New York Assemblyman declares creation of ‘First’ US Crypto Task Force

An assemblyman of this New York country (NYS) legislature declared in a Facebook post on Jan. 3 that the nation is going to have the state’s “initial” cryptocurrency job force.

From the article, Clyde Vanel, an NYS Assemblyman and Chair of Subcommittee on Internet and New Technologies, said that New York became the first nation in the USA (U.S.) to make a cryptocurrency task force directed at analyzing the law, usage, and also definition of electronic money. The Senate Andrew Cuomo signed the bill dubbed “The Digital Currency Study Bill” into law on Dec. 21, 2018.

Back in June, the bank’s committee of the NYS legislature voted to advance the bill to make an electronic money task force. The members of this task force — such as technologists, customers, shareholders, blockchain businesses and professors — made by the Senate, Senate, and Assembly will allegedly have to publish relevant reports by Dec. 15, 2020.

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The analysis will examine the effects of regulations on the evolution of digital monies and blockchain businesses within the country, the usage of cryptocurrencies’ impact on local tax obligations, and also the transparency of their electronic money market.

According to the initiative,” Julie Samuels, executive director of a nonprofit organization representing New York City technology businesses, Tech: NYC, stated that”cryptocurrencies and blockchain technologies will, undoubtedly, significantly impact finance and several different businesses throughout the world for a long time ahead.” Vanel said:

“New York leads the nation in fund. We’ll also lead in appropriate fintech law. The task force of specialists will help us hit the balance between using a strong blockchain business and cryptocurrency economic surroundings while at precisely the exact same time shielding New York investors and customers.”

Other nations in the U.S. have introduced laws to make government bodies to examine the possible effect of the blockchain and crypto businesses on state trade. Back in June, Connecticut governor Dannel Malloy signed SB 443 to legislation, which established a blockchain working team to examine the technology. The legislation also created time-frames for exploring and providing reports about the possible use of crypto from criminal actions.

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Bank of America discloses New Blockchain Patent targeting cash handling

Bank of America (BoA) needs to patent a method utilizing blockchain technologies to boost money handling, a new program printed Dec. 25 supports.

Originally filed in June 2017, the patent references “banking systems controlled by information bearing documents ”

“Aspects of this disclosure link to deploying, configuring, and using cash managing devices to supply dynamic and flexible operating purposes,” its subjective notes.

Also Read: Ex-CIA Official says Blockchain is ‘Biggest Threat’ to Future of US National Security

BoA clarifies there stay communication difficulties in facets of money managing responsibilities across banks’ big surgeries and indicates blockchain might help facilitate these.

“Money handling devices might be utilised in managing centers and other places to provide a variety of purposes, like easing cash deposits and withdrawals,” the patent record persists.

“In several cases, but it could be tricky to incorporate such money managing devices with specialized infrastructure which supports banking operations and other operations while also maximizing the efficient and effective technical operations of the money handling devices and assorted related systems.”

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BoA has sought to measure its attempts to overthrow intellectual property in the blockchain world over a previous couple of decades.

In November, the lender was demonstrated to possess the maximum such blockchain patents in over 50, amid interest as to if it would place all to utilize in the long run.

While eager on the blockchain, BoA has embraced an extremely risk-averse stance on cryptocurrency, becoming among the few associations to enact bans on related fiat purchases by customers earlier this season.

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Ex-CIA Official says Blockchain is ‘Biggest Threat’ to Future of US National Security

Andrew Bustamante, allegedly a former CIA intelligence officer, has promised blockchain is “super strong stuff” that signifies a hazard to America’s national security. Bustamante, who specializes in publishing life-hacks according to his understanding of espionage, made his hands on opinions at a subreddit thread Dec. 22.

Bustamante can also be allegedly a United States Air Force veteran and Fortune 10 corporate adviser. He brought up blockchain in response to some query at a subreddit ribbon, on information aggregation website Reddit, devoted to Bustamante’s”Regular Espionage” — exactly what he dubs an”integrated instruction and training stage which educates global espionage strategies to benefit regular life.”

1 Redditor had requested Bustamante that which he believed represents”the greatest danger to America [sic] federal security in the next few years?” Giving several top possible replies such as “Russia,” “climate change,” “Iran” or “North Korea?” To which Bustamante responded:

“Block-chain tech [sic.] No joke. Super strong stuff, and also the first one to work out how to hack on it, manipulate it or deliver down it.”

While the ex-CIA officer didn’t further elaborate on his opinions, he confessed another Redditor’s answer, who requested him to get clarification in respect to blockchain versus improvements in quantum computing — to that Bustamante reacted with”fair stage!!!”

Bustamante’s exclamation spawned a debate of this risk that quantum computing will”forever change” the cryptographic protection which underpins blockchain — hence specifically attributing Bustamante’s”bring it down” into a debate along this vein.

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Others attempted to extrapolate unique meanings depending on the scant data given in Bustamante’s remark.

1 Redditor implied his opinions could refer to”the persistent likelihood of untraceable, anonymous trades which can occur” on blockchains as being a single kind of federal safety threat supposedly posed by the tech. Still, another pointed into the possibility of “falsified” information — i.e. hijacking the blockchain for the aims of disinformation — that would supposedly become even more pernicious when kept within an immutable blockchain-based system.

Especially, the final time blockchain, alleged geopolitical machinations, and the intelligence community created joint headlines was once the U.S. Department of Justice (DoJ) billed seven officers out of Russia’s Main Intelligence Directorate (GRU) with crypto-funded worldwide hacking and relevant disinformation surgeries this October.

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Back in July, the DoJ had billed twelve people from two components of the GRU with utilizing crypto — supposedly either mined or got from”other methods” — to fuel attempts to hack into computer networks connected with the Democratic Party, Hillary Clinton’s presidential campaign and U.S. elections-related country boards and tech companies.