How California is changing its FinTech regulation.

The legislation: AB 1864 (2020 | CA)

The revamped state regulatory body: California Department of Financial Protection and Innovation

What powers will California have that it did not before? The power to enforce laws against unregulated industries

What does the regulator say about innovation and fintech? The agency will have the ability to “Spur innovation in financial services by clarifying regulatory expectations for emerging products and services.”

California Department of Financial Protection and Innovation (DFPI) | California Consumer Financial Protection Law

New Kid on the Block. Company Sells Cars for Bitcoin

Who: Crypto Cars Online

Where: Dallas, Texas, Crypto Cars Online partnered with local dealerships

Which cryptocurrencies are accepted for the transaction? Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin

Does Crypto Cars finance cars with bitcoin? Yes

Crypto Cars Online | The First Crypto Currency Auto Finance Company in the U.S.

Wyoming Crypto Friendly. Crypto Bank Friendly.

Wyoming has granted Avanti authority to operate as a bank.

What does this mean? Avanti can offer a United States dollar-backed stablecoin, digital assets custody services & API-based online banking services

When did Wyoming create this crypto friendly environment? 2018 legislation HB 70 (2018 | WY)

BTC Manager | Bitcoin-Friendly Wyoming Grants Avanti a Bank Charter 

State Consolidates IT Standards + Procurement

The state: Pennsylvania

The consolidation: SB 810 (2020 | PA)

How it would change IT in state government:

  • create the Office of Information Technology
  • establish cybersecurity standards for the entire state government
  • manage and maintain all IT procurement
  • make recommendations for future consolidation, integration, and investment
  • implement a strategic plan for future IT projects

The goals:

  • Streamline costs. IT spending totals nearly $1.1 billion annually, the 5th largest GR appropriation
  • Security. PA ranks 6th for cyber attacks in the US
  • Improved data breach responses. The FBI ranks PA’s responses the 2nd worst in the nation

Pennsylvania Business Report | Legislation would consolidate IT across agencies

Government Offers App to Make Data Breach Notification Easier for Companies

Which government has a new data security app called, NotifyUs? New Zealand

Who pushed for the app for New Zealand data breached? New Zealand’s privacy commissioner 

What does the App do? helps entities based in New Zealand determine whether a data breach needs to be reported or not

Daily Swig | New Zealand launches data breach notification tool

Facial Recognition Software Local Ballot Proposition

Where: Portland, Maine

Didn’t Portland Maine city council ban facial recognition software? yes, but privacy advocates say it doesn’t go far enough so we have a November ballot proposition

What does the ballot proposition do beyond banning facial recognition software?

  • prohibits the use of facial recognition software in court
  • right to sue for violations with penalties of up to $1,000
  • city employees could be suspended/ terminated for violating the restrictions

Biometric Update | Facial recognition legislation delayed in New Orleans, considered in Pennsylvania

WGME | ‘It’s a racist tool:’ Portland group wants voters to strengthen ban on facial recognition

Pennsylvania Scouts New State Technology By 7 Step Framework

What are the 7 elements in Pennsylvania’s framework to adopt new technology for state government:

  • performance
  • business
  • data
  • application
  • technology
  • security
  • digital

Pennsylvania says these 7 steps helps ensure their technology investments are worthwhile and prudent.

Government Technology | CIOs on How to Reframe the Future with Emerging Tech

The Utah Approach to Emerging Technology & State Government

In the new economy, Technology and State Government go together like coffee and cookies in a Swedish Fika.

So, let’s look at how they do it in the Great State of Utah:

  • WHO reviews new technology for the state: An agency review board made up of staff from various departments and business areas.
  • HOW do the recommendations work? The board offers specific organizational perspectives on how a technology might be used to solve business problems for the state.
  • DO THEY GET HELP? Yes, an external technology advisory board with representatives from outside of state government
  • HOW DO THEY WORK TOGETHER? The two groups work together to ensure effective vetting before any tech investment are made
  • NEW KID: The Center for Excellence for Artificial Intelligence established in 2019 is reviewing about a dozen major initiatives

Government Technology | CIOs on How to Reframe the Future with Emerging Tech