As Co-Chair of the African Modernization Task Force – Digital Asset Regulatory Authority, I represented DARA at the U.S. House Committee on Financial Services hearing, “Updating America’s Financial Privacy Framework for the 21st Century.”
The hearing examined current financial data privacy laws and potential reforms to the Gramm-Leach-Bliley Act (GLBA) to ensure effective and uniform financial data privacy protections for consumers. Key objectives included:
• Modernizing financial privacy laws to address emerging technologies and evolving financial services
• Enhancing consumer protection by strengthening financial data privacy protections
• Fostering innovation through a consistent framework that protects consumers’ data and promotes competition in the financial sector
Witnesses included representatives from Morrison Foerster, Bank Policy Institute, Financial Data and Technology Association, U.S. Chamber of Commerce, and UnidosUS.
Our focus areas at the Digital Assets Modernization Task-Force of DARA included:
• Implementing robust data protection standards for digital assets and blockchain technology
• Establishing clear guidelines for data collection, sharing, and protection
• Enhancing consumer protection measures while promoting innovation and competition
I connected with Congressman Troy Downing, a member of the House Financial Services Committee, and shared insights about the Blockchain Legal Institute, the Maryland Blockchain Association and my role as Co-Chair of the African Digital Asset Regulatory Authority Task Force (www.dara.foundation) Congressman Downing is shaping the country’s financial landscape through his work on subcommittees including Digital Assets, Financial Technology, and Artificial Intelligence.
