Re:What does it mean for users to be in full control over th...
by walterbell on Monday December 26, 2022 @10:50PM
(#34144877)
> Keep in mind that KYA and financial disclosure laws in the US also make many transactions far less private than was the case in a world relying on cash or direct payments.
With the BIS push for CBDCs in 2023, there is limited time for well-intentioned projects to get up to speed on adversarial and competitive incentives :( There may still be room to negotiate a minimum CBDC transaction value before KYC/identity mandates apply, to retain some fig leaf properties of cash for small transactions. Here are a couple of references on CFPB Section 1033 and "open banking":
> sources on Capitol Hill tell him that draft rule-making can be expected six months after panel review, and rules 90 days after that, putting the end of what would be a 12-year wait for rules governing the field of open banking sometime near August 2023.
> Director of the CFPB, Rohit Chopra, taking the stage to give an update on the bureau’s rulemaking on Section 1033 of the Consumer Financial Protection Act, which will obligate financial institutions to share consumer data upon consumer request ... the role that consumer-permissioned data sharing can play in promoting competition and enabling consumers to “break up” with their banks more easily. This seems to be, in the view of the CFPB, the chief virtue of open banking.
There's also UCC Article 12, which has been ratified but not yet adopted by U.S. states, which links some rights to possession of control/keys, even if a blockchain asset may have been stolen, https://www.clearygottlieb.com//news-and-insights/publicatio...
> Article 12 – dealing directly with the acquisition and disposition of interests (including security interests) in “controllable electronic records,” which would include Bitcoin, Ether, and a variety of other digital assets ... Control under Article 12 is designed to be a technology-neutral functional equivalent of “possession.” It generally encompasses circumstances when a party has the “private key”
New laws for open health data recently took effect, practical results TBD, but one can imagine Apple/Google/Schluss/Solid seeking to aggregate and host health data, https://news.ycombinator.com/item?id=33127810
> Under federal rules taking effect [Oct 2022], health care organizations must give patients unfettered access to their full health records in digital format. No more long delays. No more fax machines. No more exorbitant charges for printed pages.
If 1990s US telecom deregulation had achieved the promised-land vision of symmetric broadband to homes and small business, we might today have an installed base and viable business models for "home servers". This would enable banking/health customers to take both physical and logical custody of their data, with legal rights within the perimeter of their homes.
With the BIS push for CBDCs in 2023, there is limited time for well-intentioned projects to get up to speed on adversarial and competitive incentives :( There may still be room to negotiate a minimum CBDC transaction value before KYC/identity mandates apply, to retain some fig leaf properties of cash for small transactions. Here are a couple of references on CFPB Section 1033 and "open banking":
https://www.protocol.com/newsletters/protocol-fintech/open-b...
> sources on Capitol Hill tell him that draft rule-making can be expected six months after panel review, and rules 90 days after that, putting the end of what would be a 12-year wait for rules governing the field of open banking sometime near August 2023.
https://workweek.com/2022/10/26/money2020/
> Director of the CFPB, Rohit Chopra, taking the stage to give an update on the bureau’s rulemaking on Section 1033 of the Consumer Financial Protection Act, which will obligate financial institutions to share consumer data upon consumer request ... the role that consumer-permissioned data sharing can play in promoting competition and enabling consumers to “break up” with their banks more easily. This seems to be, in the view of the CFPB, the chief virtue of open banking.
There's also UCC Article 12, which has been ratified but not yet adopted by U.S. states, which links some rights to possession of control/keys, even if a blockchain asset may have been stolen, https://www.clearygottlieb.com//news-and-insights/publicatio...
> Article 12 – dealing directly with the acquisition and disposition of interests (including security interests) in “controllable electronic records,” which would include Bitcoin, Ether, and a variety of other digital assets ... Control under Article 12 is designed to be a technology-neutral functional equivalent of “possession.” It generally encompasses circumstances when a party has the “private key”
New laws for open health data recently took effect, practical results TBD, but one can imagine Apple/Google/Schluss/Solid seeking to aggregate and host health data, https://news.ycombinator.com/item?id=33127810
> Under federal rules taking effect [Oct 2022], health care organizations must give patients unfettered access to their full health records in digital format. No more long delays. No more fax machines. No more exorbitant charges for printed pages.
If 1990s US telecom deregulation had achieved the promised-land vision of symmetric broadband to homes and small business, we might today have an installed base and viable business models for "home servers". This would enable banking/health customers to take both physical and logical custody of their data, with legal rights within the perimeter of their homes.