What Tech Companies Need to Follow at all Levels
Tech companies work across state, national and international lines to reach customers and find success in an inter-connected world. That provides immense opportunities, but also requires careful attention to the rules and regulations happening at every level. Here are a few newsworthy pieces to keep top of mind on the global, national and Colorado stages:
Preparing for Upcoming EU General Data Protection Regulation
On May 25, the European Union General Data Protection Regulation (GDPR) will go into effect. What does this mean?
GDPR standardizes data protection across all 28 EU countries and imposes strict new rules around processing and controlling personally identifiable information. There are many important items included in the regulation to note, such as breach notifications, increased fines, opt-in consent and responsibility for data transfer outside the EU. GDPR applies to all organizations holding and processing EU residents’ personal data, regardless of geographic location. If an organization offers goods or services to, or monitors the behavior of EU residents, it must meet GDPR compliance requirements. The impact to businesses will be large and will impact the way customer data is collected, stored and used.
Bringing Back the Congressional Office of Technology Assessment
The recent Facebook congressional hearings have many asking how we can better educate policy makers on tech issues. For some, the answer is to bring back the Congressional Office of Technology Assessment (OTA).
What is, or should we say, was the OTA? The OTA was a nonpartisan office established in 1972 and served as the in-house expert for Congress on technical and scientific issues, providing members with cutting-edge policy advice on the role of new technologies. The office closed in 1995 due to a lack of funding. Some members of Congress are calling for the OTA to be funded once again to provide analysis and research on emerging tech.
Legislation Clarifying Cryptocurrency Regulations Moves through the State House
Currently, the lack of federal regulatory clarity is making it difficult for blockchain and cryptocurrency businesses to operate as effectively as possible. As such, states are moving forward with regulations they hope will provide needed clarity as well as a template for federal regulators. In Colorado, House Bill 1220 would provide more certainty to blockchain and cryptocurrency businesses by putting in place regulations clarifying what qualifies as a security and putting in place definitions common in the industry.