Ritholtz: Companies become creepy when they misuse your data, with fake news or ads that follow you around.
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Anyway, that's a wrap! Hope you all enjoyed this Bloomberg Ideas conference! We'll have another in six months! (end)
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Problem of 'regulatory sandboxes' is often the restrictive entrance, e.g. fintech sandbox of Singapore has allowed only PayPal to participate, which by so fails to provide enough innovation to guide regulators.
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The US has market power that in effect provides worldwide regulation. You need US patents to sell here. Your products need to meet US regulations. Otherwise, you have to forego the largest and most lucrative market in the world. Just need to use that power wisely.
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Personally, I prefer to create zones of liability protection in exchange for complying with stronger regulations. Light regulation zones are a Trojan horse.
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Party of my work in 2010 was proposing such a save haven law that said companies that used best practices for privacy and security would be shielded from suits if a hack did occur. Compliance would have required things like no plain text passwords, etc.
End of conversation
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We need more complex models for regulation and regulatory rule findings...
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