Legal Issues With Blockchain in Banking and Fintech: Implementing New Applications
Leveraging DLT Platforms for Recordkeeping, Payments, KYC, and More; Concerns With Regulation, Privacy, Adaptation
Speakers
Michael C. Egan
Partner
Cooley
Rebecca J. Simmons
Partner
Sullivan & Cromwell
Topics
- What is a distributed ledger, and how does it change the way transactions and information are documented?
- What are some of the current and proposed uses of blockchain in banking and fintech?
- What are the advantages of DLT and blockchain as to data security, efficiency, and fraud protection?
- What legal issues arise with DLT and blockchain that are not present with more conventional formats for transacting business?
Outline
- DLT/blockchain/smart contracts explained
- Regulatory framework
- Federal
- State
- International
- Applications in banking and fintech
- Recordkeeping
- KYC (know your customer)
- Trading platforms
- Raising capital
- Bitcoin and other virtual currencies
- Payments/money transmission businesses
- Other
- Challenges to implementation