After the release of the Digital Economy Task Force (DETF) report, Thomson Reuters and the International Centre for Missing & Exploited Children (ICMEC) took their next step recommendations on the future of the digital economy to representatives of the U.S. Senate Committee on Homeland Security & Government Affairs last Wednesday.

Steve Rubley, director of the Government segment of Thomson Reuters, welcomes guests to the U.S. Senate Committee on Homeland Security & Government Affairs meeting.

Steve Rubley, director of the Government segment of Thomson Reuters, welcomes guests to the U.S. Senate Committee on Homeland Security & Government Affairs meeting.

DETF co-chairs Steve Rubley, managing director of the Government segment of Thomson Reuters, and Ernie Allen, president and CEO of ICMEC, and other DETF members convened at the Dirksen Senate Office Building to offer specific recommendations to legislative aides in attendance and promote a regulatory framework around the digital economy while confronting illegal commerce, including money laundering, narcotics, weapons, stolen goods, human trafficking and sexual exploitation of children.

Among the recommendations:

  • Foster dialogue on the limits on anonymity
  • Work with Congress to clarify Financial Crimes Enforcement Network guidance on the Bank Secrecy Act, tax compliance issues, etc., as they relate to digital currency
  • Work with Congress to establish definitions regarding the digital economy, which will lead to clarity and “break silos”
  • Give law enforcement better tools and technology to confront illegal acts committed through the digital economy

As Allen noted during his speech, current regulations apply to the digital economy, but because this is a new technological frontier, “Draconian regulation is not the answer.”

Representatives from the Department of Homeland Security, Secret Service, ICMEC, Thomson Reuters, The Bookings Institution and George Mason University participated in the event.

Ernie Allen, president and CEO of ICMEC, addresses attendees.

Ernie Allen, president and CEO of ICMEC, addresses attendees.

“Our chief goal in creating our task force report, The Digital Economy: Potential, Perils and Promises, is to inform policy makers, financial institutions, law enforcement and others about the current state of the digital economy,” said Rubley. “It is our hope that these groups will further explore the inherent opportunities and risks associated with an increasingly digital economy and its effects on human rights, regulation, crime and law enforcement.”

Legal Current will continue to follow the DETF and Thomson Reuters views on the digital economy.

More information:
Thomson Reuters and ICMEC release report outlining opportunities for digital economy
Task force created to address issues surrounding the Internet-based digital financial system
Digital currency brings money laundering into high-tech territory
Dealing with the virtual economy
Jason Thomas delivers keynote at LegalTech New York