while i was speaking at the American Banker conference on digital currencies in NYC in July 2014, i made the argument for how blockchain technologies actually allow for more safety and automation of regulatory rules for trading securities which is good for investors as well as good for gov't regulators to not have to an open view into the software and network to know that certain rules function as they should, are enforced and are transparent to all market participants.
i mentioned how we had a system in place now that is not transparent built on the work of a guy who was chairmen of one of the major exchanges who defrauded people of billions.
there were people there from the NY DFS and the Federal Reserve, and while I am not a mind reader I think some of them found it interesting that it is possible to build a public resources and infrastructure to encapsulate certain rules to ensure that everyone is playing on a level field.
Imagine a world where corruption is not possible.
Those with vision will walk toward this world one step at a time.
Counterparty has cleared the path, and given it wheels.
As the old world fades into the past, the work of government becomes less necessary, their job done before they awake and so have less need of our taxes and time.
exactly. and i believe that there are people, who are public servants, who think strategically and are enlightened to the point of realizing that laws must make the leap from being enforced by pen, paper and force to digital rights and enforcement; and we are seeing the very first wave of this. these protocols that we are building are the building blocks themselves of digital private arbitration courts that consenting parties agree to when they enter.
regarding legislation what really needs to happen is similar to what happened with the Internet in the early days, meaning a relative minimalist, hands off approach where the federal and state enforcement arms are dealing with basic blocking and tackling of simple concepts such as fraud, misrepresentation, theft, etc. the rest can be handled by private civil contract.
the Securities Act of 33/34 needs to be amended to reflect this. and as i mentioned in another chat those laws are from a generation where most Americans who were old enough to invest were relatively poorly educated (lacking even high school degrees) and where information flow (googling "is foocoin a scam?") was fragmented and slow creating informational and judgement dissonance in the investing public.
