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This week on The Encrypted Economy, my guest is Matt Hougan, the CIO of Bitwise Asset Management. Bitwise was founded in 2017 and brought investors the first cryptocurrency index fund. Now they are one of the key players in the push for a Bitcoin ETF, and as of last week they became the provider of the first index based DeFi fund. Matt and Bitwise are leading the charge on rule-based exposure to the digital asset space, and he is a valuable voice to have to walk us through it all. We cover a wide range of topics and, as a bonus, this episode contains an extra section that Matt and I recorded after our original taping focused entirely on Bitwise’s new DeFi Index. It is a loaded episode of The Encrypted Economy that you will not want to miss!  Topics Covered  Matt’s Background The Battle and Structure for a Bitcoin ETF  Distinguishing DeFi and its Risks  Crypto’s Intersection with Traditional Finance  The SEC’s Perspective on Bitcoin   The Promise of Ethereum   Additional Resources on Crypto and Blockchain   The Shifting Perspectives of Financial Advisors on Crypto   What is Worrying in Crypto?   BONUS CONTENT: Bitwise’sDeFi Index Fund Resource List  Matt’s LinkedIn  Bitwise Website  The Bitwise DeFi Fund  Cathie Wood on Bitcoin ETF  Cryptocurrency Forks  IOS 14.4 Security Bugs  Fidelity’s Comment  Letter  Aave Safety Module  Our Episode with Joel Revill   2nd SEC Winklevoss ETF Rejection Order  Biwise ETF SEC Rejection Order  Wilshire Phoenix ETF SEC Rejection Order  Bitcoin vs Ethereum  Why Ethereum has Value – Matt on Forbes  Stone Ridge Holdings 2020 Shareholder Letter  Matt’s CFA Institute Guide to Crypto  Nic Carter on the Grant Williams Podcast  Bitwise Benchmark Financial Advisor Survey  

On this week's episode of The Encrypted Economy, my guest is Igor Mezic, a Professor of Mechanical Engineering at UC Santa Barbra, and the CTO of MixMode.AI. Igor is a leading innovator ona methodology known as the Koopman Operator, which is commonly used in modern AI. We discuss the fundamentals of the Koopman operator and itsunderlying mathematical theories, followed by a journey through the practical areas where Igor has put it to use. From jet engines, to cybersecurity, to smart buildings, this is an episode of the Encrypted Economy you will not want to miss. If you like this episode, be sure to subscribe to the podcast and leave us your thoughts on what you would like to hear next. To learn more about Igor and the Koopman Operator, check out our list of episode resources below. Topics Covered Igor’s Introduction to Science Finite Dynamical System Analysis Linear vs Non-Linear Systems The Koopman Operator The Problem With Machine Learning The Chaos of Rule-Based AI Applying Koopman to Healthcare, AI, Commerce, and Security IOT Device Security Threats Igor’s Work on Smart Buildings How MixMode uses Koopman Resource Links Igor’s LinkedIn MixMode’s Website Mezic Research Group at UC Santa Barbra  AimDyn’s Website Igor’s ResearchGate Profile Koopman Operator, Geometry, and Learning Spectrum of the Koopman Operator, Spectral Expansions in Functional Spaces, and State-Space GeometryIgor’s Lecture on the Koopman Operator Introduction to the Koopman Operator Theory of Dynamical Systems SIAM’s JD Crawford Prize What are Dynamical Systems? A Simple Introduction to Ergodic Theory Eigenfunctions & Eigenvalues Bernard Koopman Biography Lorenz System - UCSB Our Episode with Paul Clayson Oldsmar, Florida Water Hack Australian Sewage Spill Case Study Ukraine Power Grid Hack Igor's Email – Mezic@ucsb.edu 

This week on The Encrypted Economy my guest is Ellison Anne Williams, the founder and CEO of Enveil, a Privacy Enhancing Technologies (PET) start-up. She founded the company in 2016 after spending 12 years at the NSAstudying the technologies that allow Enveil to encrypt data while in use. Ellison Anne has created cutting edge use cases for homomorphic encryption and other PETs which listeners of The Encrypted Economy will be very familiar with. As a result of this innovation, Enveil has been recognized by organizations like the World Economic Forum and Cybersecurity Ventures.  Don’t miss this episode of The Encrypted Economy as we continue our journey into PETs and keep an eye on Enveil as they continue to turn imagination into reality. Topics Covered Ellison Anne’s Background Privacy Enhancing Technologies (PETs) as a Family The Journey of Homomorphic Encryption Where Homomorphic Encryption Works and Where it Doesn’t Enveil’s Unique Product Design PETs in DeFi & National Cybersecurity Securing Data in Use for Financial Services Enveil’s Umbrella Use Cases – Data Monetization The Components of the PET Family (HE, SMPC, & TEE) Homomorphic Encryption in Real Time Where will PETs be in Five Years? Resource List Ellison Anne’s LinkedIn Business Insider: 50  Cybersecurity Leaders Cybersecurity Ventures Hot 150 Cybersecurity Companies Enveil’s Website  Ellison Anne’s Forbes Post on Homomorphic Encryption The Power of Privacy Enhancing Technologies (PETs) My Article on Homomorphic Encryption Enveil’sZeroReveal Products Trusted Execution Environments Our Episode with Brett Hemenway Falk on SMPC Our Episode with Kurt Rohloff on Homomorphic Encryption World Economic Forum – Technology Pioneers 2020 Ellison Anne’s 2017 RSAC Pitch Enveil on Twitter - @Enveil_Inc  

This week’s episode of The Encrypted Economy features Gary DeWaal, Special Counsel to Katten Muchen and former Senior Trial Attorney for the CFTC. With former CFTC Chairman Gary Gensler about to take over the SEC, there was no better perspective to have on the show than DeWaal’s. We discussed our outlooks for the new direction of the SEC in its handling of digital assets, especially how it relates to token classification. Our conversation expanded to include the XRP regulatory nightmare, DeFi liabilities, The Howey Test, and evena citrus based knock-knock joke. To hear all of that and more, make sure not to miss this latest episode of The Encrypted Economy.    Topics Covered Where Will the SEC Go Under Gary Gensler? XRP & The Failures of Security vs Virtual Currency Classification Establishing Liability in DeFi Projects Balancing Privacy and Preventing Criminal Behavior The Howey Test Going Forward DeFi Innovation vs Regulation Gary’s Outlook for 2021 Katten Muchin’s Exciting DevelopmentsResource List Gary’s LinkedIn Profile Katten Muchin Rosenman Website Bridging the Week & Between Bridges Who is Gary Gensler? Gensler’s Past Comments on Crypto as Securities Simple Agreement for Future Token (SAFT) SEC Statement on Special Purpose Broker-Dealers What is XRP? SEC Complaint Against Ripple Ripple’s Response to SEC Complaint The Howey Test The KickEcosystem Regulation D Offerings What is DeFi? The Aave Safety Module SEC’s Settlement with Zachary Coburn of EtherDelta DOJ Cryptocurrency Enforcement Framework Report BitMex Lawsuit: Complete Overview Tomahawk Coin Case Gary’s Presentation to the CFTC Technology Advisory Committee Katten’s Exciting New Hire Katten’s 2020 Year End Crypto Webinar 

In this episode of the Encrypted Economy, we talk with Kurt Rohloff , Co-founder and CTO of Duality Technologies and one of the pioneers in the homomorphic encryption space. Kurt spent nine years as a senior scientist at Raytheon, where he worked with the military's R&D arm DARPA, which we learned a lot about in this episode. He has a real passion for cryptography, and he loves the people that he works with in the  space. This passion and personability has contributed to Kurt leading the effort to standardize homomorphic encryption as a founding member of the cross-organization standardization group. He wants to solve problems and make the world a better place.  So in this episode, we dive into the events that made homomorphic encryption click for him, his current work in the space, and mission to take the technology from innovative to widespread and boring. Don’t miss this great episode of the Encrypted Economy as we expand our journey into the business applications of privacy enhancing technologies, and of course keep an eye on Kurt’s work with Duality and the Homomorphic Encryption Standardization Group. Topics Covered Kurt’s Background & DARPA Connections What Drove Kurt into Privacy Enhancing Technology (PET) What is Lattice-Based Cryptography? How to Choose a Cryptography Scheme Explaining Duality to a Venture Capitalist The Challenges of Applying PET to Legacy Systems The PALISADE Encryption Library Founding The Homomorphic Encryption Standardization Group Open-Source Encryption & SecurePlus Statistics SolarWinds and the Public-Private Security Partnership  Duality’s Most Exciting Use Case Resource List Kurt’s LinkedIn Duality Technologies Website DARPA Website My Article on Homomorphic EncryptionMandiant APT1 Report Our Episode With Brett Hemenway Falk Craig Gentry’s Fully Homomorphic Encryption Using Ideal Lattices What is Lattice Based Encryption and Why Should you Care? Palisade Homomorphic Encryption Software Library IBM Homomorphic Encryption Services Num Focus Open Source Organization Shai Haveli Bio Page Microsoft SEAL Library Homomorphic Encryption Standardization Group Duality – SecurePlus Statistics Elliptic Curve Cryptography (ECC) Kurt’s Homomorphic Encryption for Genome Wide Associ

This week on the Encrypted Economy, our guest is John Pigott, CEO of ABE Global. ABE is an acronym for A Better Exchange, which is exactly what John has set out to build. John and I met years ago when he responded to a market structure article I had published, which I knew would take a special kind of market nerd to appreciate. John fit the bill, and we instantly hit it off. His appreciation for markets is unique and persistent. It even managed to define his years long motorcycle trip through Asia, which inspired the values he seeks to change the market with through ABE Global. Make sure to tune into this episode to hear about John’s vision for the marketplace, desires to help the common investor, and how distributed ledger technology can be the basis for it all. Keep an eye on ABE Global to follow his journey, and of course stay tuned to the Encrypted Economy for more great episodes! Topics Covered John’s Background Learning Markets on the White River Jade Why Do We Have Markets? What Makes ABE, A Better Exchange? Why the Market is Ready for ABE Integrating Tokenized Securities into the Market Why Blockchain is a Regulator’s Friend How ABE Uses Distributed Ledger Technology ABE’s Experience With Global Regulators The Need for a Common Market Language The Promise of Real Estate Investment Trusts ABE’s Rollout Timeline  Resource Links John’s LinkedIn ABE Global Website The Article That Brought John and I TogetherThe White Jade River The Arizona Stock Exchange Global (GDR) vs. American (ADR) Depository Receipts Katie Haun Profile Dread Pirate Roberts Case My DailyHodl Article on Global Blockchain Regulations Regulation NMS For Dummies TCP/IP Protocol Real Estate Investment Trusts (REITS) 

On this week’s episode of the Encrypted Economy, I talked to Paul Clayson, CEO of Agile PQ. Paul has a long and impressive career which includes serving as Chief of Staff to Congressional Representatives and CEO of several different technology companies. In his current role with Agile PQ, Paul is leading cutting edge IOT security solutions catered to our smallest and often most insecure smart devices. Their solutions are quantum resistant and lightweight, and I enjoyed picking his brain on the state of the IOT security field. Do not miss the unique insights into this increasingly important area of security on this episode of the Encrypted Economy. Make sure to keep an eye on Paul and his company to learn more about the topics we discussed, and of course, stay tuned to the Encrypted Economy! Topics Covered Paul’s Unique Background Agile PQ’s Values and Product IOT Security Challenges US National Security & IOT The Lack of Market IOT Awareness Post Quantum Cryptography Agile PQ’s Post-Quantum Solution The Government’s Approach to Quantum SolarWinds Hack Why We Need Regulated Security Standards Paul’s 2021 Predictions and Goals Resource List Paul’s LinkedIn Agile PQ Website Agile’s Solutions The 2013 Target Hack Philips Hue Lightbulb Vulnerability Santa Fe Group IOT Security Assessment Google’s Quantum Computer DissectingTheSolarWinds Hack 

This week on the Encrypted Economy, my guest is Dyann Heward Mills. Named by Business Insider as one of 28 Power Players driving data policy in the EU, Dyann’s thoughts on privacy are critical towards filling in the bigger picture. I was excited to pick her brain on the issues and trends shaping policy in Europe and how they will likely impact the US going forward. We discussed newsworthy events like the SolarWinds Hack, Schrems II Decision, and important topics like Privacy by Design and Bias in Machine Learning. Do not miss this great episode of the Encrypted Economy, and keep an eye on Dyann’s work as Europe continues to lead the way on data privacy.  Topics Covered Dyann’s Background Selling Decision Makers on the Importance of Privacy Balancing AML Compliance With Privacy The Impact of Schrems II UK GDPRCompliance Post-Brexit GDPR in the US When Will the US Pass a Privacy Law? The Cause and Effect of Bias in Technology Privacy by Design – Prevention vs Detection Diversity by Design GDPR Class Action Suit Challenges and Barriers The Benefits of Proactive Privacy Resource Links Dyann’s LinkedIn Profile Dyann’s Bio Heward Mills DPO Website Business Insider’s 28 Power Players List SolarWinds Hack Schrems II Decision California Privacy Rights Act (CPRA) Our Episode With Felix Shipkevich Dyann’s Article on GDPR Class Action Suits Various Claimants vs WM Morrisons Supermarket  

This episode of the Encrypted Economy is the last of 2020.  In it, I take the time to review our first run of episodes and discuss the future of the podcast. I touch on the topics I want to cover in 2021 and the great guests that we have lined up for the beginning of the year. Stay tuned to the Encrypted Economy for more! Topics Covered Our Episodes to Date Joel Revill – Two Ocean Trust David Harris – Manetu Travis Schwab – Eventus Systems Brett Hemenway Falk – University of Pennsylvania Matt Walsh – Castle Island Ventures Felix Shipkevich – Shipkevich Law Cybersecurity SolarWinds Hack Digital Asset Regulation AML Custody  Enforcement Actions Data Science Secure/Encryption in processing  Auditability Metadata & Privacy Central Banking Modern Monetary Theory Central Bank Digital Currencies Universal Digital Currency And Much More to Come in 2021 Resource List Our Past Episodes The SolarWinds Hack FireEye Disclosure DHS Emergency Directive CISA Alert Microsoft Guidance European Privacy Shrems II Decision Invalidating EU US Privacy Shield EU Parliament Summary of Shrems II California Prop 24 – The Consumer Privacy Rights Act Digital Asset Regulation FATF Travel Rule OCC Guidance on Crypto Custody FINCEN’s Proposed Virtual Currency AML Rules DOJ Crypto Enforcement Framework DOJ BitMex Complaint CFTC BitMex Complaint SEC Press Release and Complaintre Ripple’s Unregistered Offering Central Banking Modern Monetary Theory - Investopedia The Deficit Myth IMF Paper on Central Bank Digital Currencies 

On the latest episode of the Encrypted Economy, I was excited to talk to Felix Shipkevich of Shipkevich Law. Felix is an expert in commodities regulation and money services business licensing with a focus on how these areas apply to digital assets. His insights into the importance of the legal classification of digital assets arecritical towards understanding the US’ fractured regulatory environment. We discussed the differences between regulatory treatment by the SEC, CFTC, and the 50 state governments and the complexity of navigating each. Moving into 2021, it is important for firms and investors alike to understand the nuances of the US system so that they can anticipate market impacts as a result of regulatory changes. Felix’s experience and expertise have always helped me do so, and now they can help you. Do not miss this great episode of the Encrypted Economy and keep an eye on Shipkevich Law to learn more about Felix and what he does. Be sure to subscribe to the Encrypted Economy for more great interviews onthe digital factors shaping the economy.  Topics Covered Felix’s Specialties and Background The Evolution of Money Service Businesses due to Cryptocurrency Where Does Crypto fit into the Regulatory Landscape? Open vs. Closed Loops The Fractured US Regulatory Environment SEC vs CFTC Regulatory Treatment The Impact of Regulation on Large vs Small Firms Coinbase Halting Margin Trading Navigating the CFTC Process Re-defining Commodities The 28 Days Rule DCM Self-Certification Resource List Felix’s LinkedIn Shipkevich LawWebsite Moneytransmitterlaw.com Debtreliefwatch.com Cftclaw.com  Shipkevich In the News The Howey Test The NMLS Resource Center Florida Case – Florida vs. Espinoza Coinbase Halting Margin Trading Article 

On this episode of the Encrypted Economy, I was excited to have Matt Walsh, the co-founder of Castle Island Ventures, and co-host of the On the Brink podcast on the show. I've been following both Matt and his co-founder Nic Carter for a few months now, and I've been very impressed with their thoughtfulness in the blockchain and digital asset space, as well as their investment selection. Certainly, their investment list is directly in line with the thesis of the Encrypted Economy. Matt and I talked about how investing in blockchain technologies and digital asset technologies is different than investing in other ventures,the obstacles that these spaces face, and what it takes for leaders to embrace the change that comes along with moving in these spaces.We even moved on to topics like digital currencies and their potential ramifications onthe global central banking system. Matt brought many unique and innovative ideas to the table, which could provide an intimate view into the future of public blockchain technologies.It was a very insightful, intriguing podcast, and I enjoyed it tremendously. I am sure that you will too. Stay tuned to the Encrypted Economy for more thoughtful conversations and be sure to keep an eye on Castle Island Ventures and the On the Brink podcast.   Topics Covered Matt’s Background On the Brink Podcast Transitioning from Fidelity to Start-up What Sets Castle Island Apart? Castle Island’s Portfolio Integrating Digital Assets into Traditional Portfolios What Will Disrupt Digital Assets? Digital Currency Impacts on Central Banking Defining Custody and Securities in Regulation Governance Tokens Largest Digital Asset Opportunities of 2021 The Demand for Decentralization The Future of US Regulation Resource List Matt’s Linkedin Castle Island Ventures Website On the Brink PodcastWebsite Castle Island Portfolio Nota Bene Website Circle Website AttestivWebsite Casa Website 

This week in the Encrypted Economy explore the foundations of how the ability to secure data fundamentally changes the very economics of our society and the business, legal and technical forces shaping that. To some, introducing concepts like Secure Multi Party Computations and Homomorphic Encryption sounds like it is simply academic research or just asecurity discussion...but its so much more. Both of these terms relate to the ability to secure processing of data BY DESIGN and that opens up a whole world of WHAT we can do with that data. Once you understand this, you can see that what we are really talking about are truly transformative forces for our society. We were really excited to have Brett Hemenway Falk, a leading expert in applied cryptology from the University of Pennsylvania on the podcast. We began with the basics of cryptography and privacy-preserving computations, thendelved into practical applications that will shape the future of secure computing. From banks sharing security secrets, to de-centralized social science research, to underwriting satellite collisions.  I know that you will learn just as much as I did, which is why I am excited to share this latest episode of the Encrypted Economy. Be sure to keep an eye on Brett’s continued work in this areaand stay tuned for more great content from the Encrypted Economy. Topics Covered Brett’s Background Symmetric vs Asymmetric Cryptography  Zero Knowledge Proofs Homomorphic Encryption What keeps it from being viable? How is it being used right now? Secure Multiparty Computation (MPC) What is it? Finance Applications Healthcare Applications Social Science Applications Competitors Collaborating Through MPC Blockchain Privacy Blockchain Oracles The Costs and Benefits of Decentralization Smart Contracts Secret Sharing Among Distributed Servers Collusion Resistance Password Hashing Resource Links Brett’s UPenn Website Brett’s Publications Brett on Appetite For Disruption Part 1 & Part 2 My article on Homomorphic Encryption Highlighted Homomorphic Encryption Libraries IBM- HElib Microsoft - Seal Library Duality – Palisade Library Inpher - TFHE Stealth Software Website Unbound Technology Website 

Travis Schwab, CEO of Eventus on Market Surveillance for Centralized Digital Asset Markets  In this episode of the Encrypted Economy, I spoke with Travis Schwab, CEO and Founder of Eventus, a RegTech platform for compliance, market surveillance, risk management and AML serving both traditional and digital asset classes.  Eventus grabbed a bit of attention recently when they announced that BitMex was going to adopt their platform for both market surveillance and AML compliance.  Knowing the pressure on BitMex to choose an established platform given their recent legal issues, it raised the question: How deeply has Eventus penetrated the centralized digital asset exchange market? Travis and I discussed the accelerating adoption of their platform by institutions. We also discussed the push for institutionalization of digital assets and potentially broke a bit of news on how Eventus may help meet the surveillance preconditions that the SEC has set for approving a Bitcoin ETF. Listeners will learn a lot, so don’t miss this great episode of the Encrypted Economy. And keep an eye on Eventus for more exciting information on digital asset surveillance. Episode Topics Covered Travis’ background Eventus’ founding story  Penetration into traditional and digital asset classes The challenges of surveilling digital asset markets Institutionalizing digital asset markets Bitcoin ETF’s Eventus’s relationships with regulators and role in driving institutionalization  Reading List Eventus Systems Website Travis Schwab’s LinkedIn Jeff Bell’s LinkedIn Validus Product Page Eventus BitMexPress Release Latest SEC Order Rejecting Bitcoin ETF Contact: travis@eventussystems.com or info@eventussystems.com  

In this podcast, I spoke with Joel Revill Founder and CEO of Two Ocean Trust, a Wyoming Chartered Trust Company offering wealth management services to high-net-worth individuals and family offices.  We discussed the headline making no action letter it received from the Wyoming Division of Banking recognizing it as a qualified custodian for digital assets under the Adviser’s Act.  Although more significant for digital assets that are securities, it is a first of its kind for a state chartered trust and provides greater regulatory clarity for Two Ocean Trust under Wyoming’s fairly developed digital asset laws.  The clarity comes with greater supervision for Two Ocean Trust and with that, greater assurance to its client base. At the time of this interview, we knew that the Division of Banking had notified the SEC about the no action letter.  Shortly after this interview, SEC’s Division of Investment Management released a public statement on the no action letter and invited the industry to comment on the application of the custody rule to digital assets and specifically to how it relates to the definition of qualified custodians under the rule.In this inaugural episode of The Encrypted Economy, Joel talks about:·         His background & why Wyoming is compelling for asset management·         What it's like working with Wyoming's digital asset community & the Division of Banking·         His vision for Two Ocean Trust & differentiators·         The significance of the Division of Banking’s no action letter & how clients should view it·         What is driving clients to consider allocating to digital assets like Bitcoin.Reading ListTo learn more about the topics Joel and I discussed, check out this reading list.·         Two Ocean Trust Website·         Joel Revill LinkedIn·         Division of Banking No-Action Letter·         SEC Statement on the No-Action Letter·         My Article on Digital Asset Regulation·         Key Wyoming Regulationso   Wyoming SF 0125 - Digital Assets-Existing Lawo   Wyoming HB 0074 - Special Purpose Depository Institutionso   Wyoming Digital Asset Custody Ruleso   Wyoming SF 011 - Property Taxation Digital Currencieso   Wyoming Uniform Trust Code·         Investment Advisers Act of 1940Tags: Investment AdvisorsBitcoinCrytocurrencyDigital Asset

In our third episode of the Encrypted Economy, we spoke with David Harris, co-founder of Mantenu, a consumer friendlily platform for streamlining enterprise management and compliance.  David discussed how he became interested in privacy after have a long career running financial companies.  We spoke about the ethics of data privacy and the tradeoffs that can occur with rapid adoption of emerging technologies, before turning to how transparency and control are becoming the central tenets of individual privacy rights as an emerging area of the law and how innovation is going to shape our digital identities. It was a great early episode to have on our show and a theme we will continue to explore as part of the encrypted economy.Topics·         The vision for blockchain removing intermediaries versus practical realities·         The Ethics of data collection and personal data privacy·         The evolving nature of data privacy norms and regulation·         GDPR & CCPA·         Providing transparency to consumers regarding how their data is being used·         Manetu’s platform & security·         Digital identities and the emergence of trusted networks  Resource LinksManetu Site - https://www.manetu.com/ David’s LinkedIn - https://www.linkedin.com/in/davidfxharris Hyperledger Blockchain - https://www.hyperledger.org/ 

This is the first episode of "The Encrypted Economy" where Eric Hess, your host, answers the what, why and who questions around this new weekly podcast show focusing on the business, laws, regulation, and security of our most valuable data, including digital assets, proprietary data and personally identifiable information.