DTCC Urges Financial Institutions to Collaborate in Forming A DLT Regulatory Framework

U.S Depository Trust & Clearing Corporation (DTCC) published a white paper on Feb,12 calling for the establishment of a proper regulatory framework on blockchain technology. The leading American financial markets clearing and settlement company noted that this would help avoid the risks associated with Digital Ledger adoption in future.

This white paper dubbed ‘Security of DLT Networks’ highlights the opportunities and looming risks if financial industry stakeholders do not step up to oversee blockchain implementation. DTCC’s Chief Security Officer, Stephen Scharf, further emphasized on the importance of tech policy upgrades;

“DLT offers great potential, but as with any new technology, it also comes with certain risks. Traditional security measures may not be adequate, so it is critically important that this topic is top of mind for any DLT implementation.”

DTCC’s Proposed Strategy on Blockchain Implementation Oversight

According to the whitepaper, financial market players are better off collaborating to form standardized guidelines on DLT adoption. It continues to read that a coordinated approach would help address the security associated risks in detail. This will in turn assist firms operating and looking to enter the blockchain market to play by the book and grow within a regulated framework.

DLT will notably improve how data is protected, verified and processed. As a result, DTCC suggests that a more tech specific framework would be effective in integrating the DLT networks within IT legalities across the world. An industry consortium to form fundamental operational guidelines was also identified as a long-term solution to the existing legal gaps in the DTCC whitepaper.

There have been previous efforts to form a baseline regulatory framework around blockchain tech but only a few jurisdictions have achieved much. DTCC plans to capitalize on its muscle within the derivatives market to lobby as many financial players and develop a standard for DLT frameworks. Mr. Schaff noted on the importance of a global framework for all industry participants;

“As is common in IT security communities, frameworks must be widely available, generally agreed upon, and commonly adopted.” he added “As best practices mature, they can be adopted into a formal framework and used for financial industry participants and regulators alike.”

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Author: James W

Israel Securities Authority Is Looking To Private DLT Exchanges To Model Its Regulations

Israel’s securities regulator is calling on private sector players to submit proof-of-concept for Distributed ledger technology (DLT) backed virtual assets trading platforms.

According to CoinDesk, Israel Securities Authority (ISA) held a conference on Jan 20 in Tel Aviv where it announced that it was set to provide a full virtual value chain meant for investors which will comprise of virtual assets which are held, traded as well as settled through DLT. in connection to this, the agency is now calling for the players in the industry to submit their pitch that must have proof-of-concept.

The regulator stated that after the completion of this stage, it will come up with requisite regulation which will make it easy for the launching of digital platforms in the country’s capital market.

As per the conference notes, DLT presents not just a capital markets evolution, but it has become a necessity and Israel and the securities regulators should work towards creating an enabling environment. Majority of the people who presented their views during the conference stated that fresh and low-cost DLT-based platform have the potential of opening up extra financial opportunities for new entrants in the market. The regulator also indicates that Israel can be an example to other securities regulators around the world.

The endorsement of DLT by the authority comes a few days after a committee that was created to analyze the technology for half a year, taking into account all the technology aspects ranging from issuance of tokens to smart contracts. According to the committee’s report, DLT can transform the country’s capital market and can propel the market as the center of global technology. The committee also found that DLT could be a solution for faster settlements and can help to streamline clearance.

The committee also states that DLT in capital markets has an advantage especially in IPOs, clearance and trading. They also found that DLT will help in lowering associated costs. The technology can help in spurring innovation in the market and open up the market to many players as well.

ISA uses DLT through its messaging platform ‘Yael’.

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Author: Joseph Kibe

Former Congressman Calls for the Return of Non-Monopolized & non-Govt. Controlled Sound Money

Bitcoin skeptic turned bull, Ron Paul is calling for the end of the Federal Reserve.

Former Texas Congressman Paul has long been a critic of the existence of the Federal Reserve and the tax policy. And this time as well, he took a shot at the Fed.

Ron Paul tweeted,

Central planning he said is an “absolute failure,” and it is time to “End the Fed,” and sound money — that isn’t monopolized by the government — to make its return.

And could the decentralized and deflationary Bitcoin and other cryptocurrencies be that sound money?

Paul doesn’t elaborate on that but he is in favor of cryptocurrencies and blockchain technology as just last month, he said that they are a “great idea,” and governments should step in with “least amount of regulation” and that too to prevent fraud.

But he hasn’t been all pro-crypto. Back in 2017, he said cryptocurrencies are just another bubble like stocks that has “more threatening” curve.

However, if we look even further, in 2014, though he expressed concern about the backing of crypto, he has been all about an alternative method to fiat money.

Paul also has been bearish on fiat money as he said,

“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct.”

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Author: AnTy

Craig Wright to Take the Stand Soon for Kleiman Lawsuit Hearings Regarding Bitcoin’s Creation

Craig-Wright-to-Take-the-Stand-Soon-for-Kleiman-Lawsuit-Hearings-Regarding-Bitcoins-Creation
  • Craig Wright has continued to claim to be the true creator of Bitcoin.
  • He will be calling himself as a witness in the Kleiman vs. Wright lawsuit.

The case of Kleiman vs. Wright has been going on for quite some time, and new reports show that Craig Wright will be calling witnesses at the June 28th deposition. Wright has consistently stated that he is the creator of Bitcoin, and he will be calling two expert witnesses, a fact witness, and himself to the stand. Ultimately, since Wright will already be on the stand, he opens himself up to cross-examination.

There is already a chance that Wright will end up being placed in contempt of court after he failed to provide the list of Bitcoin holdings that he kept before the end of 2013, according to CoinDesk. This failure could lead him to trouble at either the civil or criminal level.

The chief scientist for nChain had allegedly mined over 1.1 million Bitcoin with Dave Kleiman between 2009 and 2011, believed to be stored in the “Tulip Trust.” Though Kleiman has since passed, his sister Ira is suing on behalf of his estate, asking for the fair market value and rights to the intellectual property.

The court documents say that Brett Roberson will be offering his testimony regarding digital forensics and PGP signature. His experience also covers theft of intellectual property, analyzing the activities found on a computer through a specific range of time, and recovering files that have already been deleted. All of this experience can be found in his CV, which is being used as Exhibit 1.

Kevin Madure is the second expert witness, who is the former IBM consultant and VP of cybersecurity at AlixPartners. He will be testifying to cryptography, blockchain technology, and cryptocurrency, specifically in reference to how it affects this case.

The fact witness will be Steve Shadders, who is the CTO of nChain. Previously, Shadders posted a blog titled “On the Satoshiness of Dr. Craig S. Wright.” The blog discusses the reasons that Shadders believes that Wright could be the true identity of Satoshi Nakamoto. His statements are based on his experiences with Wright, even though he claims to have decided against seeing conclusive evidence.

To ensure that he has some kind of control over the narrative, Wright is calling himself as well. Palley, a lawyer that is following the case but is not directly involved, tweeted about the issues, saying that “criminal contempt” is still on the table.

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Author: Krystle M