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Why Collaboration is Critical Between Policy and Tech Communities

Interview with the experts at Chamber of Digital Commerce,  Initially Published by ConsenSys Media: Trends in Tokenization with the EEA and Chamber of Digital Commerce The Chamber of Digital Commerce, the world’s largest trade association representing the blockchain industry, alongside the Enterprise Ethereum Alliance (EEA), a collaborative cross-industry effort created to advance enterprise blockchain technology, recently announced […]

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Interview with the experts at Chamber of Digital Commerce, 

Initially Published by ConsenSys Media: Trends in Tokenization with the EEA and Chamber of Digital Commerce

The Chamber of Digital Commerce, the world’s largest trade association representing the blockchain industry, alongside the Enterprise Ethereum Alliance (EEA), a collaborative cross-industry effort created to advance enterprise blockchain technology, recently announced a new partnership to strengthen industry advocacy and education efforts around tokenization.

The Chamber of Digital Commerce will become an EEA Associate–Collaborative Member, and the EEA will become a strategic partner of the Chamber of Digital Commerce. The partnership will enable staff from both organizations to participate in token initiatives led by both organizations:

The EEA’s Token Taxonomy Initiative (TTI) is a separate and blockchain-neutral initiative hosted by the EEA to define and understand token taxonomy. Led by TTI Chair Marley Gray, Microsoft Principal Architect and EEA board member, the TTI is open to all EEA members and includes high-profile participants including Accenture, Adhara, Banco Santander, Clearmatics, ConsenSys, Digital Asset, EY, Hedera Hashgraph, IBM, Intel, ioBuilders, Itau, J.P. Morgan, Komgo, Microsoft, R3, Web3 Labs, among others. The TTI recently released its first framework, which includes business-ready token definitions and specifications, ‘recipes,’ based on real use cases, such as Digital Asset’s smart contract tokenization and Microsoft’s Azure Blockchain Tokens, and can be viewed here: Token Taxonomy Framework V 1.0 and draft specifications.

The Chamber of Digital Commerce’s Token Alliance is an initiative with more than 400 global participants, including blockchain and token experts, technologists, economists, former regulators, practitioners and law firms. The Token Alliance is co-chaired by Dr. Jim Newsome, Founding Partner of Delta Strategy Group, and Former Chairman, Commodity Futures Trading Commission, along with Paul Atkins, CEO, Patomak Global Partners, and  Former Commissioner, U.S. Securities and Exchange Commission. The group released “Understanding Digital Tokens,” a series of reports that delves into the overall regulatory and market landscape of the token ecosystem.

The strategic partnership between the two organizations will focus on promoting token interoperability initiatives and regulatory considerations regarding digital assets and blockchain-based technologies.

To further examine the partnership and trends around tokenization, ConsenSys interviewed:

  • Chamber of Digital Commerce Founder and President Perianne Boring
  • EEA Director of Community Paul DiMarzio
  • Token Taxonomy Initiative Chair Marley Gray, EEA Board Member, and Microsoft Principal Architect

What was your initial reasoning for founding the Chamber of Digital Commerce?

Perianne Boring: “In the early days, we believed that that government and regulation would be a barrier to the adoption of blockchain technology, and we were convinced that the industry should have dedicated and professional resources to work with the policymaking community to guide them as this technology begins to grow and flourish. We launched five and a half years ago and now we have over 220 members — so it turns out we were pretty correct in that assumption.” – Perianne Boring

What is the current landscape of digital asset and blockchain regulation in the U.S?

Perianne Boring: “In the U.S., the SEC views an expansive number of digital assets as falling within the securities laws framework using case law that was not designed for a digital, tokenized environment, thereby impeding innovation for fear of triggering these laws. If a digital asset is designated as a security, it will never be able to operate as a means of payment or be used for its intended use or design in a blockchain network. The CFTC has said that virtual currencies, including bitcoin and ether, are commodities. One side of the Treasury Department, FinCEN, is regulating digital assets like currencies, which means they are subject to AML regulation. The IRS, which also resides within the Treasury Department, has determined that they should be treated and taxed as property. When you have this type of regulatory ambiguity or uncertainty, it makes it very difficult to build and operate in the United States.” 

“Stablecoins are not intended to be securities. They’re intended to be used as something that stable in value, whereas a security has an expectation of profit. But if [stablecoins] are now being defined as securities and thrown into securities laws, they will never be able to operate as a means of payment. That’s one example, but as we get into more advanced applications of blockchain technologies and digital tokens, these issues are just going to get more complicated over time.” 

What is the importance of this partnership, and how will the Chamber of Digital Commerce and EEA collaborate moving forward?

Paul DiMarzio: “This partnership is a prime example of a tech standards-focused group (EEA) and regulatory- focused group (Chamber of Digital Commerce) focusing on different aspects of the technology that will push the industry forward. The key here is to make sure that within the whole token industry, anybody who is producing software around tokens does it in a way that meets the regulatory requirements and also does it in a way technically that provides interoperability.” 

Perianne Boring: “If these two communities between the policy community and the technical communities are not coordinated, you’re going to end up with standards and regulations that are not interoperable. A formal partnership between the EEA and the Chamber of Digital Commerce is incredibly important. Recently, we’ve spent a lot of time working on how to define a stablecoin and that really does become a technical conversation, so a big part of this partnership is integrating the work so that we can have the cross-pollination of minds between the technical community and the regulatory community.”  

The Chamber of Digital Commerce created the Token Alliance. What is the Token Alliance and how has it helped guide regulation and policy for digital assets?

Perianne Boring: “Two and a half years ago, we put together a working group within the Chamber of Digital Commerce called the Token Alliance, which set out to bring the blockchain industry together to issue a set of resources for policymakers and practitioners (firms in token space) to create guidelines. The TA issued the first and largest regulatory project around tokens this industry has seen with over 400 contributors providing guidelines for tokens that are considered securities and those that are not. It was a massive accomplishment to engage our members in this process. 

Earlier this year, we increased the scope of the guidelines that we’ve now issued guidelines for consumer protection, cybersecurity, and AML. The Token Alliance has also developed several other public legal resources, including legal landscapes of different jurisdictions around the world.” 

What misconceptions do you feel that people still have about tokenization and blockchain?

Marley Gray: “Broadly, there’s a misconception that tokenization is only about cryptocurrency, or that it’s only used for payments. We have to dispel those misconceptions and show that tokenization builds on business concepts that people already understand. So there’s a huge educational effort we have to undertake with a lot of different audiences and the first objective is to establish these common terms and definitions; otherwise you’re not going to get a consistent message.” 

Perianne Boring: “There has been significant pushback from policymakers on blockchain technology because of the fear of cryptocurrencies. We will continue our education and advocacy work to ensure that policymakers understand the nuances between the different applications of blockchain technology and ensure that we have a legal framework that promotes the development and innovation of this technology.”

What are some trends in the tokenization that you are seeing either from the technical or regulatory perspective that will play out in 2020?

Marley Gray: “Stablecoins will be a major trend, because it’s and easier concept to understand, although it’s still really hard to define. We’re also looking into behaviors and properties that we use with tokens to make custody easier and more straightforward. Some of the early [adoption] we’re seeing is through the mixing of token behaviors across ecosystems and industries. Broadly, we look at everything as a supply chain and tokenization should be the lubrication of supply chains.” 

Perianne Boring: “The Chamber of Digital Commerce is focusing on custody and developing a set of policy considerations for the custody of digital assets. It’s very clear that the regulatory conversations are evolving rapidly as bigger organizations enter the [blockchain] space as well. Many developed nations around the world are also developing strategies to build and develop blockchain technology within their own jurisdictions.” 

Paul DiMarzio: “What’s really going to be interesting from an EEA and TTI perspective from my point of view is the final move to certification. It has always been a goal of the EEA to certify that applications adhere to our specs, and that will go live in 2020. Then, we will also be able to verify that a token has adhered to the specs and framework which will help increase interoperability from a technical point of view.” 

Where is the U.S. in terms of global leadership for blockchain and digital asset regulation?

Perianne Boring: “If you look around the world, there are multiple countries that have advanced technology strategies and frameworks already in place, such as China, the European Union, Singapore, and many others. These nations are out in front of the United States in terms of creating legal environments that support the development of blockchain technology within their borders and have developed government strategies to utilize blockchains for the benefit of the public sectors. So, I would not consider the U.S. at the forefront today, but I do still think there’s time to catch up and for the U.S to preserve its technical leadership.” 

Talking with these technical and regulatory industry experts makes a few themes abundantly clear:

  • Alignment between the technical community and the policy community is vital for the continued success and prosperity of the blockchain industry. The EEA, TTI, and Chamber of Digital Commerce are deeply committed to educating and advocating for tokenization around the world.
  • This industry is still incredible nascent and nuanced. 2020 will bring technological advancements for tokenization, digital asset custody, and more. There will be an equal and simultaneous push to define these technological advancements and ensure that government agencies and policymakers understand how to regulate these innovations effectively.
  • This new strategic partnership is the newest in a movement of blockchain organizations cooperating to provide greater education and advocacy on behalf of this innovative technology.

 

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The post Why Collaboration is Critical Between Policy and Tech Communities appeared first on Enterprise Ethereum Alliance.

Source: https://entethalliance.org/why-collaboration-is-critical-between-policy-and-tech-communities/

Blockchain

MakerDAO won’t compensate Vaults affected by liquidations during the March market crash

MakerDAO has concluded a governance poll in which Maker token holders have decided not to compensate Vault owners who suffered losses by liquidations during the March 12-13 market crash.

The post MakerDAO won’t compensate Vaults affected by liquidations during the March market crash appeared first on The Block.

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MakerDAO won’t compensate Vaults affected by liquidations during the March market crash – The Block















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Blockchain

BitMart Exchange partners with top cybersecurity solutions provider

Renowned crypto exchange firm, BitMart Exchange, has recently revealed its intentions to enter into a partnership with a cybersecurity firm, Hacken, to make crypto trading safer. In the tweet that was released, BitMart Exchange lamented the number of losses that clients have had to endure while saying this new development will be a groundbreaking innovation.  […]

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Renowned crypto exchange firm, BitMart Exchange, has recently revealed its intentions to enter into a partnership with a cybersecurity firm, Hacken, to make crypto trading safer.

In the tweet that was released, BitMart Exchange lamented the number of losses that clients have had to endure while saying this new development will be a groundbreaking innovation. 

To make the platform hack-proof, BttMart will deploy an anti-fraud technology which was developed and produced by Hacken. This new technology will oversee the security on the platform while making sure that the site is resistant against hack attempts in the future.

BitMart Exchange plans to be the most hack-proof platform in the world

In the official announcement, ButMart said:

Our goal to become one of the safest trading platforms has never wavered and we have yet again deployed a new technology to help us achieve that aim. 

With the technology deployed, hackers would not be able to mirror clients transaction details to access their accounts on the platform. Notably, BitMart Exchange needed the new security assurance to help its over two million clients all across the globe. The firm is one of the top ten digital assets exchange firms around the world due to the large pair of market varieties that it offers.

Hacken acts as a stumbling block between exchanges and hackers

Giving his review on the developments, CEO of BitMart Exchange, Sheldon Xia, said that this new security measure means that their customers have nothing to worry about when it comes to transactions carried out on the platform

He also noted that their work with Hacken further pushes them close to their goal of owning one of the most sophisticated security in the globe. Hacken is not a small fish when it comes to cybersecurity as the firm boasts of a wide range of experience accrued over the years. Hacken has said it is the major stumbling block between crypto exchange platforms and hackers across the globe.

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Blockchain

Ripple prices down to $0.231, what next?

Ripple has lost 0.8 percent at press time for today’s trading session. The daily charts show the markets are still biased for short positions. The daily chart indicates the market will break below the $0.228 support levels. Intraday traders will also find shorting oppornuties on the hourly charts. Hourly charts also shows that the market […]

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  • Ripple has lost 0.8 percent at press time for today’s trading session.
  • The daily charts show the markets are still biased for short positions.
  • The daily chart indicates the market will break below the $0.228 support levels.
  • Intraday traders will also find shorting oppornuties on the hourly charts.
  • Hourly charts also shows that the market is on a short term bearish flag which has lost volatility and trading sideways.

Ripple opened today’s trading session at $0.2329, reaching highs of $0.2338 and lows of $0.2306. At press time, the crypto was trading at $0.2311 after the prices lost 0.80 percent of its value. Today’s market prices have already erased the gains made yesterday, when intraday trading for the day was bullish.

Ripple price analysis on the daily chart

Ripple prices down to $0.231, what next? 1
image source: Trading View

For three consecutive days, Ripple has failed to break the support level at $0.228, hitting the level twice on the daily chart. The chart also shows that the prices have resumed their bearish move on the daily chart, which for this week had been trending downwards, with the exception of yesterday, where intraday traders went long on the cryptocurrency.

The daily charts indicate that investors are still strongly biased to the downside, with the longer trend showing that the prices have just come out of a bearish flag with high volatility, which pulled back yesterday for intraday traders.

Ripple next move on the daily

The price analysis on the daily indicates that the bearish move has resumed today after yesterday’s bulls. The support levels at $0.228 are expected to be broken, with the prices moving out of the structure and starting a bearish move.

This is confirmed by the RSI indicator readings which are currently in their mid-30s and approaching the oversold region. This shows that the crypto is still biased for the short, with a high likelihood of breaking the support level at $0.228. Therefore, short positions on daily charts is a plausible trade for long term traders. This is in line with our previous analysis of the crypto.

Ripple Intraday Trading

Ripple prices down to $0.231, what next? 2
Image source Trading view

The prices on the 1-hour ripple chart shows that the crypto is currently trading on a bearish flag, with prices moving within an ascending channel. However, this channels seems to have lost momentum in the last few hours, after failing to hit the resistance levels of the upper trend line after opening the markets near the $0.2343 pivot support level S1 on the hourly charts.

The hourly charts show the prices approaching the lower trendline of the lower channel, where it will likely face some resistance. However, with decreased volatility on the bearish flag, the prices seem to have lost all the momentum of continuous trading in the ascending channel. Therefore, prices will most likely break from the ascending channel to the downwards and approach the $0.2289 support levels.

A combination with larger timeframes indicates that the hourly price charts will more likely see a push to the downside after testing the support level of $0.2289. If this happens, the next stop for the prices will be on the S2 support levels at $0.2222.

Therefore, for short term ripple intraday traders, the short position is the most plausible trade for the day. Price action and indicator analysis show that the markets are still biased to the downside, even on lower timeframes.

Disclaimer. The information provided is not a trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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