US Congress Adds Two Blockchain Proposals to the Consumer Protection Safety Act

The U.S House of Representatives has approved two blockchain-affiliated Acts through its Committee on Energy and Commerce; this marks the furthest a blockchain bill has come in the 116th Congress. The two Acts which will now be debated on the House as part of the larger Consumer Technology Act include the Blockchain Innovation Act and a section of the Digital Taxonomy Act.

Blockchain joins the list of emerging tech that the Federal Trade Commission (FTC) and Department of Commerce (DoC) will be tasked with consumer threat identification if the bill goes through. Rep Darren Soto (D-Fla) who is one of the bill’s sponsors noted that blockchain tech is excellent and could go a long way with the right regulatory support,

“I believe our government needs to support that growth, establish light-touch regulations to ensure certainty, protect innovation, stop fraud and enable its appropriate use for government, business and consumers.”

As it stands, the unregulated nature of blockchain has provided adequate grounds for scammers to engage in fraudulent activity and get away with the same in a blink. This was one of the issues cited by the bill’s sponsors and, in particular Congressman Jerry McEnery (D-CA); he highlighted that the incorporation of parts of the Digital Taxonomy Act would play a major role in protecting consumers from the scammers.

Better Late than Never!

Although a little late to the party, the U.S is gradually catching up with pioneers like Japan which enacted regulatory frameworks for the blockchain and crypto industry as early as April 2017. Politicians in the country have also started to accept donations in Bitcoin; Rep Soto, who sponsored this bill told the Chamber PAC that his campaign would be accepting BTC donations. The Democrat Congressman is not the only one that has gone this road; former presidential candidate Andrew Yang and MN-06 Rep Tom Emmer are the other candidates that have since accepted Bitcoin.

Read Original/a>
Author: Edwin Munyui

Upbit Exchange’s Operator Dunamu Looks To Use Blockchain for OTC Securities Platform

Dunamu, the company which acts as the operator behind the popular crypto exchange Upbit, has recently affirmed that it would release a new app that could be used to trade unlisted securities in South Korea. This new service would be based on the blockchain technology.

The reports made by the Korea Herald affirm that the idea of using the blockchain comes to lower the costs of trading, as they are generally higher in over the counter (OTC) desks. These desks often need several manual processes for trades to be finished, so automating them can increase the efficiency of the platform.

By doing this, the operator believes that up to 4,000 securities can be traded every day using the platform. Samsung Securities is the company that was chosen to manage the trading activities.

The changes and the use of blockchain technology are going to be introduced next year. According to the company, all identity-based verifications and the post-processing of transactions will be done using the technology.

Dunamu’s Chief Strategy Officer Lim Ji-hoon affirmed that most transactions of unlisted assets have a lot of uncertainty related to them. They are either made via online communities or offline trades and sometimes the traders don’t know very well with who they are trading. Using the blockchain to manage the process will certainly improve this aspect of the situation.

This is not the first time in which a local company uses the blockchain for trading unlisted securities. Koscom and the KEB Hana Bank have recently affirmed that they would develop an OTC platform as well for this same goal.

Read Original/a>
Author: Gabriel Machado