For our next educational program, Scott Kimpel, a partner in Hunton Andrews Kurth’s Washington, D.C. office, provided a briefing entitled How Blockchain Technology is Revolutionizing Business and the Law. Scott explained that blockchain is a type of ledger, but a distributed, decentralized one. He described Bitcoin, one of the most well-known blockchain applications, and provided other examples of how blockchain technology can be used for supply chain management, home equity loans, and tracking insurance policies and claims. Scott provided an overview of the emerging body of federal and state laws and regulationsregulations on blockchain. Federal agencies like the Securities and Exchange Commission, Commodities and Futures Trading Commission, and Federal Trade Commission, as well as state regulators like the New York Department of Financial Services, have all taken an interest in cryptocurrencies that use blockchain. Some states, such as Wyoming, are modifying their laws to enable the use of blockchain technology for digital business. He also recommended resources for researching and staying current on blockchain regulation.
I am excited about the coming year and I know that with Chris’ leadership VALL will continue to shine. I look forward to seeing what the future holds for us!