CONFIDENTIAL 

FOR INTERNAL CFTC USE ONLY 

LabCFTC Recent Meetings Report 

July 24, 2017 through August 7, 2017 

Meeting Date 

Entity/ Party 

Contact Person 

Jul 24 

Consensys 

JamesSlazas 

Director of 

Financial 

Products 

FinTech 

Vertical 

DLT 

Innovation Focus 

Areajs) 

Ethereum 

ecosystem 

development. 

Building private, 

permissioned 

ledgers for 

commercial use. 

Exploring potential 

ways to link private 

ledgers with public 

ones. 

Entity Background 

''ConsenSys is a venture production studio building 

decentralized applications and various developer 

and end-user tools for blockchain ecosystems, 

primarily focused on Ethereum." ConsenSys 

presents itself as the largest Ethereum developer in 

the world. 

Joe Lubin was one of the 8 creators of Ethereum. 

He began ConsenSys about 3 years ago to build 

infrastructure for the Ethereum ecosystem. 

ConsenSys is currently working on about 30 

projects at the protocol level and application level. 

Consensys also does consulting work with firms 

interested to use Ethereum. 

Key Take-Aways 

• Consensys wants to participate in "Lab" 

part of LabCFTC. 

• Consensys believes governments will 

move to blockchain for most or all 

ledger/database services. 

(See Dubai 20/20 initiative.) 

• Consensys believes that speed and privacy 

issues with public blockchain-based 

ledgers will be solved. 

Status/Next Steps 

• Maintain diaologue. 

Relevant 

CFTC 

Offices 

• Additional follow-up on 

Ethe re um technology 

may be a useful next 

step. 

• Consider what 

participation in the "Lab" 

part of LabCFTC might 

mean. 

Non Responsive Record 

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LabCFTC For Internal Use Only 

Meeting NYC (Jeff Bandman in NYC) / Phone Conference 

Entity: Consensys 

Participants/Representatives: James Salazar, ConsenSys Director of Financial Products, 

james.slazas@consensys.net 323 309 6020 and Vanessa Grellet vanessa.grellet@consensys.net 646 228 

4338 

Consensys, 49 Bogart Street, Suite 22, Brooklyn, NY 11206 

LabCFTC Team Members: Jeff Bandman; Jorge Herrada; Brian Trackman 

June 2, 2017 

[Introductions] Vanessa there less than a year; has a number of roles. James ran a book for Lehman 

previously and worked with HNW group. Focuses on enterprise stakeholders (big players and 

regulators). Also creating Consensys capita I to invest in the cry po-space for legacy institutions. 

ConsenSys is the largest Ethereum development company in the world and one of the biggest voices in 

building out the blockchain ecosystem. I [James Salazar] lead our capital markets solutions and asset 

management activities. It would be great to connect so we can discuss from the derivative perspective 

as well as a blockchain sandbox one. We have deployed our sandbox infrastructure on Microsoft Azure 

and Redhat Openshift. 

A bit over 215 people worldwide. Joseph Lubin is founder; he also helped start Ethereum. Focus is 

building ecosystem. This includes: developer tools, hosted on various resources (Azure, Alibaba, 

Tencent, Redhat, Openshift, etc.). The gamut of use cases. Consensys also works with management 

consulting firms and others through "enterprise division" to support client demand for development. 

Can serve as tech advisor as well as ecosystem developer. 

Idea from James: Subcommittee of TAC re: Blockchain. He participated in last TAC meeting. 

Jeff noted FinTech Working Group. Jeff provided brief overview of LabCFTC. 

Consensys may help raise awareness. 

Supply chain management. 

Vanessa works on Ethereum Alliance (developers worldwide). Will send list of ~100 members. 

Structured as a foundation. Core protocol layer is open and common. "Verticals" then developed by 

individuals. 

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LabCFTC For Internal Use Only 

Ethereum operates as a public chain. Therefore, lots of developers. 

Corda discussion. JPM leveraging. Consensys will build off Corda as well. No real competition. 

Everyone is working on blockchain adoption. Mindset is to adopt what works; no pride of 

authoriship/ownership. 

Consensys views interoperability among systems as a key to adoption. [Query- Does this militate for us 

to raw data?] 

-+ What about public/private blockchain debate? 

o Regulator Perspective: private looks more familiar to traditional regulatory model 

o But what about public, decentralized models? 

o What is longer term vision? 

James: 1) "Private" chain sounds good (familiar, etc.). Most enterprises are on this track. 

2) The future, however, is moving toward public chain in the sense that there are growing applications. 

Likely that regulators with private chains will also use public chain as a resource. That is why 

compatibility is so vital. (i.e., credit check; KYC checks) 

Vanessa: Timing is also important. Building a private chain right now is easier and workable. Public 

chain is not where it needs to be currently, BUT over time as the technology evolves, then the approach 

will change as well for bigger players. 

Specific Items: 

1) Ethereum sandboxes are easy to create. What is CFTC doing here? 

Jeff noted limits. Engagement at present is subject to statutory authority and funding. Ability to join 

consortia for example is not straightforward. 

2) Possibility of Follow-On contacts 

3) Inter-Regulator Sharing: 

Noted that real-data sharing is not really on the Table. 

4) Discussion of CFTC as a node on chain(s) set up using Ethereum. 

Challenges around this but something we'd be interested in. Lesser option is "observer role." 

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LabCFTC For Internal Use Only 

5) Coordination with other NYC, DC, Boston, Chicago, other FinTech innovators. 

6) Tracking Use Cases - Info on Consensys helping BHP track of core samples; 

http://www.coindesk.com/bhp-billiton-blockcha in-mining-company-sup ply-cha in/ 

The world's largest mining firm by market value intends to begin using the ethereum blockchain to 

improve its supply chain processes. 

BHP Billiton revealed at the second annual Global Blockchain Summit that it will use blockchain to 

record movements of well bore rock and fluid samples and better secure the real-time data that is 

generated during delivery. According to BHP geophysicist R Tyler Smith, the new system will enable 

benefits for its internal efficiency while allowing it to work more effectively with partners. 

Smith explained that BHP relies on vendors at nearly every stage in the mining process, contracting with 

geologists and shipping companies to collect samples and conduct analyses that drive business decisions 

that occur with parties distributed across continents. 

"With blockchain, we would share data between the vendor and ourselves, and have a constant 

understanding of where it is," Smith told Coin Desk, adding: 

"Everything right now is being tracked through spreadsheets." 

Smith explained that, with the help of a solution developed by blockchain startups BlockApps and 

Consensys, BHP intends to begin requiring that its vendors use the technology to collect live data this 

year. 

While introducing a new technology to an existing operation may seem risky, Smith said he's confident 

in the user experience the app will provide. 

"The web application is designed for the vendor. The vendor will see a dashboard and options on what 

to do that are very streamlined to their job," Smith said. 

More broadly, Smith noted that the UK and Australia-based mining firm is distributed globally, and that 

because of this, he foresees more ways that its internal entities could use blockchain for more enhanced 

data sharing. 

In addition working with ethereum, BHP is also running its own nodes on the lnterPlanetary File System 

(IPFS), a peer-to-peer file sharing protocol that is increasingly being used in conjunction with blockchain 

systems. 

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LabCFTC For Internal Use Only 

Smith added: "We are looking at lots of different use cases." 

As ranked by 'Big Four' accounting firm PwC in June of this year, BHP Billiton was the largest mining firm 

by market capitalization for 2015 and 2014. 

Proving provenance 

Far from using blockchain as a form of currency, BHP's solution envisions how its existing processes 

could be replicated on a blockchain as a way to prove benefits of the technology. 

Smith said that the use case proves blockchain solutions can achieve decentralized file storage, multiparty data acquisition and immutability, all aspects that he believes will enhance the supply chain. 

For example, the location of the well, he said, cannot be edited, but other aspects can be updated with 

new metadata to reflect relevant information, and that data that will also be immediately accessible. 

Under the hood, the blockchain won't be moving between addresses, but rather changing its state, 

updating data fields by logging in with a standard username and password. 

While certain elements of the system are the same, he said that overall the platform provides new 

efficiencies. 

"The data is more transparent, we can see where the analysis was provided by a vendor or ask if we 

need to do more robust analysis," Smith said. 

Moving to production 

The product launch is also a milestone for BlockApps, the blockchain startup that built the BHP solution 

and that recently closed a pre-Series A funding round that value of which was not disclosed. 

Kieren James-Lubin, founder of BlockApps, sees the collaboration with BHP as one that has significance 

for the broader blockchain space as it is"not about value movement". 

"There are so many financial use cases and this is one of the first instances where we're using it for a 

non-financial scenario," he told CoinDesk. 

James-Lubin said that the app also helped his startup learn more about the needs of enterprise 

institutions, helping it advance and iterate on a user experience that would be accessible to those who 

are less familiar with its inner-workings. 

"The requirements that we've surfaced have been a tremendous help to us in feeding back into the 

platform," he said, concluding: 

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LabCFTC For Internal Use Only 

Additional Information: 

Begin Forwarded Message: 

From: "James Slazas" <james.slazas@consensys.net> 

Subject: CFTC lab ConsenSys 

Date: 01 June 2017 14:42 

To: "'Vanessa Grellet"' <vanessa.grellet@consensys.net>, "Bandman, Jeffrey" <JBandman@CFTC.gov> 

Cc: "Trackman, Brian" <BTrackman@CFTC.gov>, "Herrada, Jorge" <JHerrada@CFTC.gov> 

Yes, looking forward to tomorrow. Cheers, 

James Slazas 

ConsenSys Director of Financial Products 

4!1 clo:JTI SirfiHI. Sui:H 22. 11ro"k yn, NY 11201: 

p·11cs slaz,1si-'ilconscnsvs ·JC\:· JSA Cell 323 309 fi02C 

S kypH: sl.i-l/Hi-i·l v·,;Hct1.;-i'.: sl.i-l/Hi-i 

From: Vanessa Grell et [mailto:va nessa .grel let@consensys.net] 

Sent: Thursday, June 1, 2017 2:12 PM 

To: Bandman, Jeffrey <JBandman@CFTC.gov> 

Cc: James Slazas <iames.slazas@consensys.net>; Trackman, Brian <BTrackman@CFTC.gov>; Herrada, 

Jorge <JHerrada@CFTC.gov> 

Subject: Re: Update - TAC Meeting 

Wonderful see you there! 

Vanessa Grellet 

ConsenSys 

+1 646 228 4338 

Sent from my iPhone 

On Jun 1, 2017, at 2:03 PM, Bandman, Jeffrey <JBandman@CFTC.gov> wrote: 

5 
LabCFTC For Internal Use Only 

James and Vanessa, just want to make sure you are coordinating. 

CFTC is at 140 Broadway 

On: 01 June 2017 10:38, "James Slazas" <iames.slazas@consensys.net> wrote: 

9:00 works, what is your address? 

ConsenSys Director of Financial Products 

49 Boga rt Street, Suite 22, Brooklyn, NY 11206 

iames.slazas@consensys.net / USA Cell 323 309 6020 

Skype: slazasl Wechat: slazas 

-----Original Message-----

From: Band man, Jeffrey lmailto:JBandman@CFTC.gov] 

Sent: Wednesday, May 31, 2017 9:10 PM 

To: James Slazas <james.slazas@consensys.net> 

Subject: Re: Update - TAC Meeting 

Possibly at 9 in our NY office 

Jeff 

Sent from my BlackBerry 10 smartphone. 

Original Message 

From: James Slazas 

Sent: Wednesday, May 31, 2017 7:32 PM 

To: Bandman, Jeffrey 

Subject: RE: Update - TAC Meeting 

Jeff, 

My colleague Vanessa Grellet said she already connected with you and you 

were interested in getting together to discuss the lab. Would this Friday 

morning work for you? 

6 
LabCFTC For Internal Use Only 

Cheers, 

James Slazas 

ConsenSys Director of Financial Products 

49 Boga rt Street, Suite 22, Brooklyn, NY 11206 james.slazas@consensys.net / 

USA Cell 323 309 6020 

Skype: slazasl Wechat: slazas 

-----Original Message-----

From: James Slazas [mailto:james.slazas@consensys.net) 

Sent: Tuesday, May 30, 2017 1: 17 PM 

To: 'Griffin, Ward P' <WGriffin@CFTC.gov>; 'Fett, Nicholas' <NFett@CFTC.gov> 

Cc: 'Bandman, Jeffrey' <JBandman@CFTC.gov> 

Subject: RE: Update - TAC Meeting 

Thank you Ward and do me a favor and get more clarity on if leveraging ETH 

or BTC is a swap! Also, would you like to be a part of these discussions or 

shall I move you to BCC? 

Jeff, 

Pleasure to be introduced to you. ConsenSys is the largest Ethereum 

development company in the world and I would say one of the biggest voices 

in building out the blockchain ecosystem. I lead our capital markets 

solutions and asset management activities. It would be great to connect so 

we can discuss from the derivative perspective as well as a blockchain 

sandbox one. We have deploy our sandbox infrastructure on Microsoft Azure 

and Redhat Openshift. 

Are you available for a call or meeting? 

Cheers, 

James Slazas 

ConsenSys Director of Financial Products 

49 Boga rt Street, Suite 22, Brooklyn, NY 11206 james.slazas@consensys.net / 

USA Cell 323 309 6020 

Skype: slazasl Wechat: slazas 

-----Original Message-----

7 
LabCFTC For Internal Use Only 

From: Griffin, Ward P [mailto:WGriffin@CFTC.gov] 

Sent: Tuesday, May 30, 2017 10: 19 AM 

To: James Slazas <james.slazas@consensys.net>; Fett, Nicholas 

<NFett@CFTC.gov> 

Cc: Band man, Jeffrey <JBandman@CFTC.gov> 

Subject: RE: Update - TAC Meeting 

Hello, James - great to hear from you! 

The best person to contact would be Jeff Bandman, whom I've copied on this 

message. Jeff has served as Chairman Giancarlo's Fin Tech Advisor for the 

past 4-plus months and would be in the best position to discuss next steps. 

Hope I'll get a chance to catch up with you soon. 

All the best, 

Ward 

-----Original Message-----

From: James Slazas [mailto:james.slazas@consensys.net] 

Sent: Tuesday, May 30, 2017 10:05 AM 

To: Griffin, Ward P; Fett, Nicholas 

Subject: RE: Update - TAC Meeting 

Ward, 

Hope you are doing well and glad the blockchain lab has finally been put 

into action! http://www.cftc.gov/PressRoom/PressRe1eases/pr7558-17 

Congratu I ations. 

We at ConsenSys would love to participate in any manner. Would you know who 

to speak to? Also, happy to sync up to discuss what we have been doing with 

other regulators and central banks. 

Cheers, 

James Slazas 

ConsenSys Director of Financial Products 

49 Boga rt Street, Suite 22, Brooklyn, NY 11206 james.slazas@consensys.net / 

USA Cell 323 309 6020 

Skype: slazasl Wechat: slazas 

8 
LabCFTC For Internal Use Only 

-----Original Message-----

From: Griffin, Ward P [mailto:WGriffin@CFTC.gov] 

Sent: Monday, February 22, 2016 5:47 PM 

To: James Slazas <james.slazas@consensys.net> 

Subject: RE: Update - TAC Meeting 

Thanks again, James. I tested the link this afternoon, and everything 

seemed fine. But will have the slides uploaded and ready, just in case. 

-----Original Message-----

From: James Slazas [mailto:james.slazas@consensys.net] 

Sent: Monday, February 22, 2016 1:59 PM 

To: Griffin, Ward P 

Subject: RE: Update - TAC Meeting 

Great. Here is the web address (b)(7)(E) This will not 

be on the blockchain but simulate the actual application. If IT could put 

those 2 files on the desktop, it would just make it easier for the flow. 

Thank you and I also connected with the DTCC, much appreciated 

-----Original Message-----

From: Griffin, Ward P [mailto:WGriffin@CFTC.gov] 

Sent: Monday, February 22, 2016 1:39 PM 

To: James Slazas <james.slazas@consensys.net> 

Subject: RE: Update - TAC Meeting 

Thanks, James. The laptop with internet access should not be a problem -­

if you'll send me the address, I'll ask our support staff to have it 

uploaded and ready for you. And the PowerPoint will be uploaded as well, in 

case there is an issue. 

What would you like me to do with the ISDA Master and the public key? 

-----Original Message-----

From: James Slazas [mailto:james.slazas@consensys.net] 

Sent: Monday, February 22, 201611:19 AM 

To: 'Salman Banaei'; Griffin, Ward P; sandra.ro@cmegroup.com; 

rs@clearmatics.com; 'Robert Sams'; 'Brad Levy' 

Cc: Anne.KleinGray@cmegroup.com; 'Fekrat, Bruce'; 'Andrew Keys'; 'Michelle 

Russell' 

Subject: RE: Update - TAC Meeting 

Ward, 

Looking forward to meeting everyone tomorrow. 

9 
LabCFTC For Internal Use Only 

It has been confirmed that the other application version where I don't need 

the test-net running, is functional so any laptop with internet access will 

work. I also attached a deck for the total return swap use case, just in 

case there is no internet access. It will obviously not be as fluid so 

hopefully there will be access. 

PS there are 3 files: the deck, a public key and an ISDA doc. 

Cheers, 

James Slazas 

-----Original Message-----

From: Salman Banaei [mailto:salman.banaei@markit.com] 

Sent: Friday, February 19, 2016 10:11 AM 

To: Griffin, Ward P <WGriffin@CFTC.gov>; sandra.ro@cmegroup.com; Robert Sams 

(rs@clearmatics.com) (rs@clearmatics.com) <rs@clearmatics.com>; Robert Sams 

(b)(6) James Slazas 

(james.slazas@consensys.net) <james.slazas@consensys.net>; Brad Levy 

<brad.levy@markit.com> 

Cc: Anne.KleinGray@cmegroup.com; Fekrat, Bruce (Bruce.Fekrat@cmegroup.com) 

<Bruce.Fekrat@cmegroup.com>; Andrew Keys (andrew.keys@consensys.net) 

<andrew.keys@consensys.net>; Michelle Russell <Michelle.Russell@markit.com> 

Subject: Re: Update - TAC Meeting 

Ward, 

Please find attached Brad Levy's slide deck for the TAC meeting and Markit's 

accompanying written statement. I'll forward the written statement to Chris 

Kirkpatrick shortly as well. 7 

Thanks, 

Salman 

B. Salman Banaei 

Director 

Regulatory Affairs 

Markit 

10 
LabCFTC For Internal Use Only 

+ 1 347 324 8818 

salman.banaei@markit.com 

www.markit.com 

From: Griffin, Ward P <WGriffin@CFTC.gov> 

Sent: Thursday, February 18, 2016 7:39 PM 

To: sandra.ro@cmegroup.com; Robert Sams (rs@clearmatics.com) 

(rs@clearmatics.com); Robert Sams i(b)(6) ; James Slazas 

(iames.slazas@consensys.net); Brad Levy 

Cc: Anne.KleinGray@cmegroup.com; Fekrat, Bruce (Bruce.Fekrat@cmegroup.com); 

Andrew Keys (andrew.keys@consensys.net); Salman Banaei; Michelle Russell 

Subject: Update - TAC Meeting 

Dear Sandra, Robert, James and Brad -

I hope that this note finds you well. With the rescheduled TAC meeting fast 

approaching, I would like to run through a few items with you. 

First, we are prepped for your arrival on Tuesday for the blockchain panel -

if you encounter any complications, please let me know. 

Second, the agenda and schedule remain the same as the original meeting. 

Again, we are very much looking forward to a robust discussion on Tuesday. 

For convenience, I have attached the detailed agenda to this message. 

Third, I would like to confirm whether you would like for us to submit a 

lunch order for you. We will be hosting a pay-on-your-own luncheon for TAC 

members and panelists at 1 :15 pm, with boxed lunches from Corner Bakery for 

$13, and we would love for you to join us. If you would like to order a 

lunch, please complete the attached form and return it to me as soon as 

possible. All moneys will be collected on the day of the meeting - cash 

only, please. 

(James and Andrew - I have your orders from last month - please just confirm 

whether you would like the same orders submitted.) 

Fourth, we plan to hold a meeting of the CFTC's interdivisional staff 

working group on blockchain and digital currencies immediately following the 

conclusion of the TAC meeting. The meeting is slated to run from 4:00 to 

5:30 pm, and is intended to continue the blockchain discussion from the 

meeting, but directly with CFTC staff. We hope that you will be able to 

join for any or all of it - please just let me know if you would be willing 

to do so. 

And finally, with respect to the panel discussion itself, I would like to 

11 
LabCFTC For Internal Use Only 

make sure that everyone is on the same page viz. their presentations. To 

that end, would you please circulate amongst the group an outline or other 

materials that you plan to present? Also, if you plan to have a PowerPoint 

presentation, please send that to me as soon as possible so that out support 

personnel can load it into the system. 

Thank you, again, both for your participation in the TAC meeting and for 

your flexibility surrounding the rescheduling of the January meeting. We 

a re looking forward to the discussion to come on Tuesday. 

Best regards, 

Ward 

Ward P. Griffin 

Special Counsel to Chairman Timothy G. Massad U.S. Commodity Futures Trading 

Commission Three Lafayette Centre 

1155 21st Street, N.W. 

Washington, DC 20581 

{202) 418-5425 

This e-mail, including accompanying communications and attachments, is 

strictly confidential and only for the intended recipient. Any retention, 

use or disclosure not expressly authorised by Markit is prohibited. This 

email is subject to all waivers and other terms at the fol lowing link: 

http://www.markit.com/en/about/legal/email-disclaimer. page 

Please visit http://www.markit.com/en/about/contact/contact-us. page for 

contact information on our offices worldwide. 

No virus found in this message. 

Checked by AVG - www.avg.com 

Version: 2016.0.7442 / Virus Database: 4533/11668 - Release Date: 02/21/16 

No virus found in this message. 

Checked by AVG -www.avg.com 

Version: 2016.0. 7442 / Virus Database: 4533/11679 - Release Date: 02/22/16 

12 
LabCFTC For Internal Use Only 

NY Office Hours July 2017 

Non Responsive Record 

ConsenSys (Jason 

Brett, Joseph 

Lubin, Amanda 

Gutterman, 

Vanessa Grellet, 

Igor Lilic, Patrick 

Berarducci) 

W\-VW .consenS)l:S, 

"ConsenSys is a venture production studio 

building decentralized applications and 

various developer and end-user tools for 

blockchain ecosystems, primarily focused on 

Ethereum." 

Advertises as "largest Ethereum developer in 

the world." Useful from outreach perspective 

as well as for update on current DLT 

trends/initiatives. James has been involved in 

TAC as well. 

Con.senSy.s had an introductory call with 

LabCFTC in June. 

Joe Lubin who was one of the 8 

founders/creators of Ethereum did most of 

the presentation. Joe began ConsenSys about 

3 years ago to build infrastructure for the 

Ethereum ecosystem. Currently working on 

about 30 projects at the protocol level and 

[Tntrod11ctio11s and overview ofLa/JCFTC] 

Notes on Ethereum Framework 

• Ethereum provides a means to establish both public blockchains and

private, permissioned blockchains. The software is the same, but can 

be installed in a publicly accessible server or a private one that is 

behind a firev ..,all. 

• Ethereum offers scalability. Proof of work (Bitcoin) replaced by Proof 

of Stake, which increases throughput. Consensus mechanism is 

moving to sharding. 

• 99% of Ethereum installations are private, permissioned networks, 

not public blockchains. 

The .structure of Ethereum is a "virtual machine." Joe Lubin • 

explained that if the program runs on one node, then there i.s 

assurance it can run on all nodes of the Network. 

Notes on UPORT: 

UPORT is a self-sovereign identity tool. Actors control their identity and 

what is shared using the blockchain network. This model can be used by an 

organization or nation-state as well. 

• Government of Dubai as part of its Blockchain 20/20 Strategy, 

net 

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LabCFTC For Internal Use Only 

NY Office Hours July 2017 

application level. 

Conscnsys also docs consulting work with 

firms interested to use Ethcrcum. 

Lmd registry • 

• Identity/ KYC

• State-issued currency 

How can LabCFTC hclg? Hmv can ConscnSys garticigate? 

• Knowledge resource 

• Lead as part of a responsible industry 

• Advance public/social mission [details here?] 

• No-action to support live testing and data gathering

• Set up blockchain at CFTC

• Participate in a CFTC-sponsored sandbox

• Working with Dubai on smart cities (Microsoft/Deloitte). Enterprise 

• Token differentiated from security (they had concerns with SEC) 

• Conscnsys aims to drive adoption: 

(1) infrastructure for applications - music, crmvdfunding 

(2) companies wanted assistance with blockchain (Fortune 500) 

it is a public blockchain ... there is a private/perrnissioned 

Version... 

■ Software can be configured privately behind the fire,vall... 

■ Proof of work; proof of stake (9 months); 

and then sharding the system (18 months).... 

• Privacy and confidentiality can be address in public versions, BUT 

That has not happened yet. .. 

• Ethereum virtual machine - write a program on any system ... 

By 2020 Dubai will have all government docs blockchain based: 

They can do proof of concept in a private network that can 

Eventually port to public...LAND, TITLE, REGISTRY, KYC, ID 

• Self-sovereignty: people can create the identity (container) . 

• Position: responsible use-cases for the industry... 

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LabCFTC For Internal Use Only 

NY Office Hours July 2017 

• US POLICYMAKER DESIRE TO ADOPT BLOCKCHAIN 

(POC) IS ASK A LA DUBAI 

WHAT IS A SANDBOX IN THE US? SEC, DCC, FDIC 

OVERLAP ... TEST IN THE UK (18 ALLOWED) 

*** DECENTRALIZED TOKEN EXCHANGE 

*** DERIVATIVE EXCHANGE (CAN WE TEST) 

**** 50 STA TES IS AN ISSUE from regulatory perspective; WANT 

A SINGLE VOICE 

NEXT STEPS: deeper dive on tech? 

■ FIA Marketing: can use their channels...at a cost. 

• Twitter/ Linkedln; email newsletter (Heather Vaughn). 

Non Responsive Record 

6