Former financial technology regulators help block chain innovators develop lawyers’ thinking

nnnJeffery Bandman was a former financial adviser to the Commodity Futures Trading Commission (CFTC) and has left the organization to set up his own consulting firm to help financial innovators collaborate with legislators and ultimately development of. He suggested that these innovators actively communicate with regulators, the two sides understand each other’s needs in order to better achieve orderly development.n
nnTranslated by: Inan
nIf you are considering financial technology or digital money business in the US market, then Jeffery Bandman is to help you realize the dream of the elegant. Until recently, he was a financial and technical advisor to the US Commodity Futures Trading Commission (CFTC) in Washington, DC, and the LabCFTC, a pioneer in innovation management in the United States. Then, Bandman left politics in June and returned to his hometown of New York City to set up a consulting firm Bandman Advisors. Now he is eager to enter this field.n
nBandman and the International Business Times talked about the block chain:n
nn”I am very excited because there is so much to do in this area and I want to be more involved in more depth and more directly.”n
nnThe advisor from the regulatory body to the business world is determined to help financial technology innovators and legislators work together, especially when dealing with difficult financial and technical fields such as digital money.n
nAt present, most legislators do not know how to deal with digital money. Innovators, while taking into account state and federal laws, are waiting for the latest guidelines and pray that the next regulatory bill will not make their efforts gone. This uncertainty makes many block chain start-ups no longer directly involved in the US market. Bandman said:n
nn”I am very interested in helping them to eliminate differences and achieve business development.”n
nnIn addition to consulting work, he is also writing articles, elaborate “real-time supervision” potential. Some companies in Israel, the UK and South Korea have begun to use software tools for real-time regulation in financial markets such as stock trading and banking. These tools often combine block-chain networks with artificial intelligence, enabling real-time monitoring with large data sets. This concept is still in its infancy. However, it can ultimately help solve one of the biggest challenges that plagues US financial technology, that is, technological development is too fast and the legislative process can not keep up.n
nBandman never thought he would be doing this work when he was young. Many of the most enthusiastic block chain advocates have discovered the community by encrypting the bitterness of an anarchists and anti-capitalists, and Bandman is different from them, and he is in the “dangerous” (Jeopardy) program After losing streak fell in love with financial technology.n
nAt that time, Bandman had just graduated from Stanford Law School, won five rounds in this game and spent about $ 50,000 on travel to Africa, Asia and Europe. He said:n
nn”I am fortunate to have another way of going to some countries that are now harder and harder to visit.”n
nnThese unique markets and different cultures have inspired Bandman’s different thinking about economic law. “Regulatory changes could be a catalyst,” he said, adding that by the end of 2014, he met David Rutter, a chain blocker of the R3 organization, and then fell in love with digital money.n
nThe relationship between Bitcoin and the Black Market has damaged its reputation, for example, people can use Bitcoin to buy drugs on Silk Road. Bandman recalls:n
nn”I understand that some of the general misconceptions about Bitcoin are incorrect, and I immediately realize that this may have a transformative impact.”n
nnSince then, Bandman has begun to study the popular financial sector, such as digital money and insurance technology, and the rapid development and urgent need to monitor cooperation to become mainstream things. Bandman said:n
nn”On the block chain regulations, I think it is important to remember that regulators can not or should not regulate the technology itself.We regulate the application of technology, that is, activities, services or entities in this field. practice.”n
nnNow, Bandman is actively working with companies in the field of financial technology and regulatory technology, but he declined to disclose the names of these companies, hoping to help innovators and regulators understand each other’s needs. Bandman said:n
nn”I believe we are in a transition, and all of us need to keep pace with these transformational changes, including regulators.”n
nnHe suggested that the chain chain innovators strive to negotiate with local and federal regulators. He suggests that start-up companies that can do this will take into account existing regulations when starting to develop new technologies. He said:n
nn”If you can find your own regulatory category, you have a passport for your business.”n
nnBandman said that it is the best way for all to talk to regulators that financial technology innovators are moving forward in an unclear regulatory environment.n
nBandman said:n
nn”If I am in Illinois, I will talk to Jennifer O’Rourke of the Illinois Block Chain Initiative, which is now a good time to deal with regulators because they are still organizing their own ideas. If you go to explain you What to do, why do you do it, and how it fits in the regulation … I think it really can help myself.n

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