the prudent action.
What is happening? Congress is working on a federal semi conductor bill to promote US manufacturing of semi conductors. The US Senate approved $54.2 billion in subsidies to expand semiconductor production and other technology initiatives.
Why is this important? Samsung announced its $17 billion semi conductor manufacturing facilities in Taylor Texas could expand to $192 billion to build 11 fabrication plants, creating a total of 10,000 job.
How will this be important? The ultimate goal is to lessen foreign supply chain issues that have been plaguing 2021 and 2022.
Route Fifty | Why Cities and Towns See a Huge Economic Opportunity in the Semiconductor Bill
What is happening? The FCC Chair is proposing increasing the national broadband standard to 100 megabits per second for download and 20 Mbps for upload – the current standard of 25 Mbps upload and 3 Mbps download speed standard was set in 2015.
Why is this important? COVID has states in the process of rolling out better broadband to underserved areas.
How will this be important? The FCC Chair also wants the FCC to consider “affordability, adoption, availability and equitable access” when it determines whether broadband is being deployed in a reasonable and timely fashion.
What is happening? Wyoming’s SF0038 (2021 | WY) created the legal framework for a new corporate structure known as decentralized autonomous organizations (DAO). Vermont and Tennessee are making similar rules.
Why is this important? DAOS are now worth $21 Billion. The company functions like this:
How will this be important? The summarized principle behind DAOs: “Shareholders vote on everyday executive decisions made by the company, sometimes even bringing certain issues up for vote themselves. It’s a more direct form of corporatized democracy”
Governing | Can We Turn Shareholders into Public Decision-Makers?
What is happening? Jon Cunliffe, Bank of England’s deputy governor for financial stability calls for crypto regulations
Why is this important? He said, “technology can change the way risks are managed and distributed, it cannot eliminate them”
How will this be important?
Innovators, alongside regulators and other public authorities, have an interest in the development of appropriate regulation and the management of risk.–Jon CunliffeDEPUTY GOVERNOR, BANK OF ENGLAND
CNBC | Crypto needs regulation — technology can’t remove all financial risks, BOE’s Cunliffe says
What is happening? Pennsylvania Governor has signed HB 2142 (2022 | PA) that would utilize National Guard to help train local governments on cyber security prevention.
Why is this important? The author says the bill affords the “Pennsylvania National Guard the ability and authority to provide functional support for cybersecurity across the commonwealth and it increases that communication ability amongst our agencies.” “
How will this be important? By open communication and providing access to local governments, Pennsylvania could unlock better state cyber security.
What is happening? States are investigating crypto lenders as multiple cyrpto lenders have suspended transactions. California Department of Financial Protection and Innovation is taking the lead for the state.
Why is this important? Issues that will be investigated include whether customers were made aware of the potential risks
How will this be important? In recent months the California Department of Financial Protection and Innovation has determined that “some crypto interest accounts from such sites constituted unregistered securities after conducting an investigation.”
The Crypto Currency Post | California Launches An Investigation Into Crypto Companies
What is happening? 23 states have Cyber Task Forces created by Executive Order. 7 States have legislatively created cyber task forces.
Why is this important? A commonality among the recommendations: centralization
How will this be important? Governments aren’t just open to ransomware but also to open source software vulnerabilities, phishing emails, outdated legacy code
Governing | What State Cybersecurity Task Forces Have Accomplished So Far
What is happening? Vauld froze transactions after users pulled almost $200 million over the last three weeks
Why is this important? It is on the heels of Voyager Digital suspending transactions, Celsius Network LLC paused transactions, and Crypto hedge fund Three Arrows Capital Ltd has been ordered to liquidate
How will this be important? Regulation, regulation, regulation…. do laws cover how people get access to their assets? Do laws cover custody of the assets?
Wall Street Journal | Peter Thiel-Backed Crypto Lender Vauld Suspends Withdrawals
What is happening? A federal policy maker suggested digital passports for cryptocurrency would make ransomware less likely.
Why is this important? The crypto ID proposal would have a biometric element to make hackers and ransomeware less lucrative.
How will this be important? regulators will look to keep digital privacy while insuring greater identity requirements for crypto to keep good actors in and bad actors out.
Route Fifty | ‘Crypto Driver’s License’ Could Deter Use of Digital Currency in Ransomware