5 Burst results for "Fintech Task Force"

"fintech task force" Discussed on Unchained

Unchained

05:43 min | 5 months ago

"fintech task force" Discussed on Unchained

"Why as commissioner has her purse proposed in terms of her? Suggestion that there be a safe harbor for token issuers, and it was curious to know what your opinion was of her proposal. As, person I are. Nearly one hundred percent align in that space, so I think she would make an excellent as he commissioner. Okay great well. Already on the board, I think she'd be a great share. I like it's pretty rare to get such a strong opinion from politician so. I take it. That's something you feel strongly about. Okay so now. We've kind of gotten through most of that pre pandemic backgrounds. But actually will win last pieces so bef- before all of that like I. The time you know this past winter. When we thought we were GONNA. Do this the first and what is what is the status of the token taxonomy at that time? Like? How likely did you think it was to be passed in twenty twenty back in the winter? I think the the the coalition is not partisan, so we have a wide range of folks, unfortunately, some of the. chairman of the committee changed and so clearly the most vocal opponent of this space in Congress. Is Brad Sherman. And Brad. Sherman's a Democrat from. Los Angeles and now he is the chairman of the capital. Markets Subcommittee Committee. So near the end of the year after Elijah Cummings died. Carolyn Maloney moved out of our committee's chairmanship for that subcommittee and became share chairwoman of. The House Oversight Committee. So that created the opening and Brad Sherman's the most senior Democrat, so he became the in that sub committee, so he became the chairman of the. Capital Markets Subcommittee so. Famously also proposed outlawing cryptocurrency. Did that go anywhere safely. No, however He continues to say that the only reason thrown crypto currency is to launder money. Or evade taxes. And sometimes more pejorative things like fun terrorism. you know safe to say that as long as he's. In that chairmanship, it's going to be a challenge to move legislation. thankfully, Chairman Archer our ranking member. Patrick mckenry is very pro crypto very pro the space he hasn't endorsed this particular bill but I think in general has ranking member. He tries to avoid those things particularly things where there's still a healthy debate on and and so it doesn't tip his hand for lots of things I. Think he might not supported one hundred percent. He's got a few ideas, and so let's say you captured the ideas that are coming in. We might see it amended somewhat to get across the finish line. And another thing I was encouraged by You Know Kelly law floor in. In the Senate I mean she clearly understands the space coming from. You know her background and an interim Wyoming state. That's really been phenomenal for for Crypto. In in token assets, blockchain broadly heavily due to Kaitlin long in the state legislature out there, but Cynthia loomis is is is likely to be the next senator from Wyoming and she's. A very strong on the issue as well so hopefully we'll have knowledgeable allies in the Senate that will help us get momentum on in a bicameral way and get this across finish line in the last I would say is just because Congressman Sherman is in a very influential position on this doesn't that you will carry the day? So you know maxine waters and her staff have been. You know attentive. They've listened. We've got a Fintech task force now and so you know Congressman Foster and Congressman Lynch. Attention to it now. Congressman Tom Emmer as a Republican is leading the Republican side. And you know. He clearly understands the space. And so I think there's some opportunity for momentum, but yeah, I mean on virtually every issue as you've alluded to we've been disrupted by you. Know Health pandemic, and now really a lot of attention to civil unrest I think. A lot of. I mean near uniform concern over. Excessive force used against the. Of People broadly and of course most recently George Floyd. And so before we move onto those issues. Also, so mention that Patrick Congressman Patrick McHenry was on the show and he. Talked about something new that he was proposing called Financial Services Innovation Act and it kind of would cree something similar to a sandbox which he was calling permanent Beta testing, which was also an interesting idea. People can listen to that episode for more information on that and also I did do an interview with Governor Mark, Gordon of Wyoming and Certainly Wyoming is really out front and center and I've also. CAITLYN's caitlyn lawns a t bank, which is going to be watching probably sometime in the next year. All right so in a moment we will discussed taxes and will not talk. Sorry advertises China Libra Additional Dollar Kovic and more, but first a quick word from the sponsors. He made this show possible. Calman law is run by trip to Oggi's and based in New, York and Taiwan they were already operating since way back in two thousand thirteen, and.

Congressman Sherman chairman Patrick Congressman Patrick Mc Wyoming Congressman Tom Emmer Markets Subcommittee Committee Senate commissioner Capital Markets Subcommittee House Oversight Committee Congressman Foster Elijah Cummings Carolyn Maloney Patrick mckenry Brad Congressman Lynch CAITLYN Congress George Floyd Oggi
"fintech task force" Discussed on Insureblocks

Insureblocks

13:47 min | 5 months ago

"fintech task force" Discussed on Insureblocks

"Hello and welcome to inch blocks urine. Decadent podcast to blockchain ans- mark contracts. I'm will eat. Scuff your host for this week's podcast. We be discussing the European Commission approach to blockchain. And I'm very pleased to have Peters Zilkha this head of unit digitalization Blockchain Digital Single Market Directorate at the European Commission Peteris. You've got a lot of titles. Many thank you many. Thanks for joining us today. Could you please give us a brief introduction on yourself? I'm glad to I mean I'm a lawyer by background. I have the JD degree from University of Southern California before they had a political science degree. And though I've never really practiced their California state bar for almost thirty years now and since Two Thousand and five Florence. My Country Latvia joined the European Union. I've been ahead of unit in the European Commission and digital innovation. Blockchain is what I've been working on and you could say to US sometimes perhaps over used term but It's a little bit my passion. I've been interested in walk chain and tech since about two thousand and twelve so perhaps not at the very beginning but at least relatively early for the public service this is also why I'm The original co chair of the Fintech Task Force. I have my second Co-chair coming from the financial services side. And then I'm from digital single market and I mean in both these areas I'm working in legislation and policy in funding infrastructure and research and managing it as well as working with with stakeholders and international cooperation. So it's an interesting bunch of things to work on. I'm glad to be doing it well. As you sitting the key term as passion because you're effectively getting the job of three other men so very impressive So Peter is As it is customary here at Inter blocks. Could you please explain our listeners? What is blockchain? And how does it work? Well glad to try. This is one of these things. It's a little bit of a communications challenge and exercise. But I mean I would say that. It's simply a growing list of records of blocks In a ledger that are linked utilizing cryptography and generally managed by peer to peer network adhering to a protocol for communication between the nodes and then validation of the new blocks that perhaps gets already a little little technical some listeners. But I would say. It's a way of validating transactions and data in an immutable in permanent way. So that you can be sure that they haven't been tampered with and that you don't have double spending of a value and that you can transfer data along with that value. That's the way that we see it and I think it's also important because some people are I think most of all sometimes negative that they say Blockchain is something that's bad because let's say uses a lot of energy if they take the original crew for work and everything that doesn't do that is is not blockchain. I mean we take a very wide view. I mean distributed Ledger Technologies Hash graphs tangle on these types of blockchain inspire technologies is is blockchain for us. I mean we're not trying to freeze history in two thousand and nine. When the BITCOIN paper was Was published or at some other point. It's developing technology and I would say what is really important is the element of decentralization which is not black and white. It is a gradient going from something which may not exist of completely centralized to something which also may not exist of being completely decentralized but actually allowing a degree of decentralization That a single database or even some federated databases. Don't don't allow so. This is where I think it gets exciting and where it makes it possible for a diverse group of actors to work together while preserving their autonomy. Excellent really loved that. I'm element of your definition of. It's a gradient of decentralisation incidents that's a spot on now could you introduce to us all the different bodies within the European Commission you have the digital innovation in Boston you need. And other bodies within your commission that are here to research enable and further development of blockchain in the EEG perhaps give us an overview where we'll do some deep dive in in some of the sure. I mean starting with with my unit. We're kind of the policy leaders on blockchain as a technology. But we're not. We're not the programmers as I said. I'm a I'm a lawyer and a political. Scientists have other colleagues are engineers but were more economists lawyers people looking at digital policy and in my unit we have the e U Blockchain Observatory in Forum which is a think tank working for us that has a whole set of reports and videos and regular workshops which used to be physical in at least right. Now they're virtually cited We also have the European blockchain partnership that my unit runs. This is twenty nine. Different countries twenty-seven all twenty seven e. You member states and Norway and Liechtenstein. Who are building a European blockchain services infrastructure together. I mean actually building an infrastructure. This piloting this is not testing. We're putting public services on the blockchain justified. We had quite a filtering to see which cases were justified to utilize the blockchain. And this is also something you could call a regulatory sandbox because while the countries and us are working together we obviously have to look at European Union legislation. We have to look at national legislation. Most likely you don't find anything. We're blockchain is prohibited. But you certainly don't find many cases where it specifically allowed though. You're getting some legislation in France in multi in other countries. It's specifically see a root for blockchain Roxanne legally And then we also collaborate with the International Association of Trusted blockchain applications as stakeholders organization I myself I'm in the OECD Policy Expert Advisory Board on Blockchain so we collaborate with OCD with the United Nations and others and In Not Buzz. International position of trusted blockchain applications a global governmental advisory board but also in the OECD activities. In the other activities. We probably would participate in the spring meetings of the World Bank and International Monetary Fund. This year I spoke myself in the IMF Fintech roundtable last year. Also you have the collaboration in the Fintech Task Force as I said from our side digital single market I gave a basic description on the other side. You have the financial markets colleagues the call as coming from research in Salon with the financial markets colleagues. Were collaborating on the digital assets possible legislation we just closed the public consultation on digital assets. Hearing what the stakeholders with the community has to say and in another context of the Digital Services Act which is a updating of ECOMMERCE along with addressing the platforms. We are seeing how perhaps smart contract so we have to do something to ensure that there is not any fragmentation of different requirements smart contracts across the digital single market and the twenty-seven member states. Something that we want to want to avoid than we have started up E You which is Cross all sectors. Not Just blockchain union as well to link. Accelerators ECO-SYSTEMS ON START UPS. And yes I think. That's a general presentation. There's all kinds of other things happening in the European Commission. But that's a little bit the blockchain landscape. Actually I should underline then for policy areas as I said. We're the lead on blockchain policy but obviously where its application of blockchain to transport application of blockchain to energy than it is the Policy Directorate? General of who bring together in a group called the Interservice Competence Network which I chair Again to bring everybody together but the colleagues are responsible for financial markets responsible for energy. Obviously they're the ones who have the say on. How blockchain is utilized in their area of policy. While I mean that's a huge amount of Each of them. You know either. Have a strong focusing or blockchain or has elements of it. So how does he? E You have a a uniform. Blockchain strategy or the each of these different bodies have their own little version of a strategy. We have The the digital strategy which was adopted in February for saw that in the second quarter which is more or less a ending at the end of June we would adopt a blockchain strategy. And Mrs Actually one of the things that I've been working on this morning and before for the weekend and a little bit on the weekend and after I leave this call with you so you can expect the probably towards the end of June We did have a date of issuing at the end of May and principal. Our work is is ready as you can see. There's a lot of thinking going on but for various obvious various reasons And very obviously a lot of the political level is concerned most of all at the moment with corona virus and the exit and so on so it's Not The best time to have it adopted right at this moment so it'll come up a little bit later is General Lines that you can talk about on this podcast regarding strategy or that would be for another podcast would rather explain the strategy itself in the podcast in another podcast but general lines. I can give I mean with with the caveat which is important just when you're looking at the European Commission in general I mean it is a political organization led by politicians. The commissioners who are appointed by by each government in the member state and until they have adopted a strategy communication. It's not adopted so with the preparation stages are things that we're thinking about in proposing but it's the politicians who who adopted That said obviously it will talk about the the European blockchain partnership what is happening between the member states. The European Commission Meccan also add European Court of auditors that were building this blockchain services infrastructure utilizing a regulatory sandbox approach to ensure that we have pro innovation approach innovation regulatory framework in place Something else which I think you can easily for see that will be there. That to blockchain is not the solution for everything we think that it is a very nice solution especially for the European Union public services where we have multi level governance and actually blockchain that respect the autonomy of having perhaps some National databases public sector databases in the different countries. Or at least I mean run by the different countries wherever they are But at the same time sharing a lot of information on common policies Also perhaps bringing in private actors who may wish to collaborate in a supply chain or sharing data on a common concern but for reasons of competition concerns and competition law. Even Shouldn't share all the information with with each other. I mean the to allow the market to work properly so this could be public. Private collaboration in the future The PRO innovation regulation as I mentioned where we will intervene. And if it was ever true that if it moves The regulates it. It is now as I said myself and other colleagues have been in this space a little bit at the beginning already at around two thousand twelve so we have really waited and analyzed to make sure where an intervention is necessary and it will be a regulation on blockchain as we don't have a regulation on Transistors or servers or something that sort I mean it would be addressing applications which can benefit from a pro innovation clear framework and at the same time ensuring that consumer protection and investor. Protection is continued. That you don't need to repeat that fraud is fraud or theft is theft. Common Principles apply to to blockchain like for all other technologies.

Blockchain European Commission European Union Blockchain Digital Single Mark Fintech Task Force U Blockchain Observatory blockchain European Commission Peteris International Association of T University of Southern Califor European Commission Meccan California Peters Zilkha Latvia Inter blocks European Court OECD
The European Commissions approach to blockchain

Insureblocks

08:24 min | 5 months ago

The European Commissions approach to blockchain

"Hello and welcome to inch blocks urine. Decadent podcast to blockchain ans- mark contracts. I'm will eat. Scuff your host for this week's podcast. We be discussing the European Commission approach to blockchain. And I'm very pleased to have Peters Zilkha this head of unit digitalization Blockchain Digital Single Market Directorate at the European Commission Peteris. You've got a lot of titles. Many thank you many. Thanks for joining us today. Could you please give us a brief introduction on yourself? I'm glad to I mean I'm a lawyer by background. I have the JD degree from University of Southern California before they had a political science degree. And though I've never really practiced their California state bar for almost thirty years now and since Two Thousand and five Florence. My Country Latvia joined the European Union. I've been ahead of unit in the European Commission and digital innovation. Blockchain is what I've been working on and you could say to US sometimes perhaps over used term but It's a little bit my passion. I've been interested in walk chain and tech since about two thousand and twelve so perhaps not at the very beginning but at least relatively early for the public service this is also why I'm The original co chair of the Fintech Task Force. I have my second Co-chair coming from the financial services side. And then I'm from digital single market and I mean in both these areas I'm working in legislation and policy in funding infrastructure and research and managing it as well as working with with stakeholders and international cooperation. So it's an interesting bunch of things to work on. I'm glad to be doing it well. As you sitting the key term as passion because you're effectively getting the job of three other men so very impressive So Peter is As it is customary here at Inter blocks. Could you please explain our listeners? What is blockchain? And how does it work? Well glad to try. This is one of these things. It's a little bit of a communications challenge and exercise. But I mean I would say that. It's simply a growing list of records of blocks In a ledger that are linked utilizing cryptography and generally managed by peer to peer network adhering to a protocol for communication between the nodes and then validation of the new blocks that perhaps gets already a little little technical some listeners. But I would say. It's a way of validating transactions and data in an immutable in permanent way. So that you can be sure that they haven't been tampered with and that you don't have double spending of a value and that you can transfer data along with that value. That's the way that we see it and I think it's also important because some people are I think most of all sometimes negative that they say Blockchain is something that's bad because let's say uses a lot of energy if they take the original crew for work and everything that doesn't do that is is not blockchain. I mean we take a very wide view. I mean distributed Ledger Technologies Hash graphs tangle on these types of blockchain inspire technologies is is blockchain for us. I mean we're not trying to freeze history in two thousand and nine. When the BITCOIN paper was Was published or at some other point. It's developing technology and I would say what is really important is the element of decentralization which is not black and white. It is a gradient going from something which may not exist of completely centralized to something which also may not exist of being completely decentralized but actually allowing a degree of decentralization That a single database or even some federated databases. Don't don't allow so. This is where I think it gets exciting and where it makes it possible for a diverse group of actors to work together while preserving their autonomy. Excellent really loved that. I'm element of your definition of. It's a gradient of decentralisation incidents that's a spot on now could you introduce to us all the different bodies within the European Commission you have the digital innovation in Boston you need. And other bodies within your commission that are here to research enable and further development of blockchain in the EEG perhaps give us an overview where we'll do some deep dive in in some of the sure. I mean starting with with my unit. We're kind of the policy leaders on blockchain as a technology. But we're not. We're not the programmers as I said. I'm a I'm a lawyer and a political. Scientists have other colleagues are engineers but were more economists lawyers people looking at digital policy and in my unit we have the e U Blockchain Observatory in Forum which is a think tank working for us that has a whole set of reports and videos and regular workshops which used to be physical in at least right. Now they're virtually cited We also have the European blockchain partnership that my unit runs. This is twenty nine. Different countries twenty-seven all twenty seven e. You member states and Norway and Liechtenstein. Who are building a European blockchain services infrastructure together. I mean actually building an infrastructure. This piloting this is not testing. We're putting public services on the blockchain justified. We had quite a filtering to see which cases were justified to utilize the blockchain. And this is also something you could call a regulatory sandbox because while the countries and us are working together we obviously have to look at European Union legislation. We have to look at national legislation. Most likely you don't find anything. We're blockchain is prohibited. But you certainly don't find many cases where it specifically allowed though. You're getting some legislation in France in multi in other countries. It's specifically see a root for blockchain Roxanne legally And then we also collaborate with the International Association of Trusted blockchain applications as stakeholders organization I myself I'm in the OECD Policy Expert Advisory Board on Blockchain so we collaborate with OCD with the United Nations and others and In Not Buzz. International position of trusted blockchain applications a global governmental advisory board but also in the OECD activities. In the other activities. We probably would participate in the spring meetings of the World Bank and International Monetary Fund. This year I spoke myself in the IMF Fintech roundtable last year. Also you have the collaboration in the Fintech Task Force as I said from our side digital single market I gave a basic description on the other side. You have the financial markets colleagues the call as coming from research in Salon with the financial markets colleagues. Were collaborating on the digital assets possible legislation we just closed the public consultation on digital assets. Hearing what the stakeholders with the community has to say and in another context of the Digital Services Act which is a updating of ECOMMERCE along with addressing the platforms. We are seeing how perhaps smart contract so we have to do something to ensure that there is not any fragmentation of different requirements smart contracts across the digital single market and the twenty-seven member states. Something that we want to want to avoid

Blockchain European Commission Blockchain Digital Single Mark Fintech Task Force European Union European Commission Peteris U Blockchain Observatory International Association Of T International Monetary Fund Peters Zilkha University Of Southern Califor Inter Blocks California Latvia Oecd United States
"fintech task force" Discussed on C-SPAN Radio

C-SPAN Radio

12:38 min | 1 year ago

"fintech task force" Discussed on C-SPAN Radio

"Committee is keen to embrace innovation and working with my friend doctor foster down there on the fintech task force and the A. I. task force this is important and is supported by a partisan only that we support innovation on this committee that's how I don't want to punish the libra association for product it hasn't even existed yes but I was reading the G. seven report that Mister Marcus participated in and the G. seven reports as the G. seven believes that no global stable coin project should begin operations until the legislative regulatory oversight challenges and risks outlined above are adequately addressed through appropriate designs that hearing to regulations that are clear and proportionate to those risks is that a statement that you agree with congressman I I haven't reviewed that report in in detail in general you know we understand is that working in in financial services and payments some of this is that an area that's very sensitive a people's money is obviously extremely important to to them and they're good regulations that are in place to make sure that all services of a basically protect people and I wanna make sure that we that we do the same and and are at the same standard or higher and everything that we do well I appreciate that that's good I think you made it clear to Mr his anger Mr look from our and others that Lieber one not go forward in the world in any country unless it's a meets an attic with a standard here in the United States and I think that what I'm saying is this G. seven announcement last week I would say mirrors that exactly that the G. seven countries beyond the United States agree with that view as well let's talk about privacy for a minute George gilder has written a great book called life after Google I'm sure you read it if not I commend it to you and a quote in there that I'm paraphrasing private keys are held by human beings not by governments not by Google and I would I would add parenthetically enough about Facebook do you support the idea that a future digital world we as individuals each control our data and that we exchange it only when relevant at the time necessary to conduct a particular transaction is not a world you acknowledges the future congressman I think it might be a little more nuanced I certainly think that people that there should be private tools that people can use to exchange messages and information privately that's why what's up is intending cryptid it that's why we're moving our private messaging tools to be intending cryptid the same time I think that as content gets to be broader and more publicly visible there ZZ equities and and values in the balance their shifts towards up holding public safety in addition to privacy and I I think that that's it's if if this summer sharing something very broadly we need to make sure it's not you know broadly inciting violence no I understand all your in I'm not there I think I'm talking about people's personal data the privacy of people's personal data the desires to share as they deem that under some authentication I don't want to move on let's talk about digital currency doc false now also sent a letter to German pal with the federal reserve about the idea of a digital dollar my interest in that was actually raised by Mister markets in his testimony would it be easier if there was a digital coke and that was a U. S. dollar for that to simply the the digital token you're looking for and as noted here that you don't go and try to create something separate so my understanding congressman that made all the standards you need you wanted help remittances you want to lower calls you want to create a different royal for payments would not be successful in doing that my understanding congressman is that unity is fairly split on this point I think from a U. S. regulatory perspective it would probably be a significantly simpler but because we're trying to build something that can also be a global payment system that works in other places it may be less welcome in other places if it's if it's only a hundred percent based on the dollar thank you Sir a repair she's been radio programming from one the gentleman from Illinois Mister foster is recognized for five minutes thank you and I'm proud to join representative Phyllis as the other half of the chairman of the A. I. task force that were working on I may be the only A. I. programmer in the U. S. Congress so I have to admit that I I play around more with cancer flow them with PI towards so sorry about that we'll get you over over time okay and as you may know I am introducing with Sanders Warner and Holly the dashboard act which provides transparency to consumers and regulators about what data is being collected and also how it is monetize it also provides limited rights of deletion and I was wondering if you'd be willing to comment for the record on what you think is the technical feasibility of that as well as any policy concerns you might have Congress thank you can you clarify which are you wanted to with the with the feasibility of of the data specification the collection delivery to consumers you know there's lots of details I have to be filled out and then a project like this you know how would a consumer authenticate himself to make sure that he's actually looking at his data and so on and also one you know if you have the right to delete you also have to authenticate yourself lay on maps and a whole bag of snakes is your where so just wondering I if they have all have your staff have a look at that and and if you get back to us for the record if you see any technical problems in the implementation of it because I think it's a good step forward I don't know who you are and ask and I don't think we received a clear answer as to whether or not Lee but will have a loan truly untraceable anonymous transactions and can we have a clear statement on that you know is it will it be possible to conduct anonymous transaction using libra circle lever know how to leverage because leader lever I I think that this is your if you're an on ramp onto an anonymous a platform that allows anonymous transactions then there's a whole host of problems so will libra allow anonymous transactions I think that it is an open question whether we allow you publish your code all right your code to look at your code if it seems to me from my looking at the description of the cold that if you have the public key those are the private key you have control of that Lieber balance period full stop and that makes it pretty hard and so they're going to solve custody and if you allow self custody it's pretty hard to stop anonymous trading and I missed something there a congressman I think this is probably more of a policy issue in question then what has you as your cold currently exists can you can you transaction anonymously with please congressman it certainly would be possible to build a system that would allow that I think that there's a policy question about what the restrictions are that need to be placed on that their equity is on both sides if the goal is to enable inclusions especially in countries where there might not I understand the arguments I'm just asking as you currently plan as it currently exists it seems to me that a loan debt anonymous transactions are allowed if there's something wrong with that I understand you can change the way it operates but as it's currently exist on the cold currently exist I believe that's not possible if I'm wrong about that please get back to us for the record the second thing that you have to you have to come up with an answer to is under what conditions fraudulent or mistaken transactions can be reversed now you mentioned in your testimony that that Khalifa intends to respond on authorize transactions okay but now one of the limits to their you know for example if there's a and all of a million dollar ransomware payment of that's made through a libra is that something you're gonna then respond well you know what are the limits to that or are there no limits congressman I don't know if you've worked out all those policies yet but our intent in principle here is to be at the level of or exceeding the the the level that people expect from other payment instruments whether its credit cards or or or other things like that in terms of of fraud protection and and consumer protection yeah but you have to charge something if you're depending on what class of fraud you're actually insuring against then you're gonna have to charge someone for it or it's not going to be a profitable product and so you haven't thought about what the the details you there's nothing and give us written on and you know what your current plans for when you can reverse fraudulent or mistaken transactions congressman I'm not saying that we haven't thought about it what I'm saying is that we haven't nailed down the policy yet the specific product policy is and libra I think downstream to working out an architecture for the overall project that has the mobile but I couldn't move the very start you have to understand is there a mechanism to reverse transactions you know any of the all of these big coin billionaires go around with big security details because of someone put the gun on their head and says give me your bit coin it is not a reversible transaction and so I don't think people want to live in that kind of situation and so trying to understand you know who will provide what guarantees to allow you to reverse a fraudulent are mistaken transaction on Richmond Facebook is committed to reimbursing people in figuring out a the right policy on there there may be restrictions like you're asking we haven't nailed down all of those policies exactly but the the goal is just like when you're using a credit card you expect the credit card company to to pay if there's if it worked there there are well defined legal limits on that's why the credit card agreements for so long and no one reads right thank you my time's expired house financial services committee with mark Zuckerberg's Facebook co founder and CEO the gentleman from Georgia Mr Loudermilk is recognized for five minutes thank you madam chair thank you Mr sack work for being here today madam chair last evening I was reading The Washington Post website because they had a leak some information that was interesting and right below their their headline was a caption Amado this is democracy dies in darkness and I wanna thank you for holding this hearing today in this hearing room in the light of the of the public not in the basement of a cap the capitol complex behind locked doors as some other hearings are being held today and I thank you for that because I think it's important that the American people be able to see what we're doing here in Congress there's like a bird you face a lot of criticism here today and in in a lot of of what you're doing I was in the technology information technology sector for thirty years I've seen it when people shake up the status quo they get criticized but even some of your harshest critics here today I will venture to say if they haven't already will post their comments and maybe even the videos of the questioning on Facebook which is a testimony to the impact of that your vision your innovation is had not only on American culture but on business on technology and it doesn't come easy and much of the criticism that I've seen in my ten year because I'm one of those I love in innovation I love finding the place that technology can fit and I think you share that is well I remember back when Bill Gates was attacked because he challenge Lennix I mean these are the types of things that that innovators face and and I hope that you take this in a complimentary way that I mean it but there's another gentleman in this town that I think you and he share a lot together and as president trump you're both very successful businessman you're both capitalist you're both billionaires you've done very well but I think really what you share in common as you boast challenge the status quo he calls it draining the swamp you see it is innovation now this town is intolerant shaking up the status quo bureaucrats politicians learn.

"fintech task force" Discussed on C-SPAN Radio

C-SPAN Radio

08:16 min | 1 year ago

"fintech task force" Discussed on C-SPAN Radio

"Artificial intelligence is only enhancing cybercriminals arsenal yeah I can be use more quickly to find vulnerabilities and a bank software that can be used to impersonate someone's voice Sir or face in a phishing scam much like those defects that I everyone's aware of it can be used for something that's called synthetic identity fraud and that's were criminals make up fake online identities of by combining real and fake data from lots of different people L. along with social security number of a person often a child and with which they can buy very cheaply off the dark web or even the non dark well these fake identities will compete with completely real and the criminals can use them to all open new bank accounts and new financial a record of new financial transactions that make the synthetic identity look more and more real and and at the end of the US the unfortunate common practices the so called breakout where you simply where you simply room have a massive take out a mass of loan you never repay you know by a car that you ship offshore the sort of the sort of scam happens using the synthetic I identities and you know that their number things that we could do and I think the I was very impressed by the the role Graham produced by Jeremy grants one of our witnesses here his organization better identity dot org so someone only has time to read one document in this phase that's the one that I personally have found most useful it it provides a roadmap for what government can do to help because I think the government has a a unique role in provisioning the idea in order that we ultimately should take responsibility for maintaining a valid list of our citizens and I think that there's been a lot of motion of both by governments and emotion in terms of the public perception of what's needed here themselves this is one of the reasons why I'm I'm really eager to hear more from the witnesses in this hearing and and I guess I in light of the fact that we're unlikely to have a large amount of time because of bolts may be intervening I think I'll just cut off my my comments here and turn it over to my colleague representative hell. well thank you Mister chairman for convening the hearing today is a part of our task force on artificial intelligence I know this is a topic that you particularly care deeply about and I'm very interested in learning how our identity systems can be modernized in such a way that protects the privacy and personal information of all of our citizens and I look forward to hearing from the panel today you know what we anticipate a digital world of where we're distributing financial services products and digitally through banks and non banks across the country obviously rather it's a mobile app or through the internet through the web. this issue of authenticating of someone's truly that you're doing business with and that that day and turn them or just granting you the financial services company access to their information for a particular purpose all this relates to how we identify people how we authenticate people in the space and of course we've had Gramm leach for many years now but a lot of people who are banks or financial service players are not covered by Gramm leach and so this issue of how do we improve that and offer innovation is so important and if we think about a digital world you can't really have. a completely digital process in fifty states in this country or international if you don't have. not only the cyber protections that we're talking about in terms of the data being protected but also that authentication process so that individual user's identity. and so that's why I think this hearing is so important to the work we're doing in the fintech task force and it's so important for our private sector players and by I think our regulators on how we enhance the robustness of identity how we do it how we authenticate people in a more effective way and moved way beyond the username and password that has spent the last twenty years of repeating our pets names and one two three etcetera is a way to get into systems as. helpful as maybe just a sharing app or as important as reviewing and our financial lives online. also the issue of data breaches is critical and here the federal government doesn't have any better track record than the public and the private sector we've been in this committee have been in Congress for have years and we've spent a lot of hours in this room talking about the incompetence of the federal government and protecting people's privacy and our data so obviously this is a key issue for both the public and the private sector financial services companies doctor foster notice or victim more to this kind of attack three hundred times more frequently than nonfinancial businesses your way for really obviously for **** Loman admonition of that's where the money is but also if you're a state actor that's where the disruption is the most is a very vulnerable point in the western world. but thanks to Texas advances in technology such as artificial intelligence and machine learning it's becoming increasingly easier to authenticate individuals and mitigate that kind of fraud but we must be vigilant as policy makers to ensure that all of our sense of information remains profit I look forward to hearing the witnesses help us understand these issues of what we might consider either legislatively or regulatory early to improve this process and I look forward to the to the discussion with that Mister chairman I yield back financial services task force ranking Republican member French hill thank you and I'd like to now yield one minute to Mr McEnery the ranking member of the full committee well thank you. Equifax Capital One you know what's next how many breaches is gonna take before Congress take appropriate action to view cyber security as a top priority and combating I did in identity fraud is a top priority only a few months ago we had the world's biggest bank executives right for the same panel you're on they identified cyber security is the chief threat to the financial system not productivity not growth at home not political upheaval in Europe now the slowdown in China. but cyber security. what I appreciate about this panel is it. your and I appreciate the work Mr foster's brought to the table here because we begin with a bipartisan challenge a challenge that we can then see by person solutions. for here in Congress and and new thinking innovative approach this really cumbersome down passwords username situation that we're currently and and a new type of thinking that is occurring in the private sector but to ensure the policy makers keep pace with what is happening in the private sector and further enable it and move this along much faster thanks so much and look for your testimony. thank you and today we welcome the testimony of an on Washington Francis a professor of data policy and more use Steinhardt school Valerie of and managing director of his eccentricity. German Grand coordinator of the better identity coalition any Walraven president founder turn key risk solutions and Andrew Boyce and chief identity officer secure key technologies witnesses are reminded that are your oral testimony will be limited to five minutes and without objection your full written statements will be made part of the record this Washington or now recognized for five minutes..

Congress Equifax Capital One fraud Europe Mr foster China. managing director coordinator professor Steinhardt Washington Andrew Boyce Walraven president officer Valerie founder five minutes