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3 Stan. J. Blockchain L. & Pol'y 1 (2020)

handle is hein.journals/sjblp3 and id is 1 raw text is: CALL FOR MULTI-STAKEHOLDER COMMUNICATION TO ESTABLISH A GOVERNANCE MECHANISM FOR THE EMERGING BLOCKCHAIN- BASED FINANCIAL ECOSYSTEM Yuta Takanashi, Shin'ichiro Matsuo, Eric Burger, Clare Sullivan, James Miller, Hirotoshi Sato* ABSTRACT Financial regulators around the world regulate financial intermediaries and activities to achieve their regulatory goals including investor/consumer protection, financial stability and prevention of financial crimes, and in so doing address various market failures. These objectives are needed in the social interest regardless of the technologies used by the financial system. Blockchain technology and any financial ecosystem based on it have technical characteristics including decentralization, autonomization, anonymization and globalization, which could undermine the ability of regulators to achieve regulatory goals. Especially when it comes to preventing financial crimes, these characteristics could have significant negative impact on the ability of regulators. The intergovernmental Financial Action Task Force (FATF)' recognizes these issues and is tackling them by issuing multiple guidelines; however, it seems that such * Yuta Takanashi is Deputy Director for Fintech and Innovation at the Financial Services Agency (JFSA, Japan's financial regulator) and a Senior Fellow in the Department of Computer Science and McDonough School of Business at Georgetown University; Shin'ichiro Matsuo is a Research Professor of Computer Science at Georgetown University; Eric Burger is a Research Professor of Computer Science at Georgetown University; Clare Sullivan is a Visiting Professor at the Georgetown Law Center; James Miller is a Columbia Institute for Tele-Information Affiliated Researcher at Columbia Business School; Hirotoshi Sato is Vice President in the Digital Transformation Division at Mitsubishi UFJ Financial Group. Opinions presented in this paper belong solely to the Authors and do not represent any positions of the organizations to which they belong. We are grateful to Gary Gensler, Cara LaPointe, Simon Persico, Shigeya Suzuki, and Pindar Wong for their comments on earlier drafts; to James Angel, Paul Brigner, Jessica Gomel-Veksland, John Jacobs, Yuji Kawada, Tatsuya Kurosaka, Deepthi Machavaram, Daisuke Nakao, Robert Wardrop, Taro Watanabe, and colleagues from JFSA for inspiring discussions. Founded at the 1989 G7 Summit in Paris. 1

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