How to Promote Innovation, Transparency, and Trust

Much has been and will be written and talked about centralized regulatory authorities wanting to regulate decentralized technologies and the organizations created by them. As funny as that may seem, there is some logic behind it and hopefully, a middle ground for everyone to claim a win.

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While there may be broad agreement that a good argument may exist regarding suitability and appropriateness in respect of certain investments, some may not agree that a person who has accumulated a significant degree of wealth will always be in a better position to assess an investment into certain blockchain-based businesses or startups. It may be that only those with substantial technical expertise will be in a position to really understand the business (and ultimately the code) that they are investing in.

Source: Gibraltar: Does Statement on Initial Coin Offerings Include New Regulatory Framework? | Crowdfund Insider, October 15, 2017 @ 4:17 pm By Joey Garcia and Joshua Ashley Klayman

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Perhaps the platform’s most distinguishing characteristic, however, is that the project showcases how private and public blockchain technologies are increasingly being used in tandem. While IBM’s blockchain solutions are designed to complete much of the workflow around transaction clearing, the actual settlement will be conducted using Stellar’s blockchain.

“For the first time, blockchain is being used in production to facilitate cross-border payments in multiple integrated currency corridors,” Bell said.

Source: IBM’s Stellar Move: Tech Giant Uses Cryptocurrency in Cross-Border Payments – CoinDesk, Michael del Castillo, October 16, 2017

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“As somebody who’s been around financial bubbles a [long time], my ‘alarmo-meter’ is at DEFCON 5,” said Silvers. “My sense is that most of the conversation that goes on around this is essentially designed to obscure. [It] uses big ideas and technical jargon to evade fundamental questions that should be asked in this institution about any investment product.”

“These investments are seen as cutting-edge opportunities for individual investors, but these investments may not be suitable for all investors because they carry such significant risk,” said SEC Commissioner Kara Stein.

Stein continued, putting forth her opinion that blockchain technology has the potential to “revolutionize” securities trading and fundraising, but cautioned that clear regulatory oversight was needed to combat growing incidences of fraud.

Source: Obvious Bubble? SEC Committee Lashes Out at Bitcoin and ICOs – CoinDesk Aaron Stanley, October 16, 2017

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The managing director of the International Monetary Fund (IMF), Christine Lagarde warned financial institutions that “we are about to see massive disruptions” as a result of cryptocurrency and distributed ledger technologies. The IMF head stressed the need for institutions and regulators to “adjust… to the impact of the combined breakthrough technologies that will impact markets.”

Source: Cryptocurrencies Expected to Cause “Massive Disruption” – IMF Managing Director

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Although concerns remain about the legitimacy of bitcoin, which JP Morgan (JP.N) Chief Executive Jamie Dimon described as a fraud earlier this month, the credibility of the blockchain technology itself has increased.

A growing number of senior bankers have said they believe it will eventually revolutionize the way payments are made across the industry, reducing complexity and costs of back-office processes.

Source: Exclusive: Royal Bank of Canada using blockchain for U.S./Canada payments – executive, Matt Scuffham, September 27, 2017 / 6:44 PM

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Equifax and others have shown the weakness of central databases in the hands of a single firm. Mutual distributed ledger systems have the potential to provide us with identity and activity management, even permitting us to make a market selling information about ourselves, taking control and cash back from companies like Equifax and Yahoo and giving it back to ourselves. There will certainly be mistakes along the way, but how can we truly object to reclaiming control of our most private property — our personal data?

Source: Blockchain Could Help Us Reclaim Control of Our Personal Data, Michael Mainelli, October 05, 2017

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A forum for the discussion of a compliant framework for token sales. The goal: To develop an industry standard that protects the interests of network creators, investors, and users.

Thanks Fred!

Source: The SAFT Project

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Leading members of the blockchain and cryptocurrency industry unite to launch Project Transparency, a voluntary disclosure standard which aims to bring self governance and greater transparency for investors and the community.


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