Emergence of Blockchain in Banking and FinTech: New Applications and Issues for Counsel

Leveraging DLT Platforms for Recordkeeping, Payments, KYC and More; Concerns With Regulation, Privacy, Adaptation

A live 90-minute CLE webinar with interactive Q&A


Tuesday, September 12, 2017
1:00pm-2:30pm EDT, 10:00am-11:30am PDT


This CLE webinar will provide finance and lending counsel with an examination of current and potential uses of blockchain in banking and FinTech. The panel will discuss the advantages of distributed ledger technology (DLT) in cost-efficiency, cybersecurity and fraud protection, as well as the legal and structural concerns in implementation.

Description

DLT or blockchain is widely considered to be a disruptive force in the banking and financial services industries. Operating on a decentralized, peer-to-peer networked database, transactions are verified, monitored and enforced without a third-party intermediary, reducing costs and providing real-time information to network participants.

The best known use of blockchain is bitcoin, but banks and FinTech companies are using DLT platforms for other purposes, including account records, trading and financial transactions, KYC protocals, and loan and payment processing.

DLT is inherently more secure and less susceptible to fraud than centralized platforms, but there are challenges to implementing DLT. Counsel will need an understanding of the technology as well as the legal ramifications of blockchain, including concerns with privacy, integration into existing systems, regulatory uncertainty and scalability.

Listen as our authoritative panel discusses the potential applications of blockchain technology, and its advantages over centralized platforms with regard to authentication, data security and cost efficiency. The panel will also discuss the legal and logistical issues to consider in implementing DLT.

Outline

  1. DLT/blockchain explained
  2. Applications in banking and FinTech
    1. Banking records and transactions
    2. KYC (know your customer)
    3. Trading platforms
    4. Payments—bitcoin and other virtual currencies
    5. Other
  3. Issues with implementation

Benefits

The panel will review these and other key issues:

  • What is a distributed ledger, and how does it change the way transactions and information are documented?
  • What are some of the current and proposed uses of blockchain in banking and FinTech?
  • What are the advantages of DLT and blockchain as to data security, efficiency and fraud protection?
  • What legal issues arise with DLT and blockchain that are not present with more conventional formats for transacting business?

Faculty

Ralph F. (Chip) MacDonald, III, Partner
Jones Day, Atlanta

Mr. MacDonald's practice emphasizes securities, mergers and acquisitions, corporate governance, financial institutions (including REITs, investment managers, and broker-dealers), and financial products. He is a frequent speaker and author on matters related to financial and investment services and products.

Stephen J. Obie, Partner
Jones Day, Washington, D.C. & New York

Mr. Obie concentrates his practice advising multinational corporations and individuals on U.S. securities and commodities law compliance. He represents clients in enforcement investigations before the SEC, CFTC, and Financial Regulatory Authority. He currently represents Overstock.com and its financial technology subsidiary t0.com concerning their use of blockchain technology to trade securities, and also acts as strategic advisor to t0.com as it pioneers the blockchain technology space. He led the team that obtained the first ever effective registration statement that contemplates a public offering utilizing blockchain technology.

Ralph A. Daiuto, Jr., Chief Operating Officer and General Counsel
t0.com, New York

Mr. Daiuto, Jr., is an accomplished attorney and business leader with over two decades of experience in the securities industry, establishing and managing several broker-dealers and innovative technology companies and overseeing their daily operation, including legal, compliance, and regulatory matters. He is currently the Chief Operating Officer and General Counsel of t0.com, Inc. (“tZERO”), a fintech subsidiary of Overstock.com, itself a publicly-traded company. t0, is a world pioneer of Blockchain based technology. He is also the General Counsel of SpeedRoute, LLC and PRO Securities, LLC, both t0 subsidiary broker-dealers registered with FINRA & SIPC. 


Live Webinar

Live Webinar $297.00

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This webinar is eligible for at least 1.5 general CLE credits.

CLE credits are not available for PR.

*In KS, OH, PA, for more than 1 attendee on the connection you must contact Strafford CLE via email or call 1-800-926-7926 ext. 35 prior to the program for special instructions.


Recordings

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*Only available for attorneys admitted for more than two years. For OH CLE credits, only programs recorded within the current calendar year are eligible - contact the CLE department for verification.

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CLE On-Demand Video $297.00
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Banking & Finance Law Advisory Board

Irving C. Apar

Partner

Thompson Hine

Mark N. Berman

Adjunct Professor

Northeastern University

Willa Cohen Bruckner

Partner

Alston & Bird

Lawrence Kaplan

Of Counsel

Paul Hastings

Kevin Petrasic

Partner

White & Case

Laura D. Richman

Counsel

Mayer Brown

Robert M. Stern

Partner

Orrick Herrington & Sutcliffe

Andrew Stutzman

Partner

Stradley Ronon Stevens & Young

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