Category: Executive Summaries
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On February 15, 2023, the Securities and Exchange Commission (SEC) proposed amendments to rule 206(4)-2 (the custody rule) of the Investment Advisers Act of 1940 (SEC Proposal) and provided a fact sheet for reference. The SEC refers to their proposed changes as the Safeguarding Rule.
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RUFADAA is the uniform statute proposed to US state legislatures governing a fiduciary’s access to digital assets. Fiduciaries have difficulty managing and settling estates that included digital assets due to restrictions in the Stored Communications Act, Computer Fraud and Abuse Act and similar laws that prohibit them from accessing digital assets.
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To protect our assets, we design systems to require multiple keys for access. Having multiple keys eliminates the single point of failure of a single key. Having the keys distributed eliminates the single point of failure in a single target that holds keys.
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Zero Trust Security is a framework for securing data and networks. Unlike traditional security frameworks designed to protect an organization’s perimeter from external threats, Zero Trust frameworks assume that network security is continuously under threat from both external and internal attacks.
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Multi-signature wallets are software databases that require multiple signatures (keys) to access. Multi-signature wallets are software databases—functionality, security, and reliability depend on their underlying code.
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Encryption involves transforming data from “plaintext” into “ciphertext” using keys generated by algorithms. Encrypted data must be decrypted, which can easily be done with the right key.
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Third parties are not always predictable, rational, reliable, timely, or trustworthy. When third party reliance is unavoidable, optimized systems minimize this vulnerability by distributing responsibility across several third parties where only a portion of them must perform at any given time.