Heard at the 2021 legal summit on disruptive technologies – Technology
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Winston & Strawn and the Berkeley Center for Law and Technology hosted the fourth edition Legal summit on disruptive technologies virtually September 14. In case you missed it, here are our top takeaways from the Summit. Selected records and accompanying documents can be found here.
1 CRYPTO HAS ESTABLISHED AS A SUSTAINABLE ALTERNATIVE TO CURRENCY.
The United States’ regulation through litigation and the lack of transparency have put the country’s economic strength at risk, given the progress other countries have made in the crypto arena. These currencies can potentially disrupt global banking and financial ecosystems and raise critical issues regarding financial stability and privacy.
2 THE REGULATORS HAVE BEEN AWARE OF THE TRANSFORMATIVE DISRUPTIVE IMPACT OF DECENTRALIZED FINANCE (DEFI) HAS ON THE WORLD, INCLUDING IN THE LENDING SECTOR, AND ARE SEEKING TO LIMIT WHAT THEY PERCEIVE TO BE A âWESTERNâ BORDER .
Providers of financial products and services as well as individual investors and traders in this space should be prepared to move through a new regulatory regime which may, at least initially, include ill-suited protocols and concepts imported from governance models. centralized.
3 BANKS MAY SOON HAVE A NEW INCENTIVE TO BUILD TECHNOLOGICAL PIPELINES TO KEEP CRYPTO-CURRENCY AND TO PROVIDE CUSTOMERS WITH FASTER ACCESS TO THEIR CRYPTO ASSETS.
This assumes that the new head of the Office of the Comptroller of the Currency implements the interpretive letters currently “under review” that conditionally authorize digital asset trust companies.
4 BLOCKCHAIN ââTECHNOLOGY AND SMART (OR AUTOMATED) CONTRACTS PRESENT A WIDE RANGE OF USE CASES IN AREAS AS VARIED AS CYBERSECURITY, VOTING, TITLE INSURANCE, SUPPLY CHAIN ââMANAGEMENT AND THE COMMERCIAL BANK.
In recent times, major financial institutions and clearing houses have devoted significant resources to exploring this technology in order to facilitate the speed, efficiency and reliability of trading in more conventional financial instruments such as stocks and the derived products. However, widespread commerce on a public blockchain or via smart contracts poses its own set of risks that could – in the absence of thoughtful design, meaningful control, and reliable and trustworthy third parties – introduce instability. important in the financial markets.
5 THE GROWTH OF TRADING IN VARIOUS DIGITAL ASSETS HAS BEEN ACCOMPANIED BY SIGNIFICANT CHALLENGES FOR ECONOMISTS, POLICY MAKERS AND ESPECIALLY REGULATORS RESPONSIBLE FOR APPLYING MORE LEGAL PARADIGMS TO THESE NEW FINANCIAL PRODUCTS.
While often described as a balance between “innovation” and “investor protection,” the real story is more complicated and involves considerations of fairness, financial stability, and even national security.
6 IDENTIFYING WHO OWNS “THE DATA” FROM A LEGAL AND REGULATORY POINT OF VIEW IS THE KEY TO UNLOCK AND REALIZE THE VALUE OF INVESTMENT IN DIGITAL TECHNOLOGY INNOVATIONS.
Regulators don’t necessarily seek to directly impose a fine every time a business is in conflict with the law, but focusing on prevention and early redress is essential.
7 COMPANIES SHOULD INTEGRATE A DATA CONFIDENTIALITY ASSESSMENT AND RISK ANALYSIS AT THE BEGINNING OF ANY SERIOUS DISCUSSION ABOUT AN INVESTMENT IN DATA INVOLVING PATIENTS, EVEN IF THE DATA SEEMS TO BE AGREED AND DISCUSSED.
Understanding where you started is crucial in assessing the potential effects as the business plan grows and evolves.
8 IT IS ESSENTIAL TO IMPLEMENT AND OPERATIONALIZE DATA SECURITY THROUGH DESIGN IN THE DEVELOPMENT OF NEW TECHNOLOGIES.
Incorporating data privacy expertise early in the design process and across all functional teams can help technology stand the test of time.
9 LARGEST COMPANIES USE ETHICAL FRAMEWORKS WHERE THERE IS A GAP BETWEEN TECHNOLOGY AND LEGAL REQUIREMENTS TO MEET CONSUMER EXPECTATIONS AND AVOID PRIVACY TRAPS.
10 COMPANIES BUILDING AI MODELS SHOULD MONITOR AND ENSURE THEIR VOICES ARE HEARD IN RELATION TO REGULATORY CHANGES AND AI LEGISLATION ON THE HORIZON AROUND THE WORLD …
…some dont offers to access the source code and perform on-site inspections of US companies in the event of an AI bias incident.
11 LEGAL ADVISERS, SCIENTIFIC DATA AND BUSINESS LEADERS SHOULD WORK IN BUSINESS UNITS TO ENSURE THAT POLICIES AND PROCEDURES ARE IN PLACE AT LEAST TT TO DETECT AND MITIGATE AI BIAS BEFORE PRODUCTS N ‘CONSUMERS EXPECT.
Every AI system will reflect patterns in the data it is trained on, but patterns of bias such as under-representation, measurement errors, or unwanted correlations can be detected in the data even before a pattern. is not formed.
12 CHINA APPEARS TO BE LEADING THE MODERN âSPACE RACEâ FOR QUANTUM TECHNOLOGY.
The United States has an opportunity to secure its place in this technology by investing in this technology early to secure its place in this technology. Finally, quantum information
13 AS THE UNITED STATES CONTINUES TO DEVELOP ITS BROADBAND TECHNOLOGY, IT MUST GUARANTEE ACCESS TO ALL CITIZENS.
Broadband is not available to everyone in the United States – universities in rural areas, like many historically black colleges and universities, are among those with limited access.
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