Blockchain, Compliance, Partnerships

Members of Congress and Veterans debate Web3 Policy, Privacy and National Security

by The MobileCoin Team

08/11/2022

On July 27th, MobileCoin again partnered with Veterans in Digital Assets (VIDA) to support Whiskey Tango Foxtrot (WTF) Web3, at the Army Navy Country Club just outside Washington D.C. It   is an honor to learn from and participate alongside Members of Congress, active-duty service members, veterans, senior officials from the DOD and other government agencies, as well as  industry professionals. VIDA’s previous San Diego event, focused on educational content for web3 newbies , and this event went deeper with interactive policy panels amongst subject matter experts, debating the latest headeliners in Web3.

The first burning topic: Blockchain Policy. Our Head of Compliance, Dave Ackerman,  moderated a  session that included Jonathan Barry (Department of Homeland Security), Lindesey Kelleher (The Blockchain Association) and Alyson Russ (Figment.io), who examined the current guidance (or lack thereof) from lawmakers on how to address and apply blockchain technology policy.. Companies such as MobileCoin operate at the cutting edge of technology and  often innovate ahead of  any established policy.. It is a challenge to properly navigate this ambiguous regulatory landscape, however, MobileCoin’s solution has been to leverage the collective expertise of industry organizations like the Blockchain Association and blockchain analytics companyChainalysis to ensure  we are always compliant with the current rule of law.

The second hot topic discussed risks blockchain technologies have on National Security. MobileCoin representatives (David Bray – MobileCoin Foundation, Brittany Galli – MobileCoin Foundation) moderated an impressive lineup of subject matter experts: Trent Teyema (Retired FBI SES), Bill Callahan (Retired DEA SAC/SES) and Dana Hudson (CEO C6 Strategies). They examined how adversarial governments and organizations leverage Web3 in order to fund efforts that threaten US interests. In 2022 alone, there has been over $1 billion worth of stolen cryptocurrency through various hacks and exploits by countries such as Russia and the Democratic People’s Republic of Korea’s (DPRK). Russia utilizes stolen cryptocurrencies to fund war efforts in Ukraine, and a significant portion of the DPRK’s nuclear weapons program is  similarly funded. While panelists unanimously agreed that we need new policies to address threats, lawmakers must also ensure that innovation isn’t stifled.

Whiskey Tango Foxtrot (WTF) Web3 – DC facilitated many high level conversations addressing difficult questions with unclear answers. Many of the speakers and attendees have dedicated their careers to helping shape public policy, and they’re experience will be invaluable to address the challenge and opportunities of web3. However, it’s clear that this technology moves at a lightning speed and policy makers are oftentimes unable to keep up with what is current. It’s part of our duty as an industry to ensure that legislators and decision makers understand the technologies that they’re trying to govern. MobileCoin is honored to have been included in these important discussions and looks forward to supporting VIDA at future events.

For an overall summary, Bill Callahan from the Blockchain Intelligence Group published a post on LinkedIn.

To learn more about Veterans in Digital Assets (VIDA) follow them on Twitter or join their Discord