According to Blockchain & Cryptocurrency Regulation 2019, First Edition, it’s a fact of life in law enforcement that criminals are always among the first adopters of any novel technology that works. And law enforcement has a long history of adapting in order to pursue criminals who use “new school” technology to commit “old school” crimes.
Law enforcement consistently has had to evolve as new technology designed for legitimate purposes are used to facilitate criminal activity.
Bitcoin and other cryptocurrencies represent just the latest example.
Under the leadership of the Chamber of Digital Commerce and Coin Center, the industry established the Blockchain Alliance, a non-profit organization that serves as a forum for engagement between the blockchain industry and law enforcement and regulatory agencies in the U.S. and around the world, including Europol and Interpol and authorities in Europe, Latin America, Africa, Asia, and Australia.
Through the Blockchain Alliance, some of the brightest minds in the industry have been working with law enforcement and regulatory agencies to combat criminal activities involving this new technology, in an effort to promote public safety and a pro-innovation regulatory environment.
Among other activities, the Alliance has conducted educational programs for nearly 700 law enforcement officers and regulators from more than 35 countries.
These educational programs cover a range of topics from the basics of the technology (see my previous article: Billions – A new machine for creating trust: The Blockchain Innovative Technology and Virtual Currency: The Blockchain Innovation) where I have highlighted some information, to tracing tools and privacy coins.
In order to ensure the growth of the industry while also protecting consumers and preventing money laundering, a pro-innovation approach to regulation is needed. Positive and proactive engagement by this industry with law enforcement and regulators, through the Blockchain Alliance and otherwise, has been critical to the growth of this sector to date.
They also continue to state that continued engagements or interactions of this type will be equally important going forward, as this industry seeks to develop an approach to lawmaking and rule-making that encourages, rather than stifles innovation.
According to Ron Quaranta, who currently serves as the Chairman of the Wall Street Blockchain Alliance, it’s been almost a decade since the release of Bitcoin to the world.
Mr. Quaranta has over 27 years’ experience in the financial services and technology industries.
As I said previously, he is the Chairman of the Wall Street Blockchain Alliance, which is the leading non-profit trade association promoting the comprehensive adoption of blockchain technology and cryptoassets across global markets.
Prior to this, Mr. Quaranta served as CEO of DerivaTrust Technologies, a pioneering software and technology firm for financial market participants.
He is highly regarded and is a sought-after speaker and writer regarding financial technology and innovation, and still serves as an advisor to multiple startups and corporations focused on Fintech innovation and my favorite Blockchain Technology.
He says, that even though it’s been nearly a decade since the emergence of Bitcoin, the fundamental blockchain technology that makes it possible as well as the different industries, businesses, entrepreneurs and governments across the globe, are currently still working to not only understand its impact, but to enable applications that take full advantage of the benefits of this revolutionary technology.
Benefits such as decentralization, which removes the need for intermediaries to validate transactions; immutability, which makes data changes extremely difficult; and transparency, which makes the secure data set available to all network participants, are among the most significant of these.
And to the participants in the blockchain world, the cost savings are made possible because of these benefits, which are quite clear.
It is therefore the blockchain and crypto-asset advocates’ hope that this innovation will fundamentally reinvent the economic models upon which much of the world has been built.
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