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Commerce Secretary Urges Chips Act Passing or U.S. Faces ‘National Emergency’

Separate legislation that fully funds the Chips Act is awaiting House votes.

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Photo of Commerce Secretary Gina Raimondo via Flickr

WASHINGTON, February 16, 2022 – Commerce Secretary Gina Raimondo said Wednesday that the country is staring down a “national emergency” if it doesn’t get funding approved to begin ramping up manufacturing of semiconductors domestically.

“We are in a dangerous situation and there is one solution: make chips in America, and it’s not going to happen until the CHIPS Act gets passed,” Raimondo told Anna Palmer and Jake Sherman, founders of Punchbowl News, which held the event.

The Creating Helpful Incentives to Produce Semiconductors for America Act, which has yet to pass either chamber, is set to receive $52 billion from the United States Innovation and Competition Act, which has only passed Senate. The money is expected to entice private companies to invest in technological leadership and semiconductor manufacturing. These technologies are used for artificial intelligence, computer chips and lithium batters for smart devices and electric vehicles.

President Joe Biden has encouraged the House to pass the funding bill to push the ball forward on manufacturing, as the country has faced difficulties with product supplies as Covid-19 has slowed the supply chain. In response to those supply chain concerns, this month the European Union proposed its own Chips Act to “confront semiconductor shortages and strengthen Europe’s technological leadership.”

Over the last 30 years the U.S. has gone from producing nearly 40 percent of the world’s semiconductors to just 12 percent, noted Raimondo during the event. The nation relies largely on Taiwan — home to one of the world’s largest manufacturers, the Taiwan Semiconductor Manufacturing Company – for semiconductors, and Raimondo previously warned that if supply chain problems arise, as they have, China could take the lead on emerging technology.

Blockchain

Finance Experts Weigh Merging Regulatory Agencies to Tackle Cryptocurrencies

‘A lot of regulatory gaps exist because we have two regulators.’

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Photo of Dawn Stump of CFTC’s Global Markets Advisory Committee from September 2019

WASHINGTON, May 19, 2022 – Crypto market observers are calling for a change in the regulatory system and laws to tackle the quickly growing world of digital currencies.

“We will need new substantial law,” Douglas Elliott, financial regulation expert and partner at consulting firm Oliver Wyman, said on a panel hosted by the Federalist Society on Tuesday. “There are too many ambiguities” with the current regulatory system, he added.

As state and federal governments consider how the growing crypto industry should be regulated, various crypto experts further argued Tuesday for a redesign of the regulatory structure, while others said there was no need for a consolidation of agencies.

Part of the reasoning behind the consolidation is confusion about whether cryptocurrencies are commodities or securities. As such, some are recommending a merger between the Securities and Exchange Commission and the Commodity Futures Trading Commission to handle the regulation of the digital money.

“A lot of regulatory gaps exist because we have two regulators,” said Michael Piwowar, executive director at the Milken Institute Center for Financial Markets, suggesting that Congress merge the two into a single regulatory body.

Thomas Vartanian, executive director at the Financial Technology and Cybersecurity Center, backed the agency merger idea. Vartanian explained that despite the existence of cryptocurrencies for fourteen years, crypto remains largely unregulated.

“Bottom line is we’ve built a business of ten trillion dollars with no regulation and that is a financial risk,” Vartanian said. “We are building a financial time bomb.”

But Dawn Stump, former commissioner of the CFTC, said the best way to address these gaps in crypto regulation is not to redesign the regulatory system.

In August 2021, Stump said in a public statement that due to public misunderstanding about the CFTC’s regulatory oversight authority, “there has often been a grossly inaccurate oversimplification offered which suggests these are either securities regulated by the Securities and Exchange Commission or commodities regulated by the Commodity Futures Trading Commission.”

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Blockchain

U.S. Facing Pressure from China as Digital Currency Adoption Debate Continues

Experts expressed concern about the U.S. falling behind China on the development of a central bank digital currency.

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Photo of Stephanie Segal from CSIS

WASHINGTON, May 12, 2022 – The U.S. is falling behind China as the central bank ponders whether to adopt a digital currency, according to observers.

“If other countries are innovating in a direction that could represent a technological advantage, and the US is not prepared to meet that challenge, the U.S. will be at a disadvantage,” said Stephanie Segal, senior associate of the economics program at the Center for Strategic and International Studies. She and other panelists were speaking at a CSIS event on Thursday.

Segal’s comments were supported by her colleagues at the center, which hosted panelists to discuss the promises and pitfalls of creating a central bank digital currency. These stablecoins, as their called, are backed by other currencies, including fiat money.

Matthew Goodman, senior vice president for economics at CSIS, noted there is a lot of uncertainty surrounding this debate on the digital dollar. While there has been interest in the U.S. for developing such a currency system, Goodman said the US is relatively “behind” and delayed in conversations about CBDC compared to countries like China.

According to Fariborz Ghadar, scholar and senior advisor at CSIS, developing a CBDC is no easy fix, and is a risky step. However the concern about China having already developed a CBDC is a “major triggering point” he said.

Steven Kamin, senior fellow at the American Enterprise Institute, called China’s development of CBDCs “nearly operational” and potentially problematic for the U.S., with China as a world leader in technology. Kamin was speaking at an AEI event in April.

Risks of such a digital currency

A CBDC has upsides, but also presents risks to privacy and cybersecurity, according to Segal. She said a CBDC could create fear about data collection methods, regarding who has access to the data, and wonders if privacy protections would be provided.

Additionally, instead of having various intermediary points of security with the current banking system, a central bank digital currency would only have one point of security, making cybersecurity more vulnerable to threats, according to Segal.

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Smart Cities

FCC’s Multi-Dwelling Decision Could Hamper Smart Wi-Fi Technology, Developer Says

The decision may disrupt managed Wi-Fi in multi-family arrangements.

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Screenshot of Ted Maulucci, president of SmartOne Solutions, in 2017

HOUSTON, May 5, 2022 – The Federal Communications Commission’s decision paving the way for more competition in multi-tenant buildings may inadvertently hamper smart building technology, according to a developer of smart city tools.

The FCC finalized rules in February that prohibit internet service providers from entering exclusive revenue sharing agreements in which landlords get a cut of service provider contracts in order to increase service provider competition.

But the rules will mean managed Wi-Fi will suffer, according to a technologist at a Broadband Breakfast panel on Wednesday. That’s because such smart tools require a core group of subscribers – often done through a “bulk” purchase – to be economically viable. The result is more complicated community networks as competition between providers increases, he said.

“A lot of providers are building networks that only deliver internet to the home,” said Ted Maulucci, president of SmartOne Solutions, a smart tools developer from Canada. “They are not building networks that allow you to segregate networks within the building . . . The biggest problems we face are solved by network. The networks have to be created right.”

Maulucci called for the government to push for network building standards necessary for this technology.

Screenshot of Ted Maulucci, president of SmartOne Solutions, in 2017

Smart devices are becoming increasingly popular in multi-family units. Smart buildings are pre-engineered with this technology to promote sustainability, convenience, and safety in multitenant dwellings.

A shared interface allows residents to control thermostats, let people into the building, and view security camera visuals. Machine learning helps communities modify consumption behavior to promote sustainability and alerts residents of possible security threats through analysis of aggregated data.

Networks supplying broadband internet support these added benefits, making a community network essential for functionality.

Our Broadband Breakfast Live Online events take place on Wednesday at 12 Noon ET. You can also PARTICIPATE in the current Broadband Breakfast Live Online event and REGISTER HERE.

Wednesday, May 4, 2022, 12 Noon ET – The Future of the Smart Home, and the Future of the Smart Apartment Building

Americans are increasingly integrating smart technology into their homes and digitizing facets of everyday life. Going forward, what aspects of digitization in the home may need to be regulated by government policy? Are there any changes people are making to their homes that the tech industry should be concerned by? With all the issues surrounding broadband access in many multi-dwelling units, is there any hope for the possibility of smart apartment buildings for residents as standards of technology continue to advance? Join us for this Broadband Breakfast Live Online event from the Broadband Communities Summit to look at these questions and more.

Panelists for this Broadband Breakfast Live Online session:

  • Kevin Donnelly, Vice President, Government Affairs, Technology and Strategic Initiatives, National Multifamily Housing Council
  • Amy Chien, Director of Strategic Innovations, BH
  • Kurt Raaflaub, Head of Product Marketing, ADTRAN
  • Ted Maulucci, President, SmartONE Solutions – A Smart Community Company
  • Guillermo Rivas, Vice President, New Business Development, Cox Communities
  • Drew Clark (presenter and host), Editor and Publisher, Broadband Breakfast

Kevin Donnelly is Vice President for Government Affairs, Technology and Strategic Initiatives at the National Multifamily Housing Council and represents the interests of the multifamily industry before the federal government focusing on technology, connectivity, risk management and their intersection with housing policy. Kevin is a part of NMHC’s Innovation and Technology team and leads its Intelligent Buildings and Connectivity Committee.  Kevin has spent over 15 years in the public policy arena at leading real estate trade associations and on Capitol Hill. Kevin received his BA from Rutgers University and his Masters in Public Management from Johns Hopkins University.

Amy Chien, Director of Strategic Innovations, BH

Kurt Raaflaub leads ADTRAN’s product marketing and public relations team, and has more than 25 years’ experience in telecom, mobile and cable. He has global product marketing, market intelligence, media and analyst relations responsibility for the Adtran end-to-end fiber broadband portfolio. Responsibility includes evangelizing the operator benefits of modern open and disaggregated access architectures based on open networking and data center principles.

Ted Maulucci is A mechanical engineer, MBA and an award-winning Chief Information Officer in the Real Estate sector. Ted is a pioneer and a visionary who has created the concept of Smart Communities. He is President, SmartONE Solutions.

Guillermo Rivas is the vice president of new business development for Cox Communications. He manages the teams responsible for building strategic relationships with developers, builders and owners of apartments, condominiums or single-family projects. In this role, he helps develop programs for the builder community to maximize the return of their investment through Cox’s advanced fiber to the home network, Pre-enabled Wi-Fi, Managed Wi-Fi and IoT network solutions that improve the Resident experience.

Drew Clark is the Editor and Publisher of BroadbandBreakfast.com and a nationally-respected telecommunications attorney. Drew brings experts and practitioners together to advance the benefits provided by broadband. Under the American Recovery and Reinvestment Act of 2009, he served as head of a State Broadband Initiative, the Partnership for a Connected Illinois. He is also the President of the Rural Telecommunications Congress.

WATCH HERE, or on YouTubeTwitter and Facebook.

As with all Broadband Breakfast Live Online events, the FREE webcasts will take place at 12 Noon ET on Wednesday.

SUBSCRIBE to the Broadband Breakfast YouTube channel. That way, you will be notified when events go live. Watch on YouTubeTwitter and Facebook

See a complete list of upcoming and past Broadband Breakfast Live Online events.

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