Crypto Confusion Leads to Legislative Action: Multiple Bills Introduced to Clarify Federal Regulation of Cryptocurrencies
Cryptocurrencies have often been associated with illegal activities due to the fact that they allow users to remain relatively anonymous. This anonymity is possible because, when transacting with Bitcoin and other cryptocurrencies, you can see where funds are being sent but not who sent or received them. However, there are signs that the use of crypto for unlawful purposes may be falling with illicit activity accounting for just 0.34% of all crypto transactions last year – down from roughly 2% a year earlier. Despite this improvement, cryptocurrency regulation appears to remain a top priority for federal lawmakers. One such example of this is the proposal of an anti-money laundering rule which would require people who hold their cryptocurrency in a private digital wallet to undergo identity checks if they make transactions of $3,000 or more. But Congress does not appear to be stopping there. As cryptocurrencies surged in value in recent days, lawmakers jumped to introduce two new bills aimed at advancing regulation of these precarious digital assets.
Federal Bill May Soon Make Privacy Regulation Patchwork a Thing of the Past
Lydia Bayley Associate Editor Loyola University Chicago School of Law, JD 2022 While the COVID-19 pandemic undeniably pushed many legislative agendas to the backburner, some seem to be heating back up. With the 117th Congress now in session, data privacy is once again moving to the forefront of federal legislative debate. For decades, the United States has …
In the Aftermath of Identity Theft: What You Need to Know About the Fair Credit Reporting Act
For me, it started with a phone call. Normally I do not answer calls from unknown numbers. But that day I did. The woman on the other end of the line informed me that she was calling on behalf of a debt collection agency. Sensing my confusion, she explained, “We’ve been trying to reach you regarding your outstanding balance with Sprint.” That did not make sense, I insisted. I had never been a Sprint customer in my life. After a brief pause, she asked, “Have you ever been the victim of identity theft?”
How Federal Data Privacy Regulation Could Help Curb the COVID-19 Pandemic
It cannot be denied that the COVID-19 pandemic has led to many novel legal and regulatory issues. One topic of major concern both domestically and abroad is how to manage the massive amounts of consumer data being collected in the attempt to quell the spread of the virus. This issue is especially complicated to address in the United States, where a convoluted patchwork of state and federal laws interact to create a relentlessly fragmented data regulation system. Now, as state and local governments, along with tech giants like Apple and Google, continue to roll out contact tracing applications, the need for comprehensive data privacy regulation is more pressing than ever.
The Patchwork Paradox: Data Privacy Regulation and the Complications of Compliance
This spring I had the pleasure of attending a conference entitled Digital Platforms: Innovation, Antitrust, Privacy & the Internet of Things hosted by the UIC John Marshall Law School Center for IP, Information & Privacy Law. Throughout the day, panelists spoke about various topics of intellectual property, including artificial intelligence antitrust issues, and more. But for me, the highlight of the afternoon was the session on privacy issues. Here is a bit of what I learned…