Decentralized Finance and Distributed Autonomous Organizations: on the Rise

Joseph Bambara, Attorney at Law, PowerTouch

The traditional finance market is centralized. Central authorities issue the currency that powers our economy. Centralized financial organizations, e.g., banks, control our assets. Hence, the ability to regulate the flow and supply of such currencies in the market resides with a central authority. Risk is also at the center. The centralization of authority and practice across the financial system has led to a potentially unmanageable level of complexity. Complexity at this magnitude creates risk. Unchecked risk will increase creating new vulnerabilities. This coupled with a lack of transparency compounds the problem. For example, if central banks print more currency to handle a financial crisis and it does not resolve the crisis, it may result in extreme inflation disrupting an entire economy. A potential solution is to decentralize. Cryptocurrencies like Bitcoin, Ether and hundreds of others offer secure decentralized peer-to- peer trading without intermediaries. Here users have control over their crypto assets.

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USA Regulation Banking & Finance August 2021 Vol.14, No. 56, Summer 2021

Joseph Bambara

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Joseph J Bambara CIPP/US Attorney Most recently, Joseph is of Counsel with withersworldwide.com developing their AI and Blockchain/Crypto practice. Specifically providing guidance on regulatory and governance issues while representing decentralized startups and crypto clients in government investigations For affiliate marketing clients he handles privacy policy and risk assessment, as well as mobile and email marketing practices and procedures to self-regulate and maintain compliance with applicable legislation including , HIPAA, CAN/SPAM, TCPA, Gramm-Leach-Bliley ECPA, COPPA and all related US privacy legislation CCPA as well as the European Union's Data Protection Directive and GDPR.. He has handled all interactions, inquiries with FTC. He has developed HIPAA compliant policies and workflow for prescription copay marketing, refill and adherence program. He is experienced with eDiscovery software and procedures. Entrepreneur/Technologist with architectural and software development experience with cyber security, banking, financial, manufacturing, health care and legal applications for Goldman Sachs, Bank of America Merrill Lynch, Federal Reserve Bank, Viacom, Cablevision, Pfizer, Merck and Sloan Kettering Cancer Care. Currently architecting AI, IoT and Blockchain for atyourgate.com Educator/Speaker who has produced and delivered over 50 CLE courses and corporate presentations covering the intersection of technology and the law including: artificial intelligence, blockchain, cybercrime, cybersecurity, eDiscovery, privacy, mobile devices, social media and the internet of things. Author of ten plus books for McGraw Hill and other publishers on intersection of law and technology: mobile, internet, blockchain development and related technologies. Most recently, in 2019 he authored "Law and Technology: The Future is Now" and “AI, IoT and the Blockchain Using the Power of Three to create Business, Legal and Technical Solutions”. In 2018 he authored "Blockchain: A Practical Guide to developing Business, Law and Technology Solutions". See also https://muckrack.com/joseph-bambara/articles Admissions NY State 1981, US Supreme Court 1993 Courses/Lectures • Lectured as adjunct faculty at CCNY School of Engineering , Computer Science Department Instructor for over 50 CLE’s (not all courses are listed) • What You Need to Know About DeFi: Decentralized Finance and the Law NYCLA, September 2020 • AI, IoT, Blockchain: Business/Legal Ramifications NYCLA, April 2020 • Law and Technology: The Future is Now NYCLA, October 2019 • What Lawyers Need to Know About Cryptocurrency National Constitution Center, April 2019 • Ethics and Technology: What Lawyers MUST Know to Protect Client Data NYCLA, December 2018 • The Law and Cybersecurity, Cybercrime and Cryptocurrencies Lawline, March 2017 • eDiscovery: Trends and TAR Lawline, April 2016. Education CCNY School of Engineering • BS Computer Science • MS Computer Science Brooklyn Law School Juris Doctorate

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UCNY Inc. Law, Technology and Regulatory Compliance We are expert in the development and implementation of blockchain, smart contracts, security policies, procedures, terms and conditions. We have advised management in almost every commercial and government agency on security, and propose strategies for improving company security. We have developed HIPAA, TCPA, CAN/SPAM compliance, outsourcing contracts, software licensing and contract standards for consulting services and media firms. Intellectual Property We can advise and develop your web site and all of the accompanying trade and service marks to protect your name, image and business reputation eDiscovery for Small and Medium Size Law Firms The “new” e-discovery rules at both the federal and state level don’t apply exclusively to large cases. They force civil litigants into a compliance mode with respect to the retention and management of electronically stored information. The risks that litigants face as a result of improper management of electronically stored information can include findings of spoliation of evidence, summary judgment findings, and sanctions, including adverse inferences, adverse jury instructions, and even complaints filed with state bar associations. We can assist many small and medium law firms and develop their in house eDiscovery expertise.

USA Regulation Banking & Finance August 2021 Vol.14, No. 56, Summer 2021

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