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What You Need to Know About DeFi: Decentralized Finance and the Law

SKU: FINTECH2800N
Total Credits
1.5 - 2.2
Price$100
CDs/DVDs Only
This course is only available in CD/DVD format.
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Description

Join NYCLA's Law and Technology Committee to learn how to prepare your practice and business, both technically and legally, to incorporate the new emerging technology trends -- both safely an efficiently -- to stay ahead of the competition.

The traditional finance market is centralized. Central authorities issue the currency that powers our economy. Centralized financial organizations, e.g., banks, control our assets. The centralization of authority and practice across the financial system has led to a potentially unmanageable level of complexity and risk. Cryptocurrencies like Bitcoin, Ether and hundreds of others offer secure decentralized peer-to-peer trading without intermediaries. Unfortunately, cryptocurrencies have not decentralized the financial system.

So how will we move towards decentralized finance?

Using stable coins, decentralized exchanges and wallets to payments networks, lending and insurance platforms, key infrastructural development, marketplaces, and investment engines herald the decentralized finance (“DeFi”) ecosystem. DeFi utilizing technology implemented using a blockchain based ecosystem will provide the user with full control of their assets. It will add transparency, stabilization, and the efficiencies to global finance. Legal practitioners will work with regulators and legislators to surgically amend the law to address things like the legality of smart contracts and distributed autonomous organizations (“DAO”) which are the foundation of DeFi.

The DeFi market is tiny compared to traditional finance, but it has picked up its pace rapidly this second quarter of 2020 during the pandemic. The total value locked in DeFi protocols surged to over $2 billion. DEXs’s had record volumes and continue to gain market share on centralized exchanges. As this trend continues with more projects and financial dApps, we can expect to reach a genuinely decentralized financial reality where the traditional finance market is interoperating with digital assets and blockchain in perfect sync.

Ultimately DeFi will provide for censorship resistance, worldwide participation, and the elimination of trusted third parties within the financial ecosystem. As it matures, the underlying blockchain infrastructure will provide performant, inexpensive transactions/settlement, immutability of the financial contracts, and execution of smart contracts. DeFi will provide user possession of the private keys needed such that a user can be in full control of their assets without the need for a trusted third-party. The DeFi ecosystem transparency will support and provide price and market efficiency. DeFi will grow via the network effect, as the rise of innovation, performance and resulting participation will elevate a vibrant global ecosystem of financial applications.

Lecturer Bios

Joseph J. Bambara, Esq.

Joseph J. Bambara is currently In House Counsel and a VP of technology architecture at UCNY, Inc. His e-mail address is jbambara@ucny.com. For the last 15 years, he has been acting as Counsel for small to mid-size technology firms in the metro area. Most recently, he has worked on cloud computing, social networking, mobile media and outsourcing contracts. He has done work with intellectual property especially as it pertains to mobile and enterprise software, SMS mobile marketing issues as well as trade/service marks. In addition to presentations at Lawline, he has done CLE’s on law and technology for New York County, the New York City Bar Association and National Constitution Center. Prior entrepreneurial career includes developing applications for the financial, brokerage, manufacturing, medical, and entertainment industries on the mobile and enterprise platforms.

Mr. Bambara has a Bachelor's and a Master's degree in Computer Science. He holds a Juris Doctorate in Law and is admitted to the New York State Bar. He has taught various computer courses for CCNY's School of Engineering. He is member of the New York County Lawyers Association Cyberspace Committee and an active member in the International Technology Law Association. He has authored the following books: Sun Certified Enterprise Architect for J2EE Study Guide (Exam 310-051) (McGraw-Hill, 2007), J2EE Unleashed (SAMS 2001), PowerBuilder: A Guide To Developing Client/Server Applications (McGraw-Hill, 1995), Informix: Client/Server Application Development (McGraw-Hill, 1997), Informix: Universal Data Option (McGraw-Hill, 1998), SQL Server Developer's Guide (IDG, 2000). He has taught numerous courses and given many presentations on all aspects of the law and enterprise and mobile development in cities worldwide, including Los Angeles, Vienna, Paris, Berlin, Orlando, Nashville, New York, Copenhagen, Oslo, and Stockholm.

M. Ridgway Barker, Esq.

Ridge is actively engaged in the full range of corporate and business legal and transactional matters, including debt financings, general corporate and securities matters, partnership transactions, public reporting, public and private securities offerings, recapitalization, spin-offs, stock and asset acquisitions, divestures, mergers and acquisitions, regulatory and compliance, corporate governance, capital markets (IPOs and other registered offerings, SPACs, Rule 144A/Regulation S offerings, asset securitizations and credit facilities), private equity and venture capital, equity and executive compensation, internal investigations, and corporate control litigation, among other areas. As a trusted advisor for small to medium-sized domestic and international public and private companies across a whole range of legal issues and business needs, he regularly represents clients on both highly complex, sensitive and confidential matters as well as routine day-to-day needs.

He also has broad experience in a variety of financial, accounting and supervisory roles involving corporate finance, corporate and strategic transactions and development activities, executive compensation, operations and corporate governance.

Ridge’s clients span a wide range of industries including telecommunications, technology, biotechnology, pharmaceuticals, chemicals, manufacturing, broker-dealer, investment advice and financial services and retail.

Ridge’s transactional work ranges from opportunity creation, investigation and development through structuring, analysis, negotiation, problem-solving, closing and post-transaction implementation. He uses total quality and project management concepts to maximize transaction values and minimize transaction costs.

Prior to joining Withers, Ridge was a Partner at Kelley Drye & Warren LLP, a New York- based international law firm, where he was the Chairman of the Corporate Finance & Securities Practice Group.



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