🌏Our Contributions to the Industry
Last updated
Last updated
The Network Firm is extremely proud to have contributed to many important initiatives from a policy, professional standards, and educational perspective to further the digital asset space.
Texas House Bill 1666 - 'Proof of Reserves' Law: In partnership with the Texas Blockchain Council, The Network Firm acted as 'industry expert' and contributor for the drafting of the first 'Proof of Reserves' bill passed in the United States.
WY StableToken Act: The Network Firm COO, Jeremy Nau, testified to the Select Committee on Blockchain of the Wyoming Legislature regarding considerations and improvements to the Wyoming Stablecoin Token Act.
Texas Blockchain Council Board Member: The Network Firm's CSO, Clayton Lowery, is a Board Member of the TBC, who promotes blockchain technology initiatives such as bitcoin mining that drive growth and benefit the citizens of Texas. The TBC exists to amalgamate the influence of their members, to advocate for blockchain-centric public policy initiatives and to educate members of government about the benefits of blockchain technology.
AICPA Digital Asset Attestation Working Group: As part of the AICPA's digital asset attestation working group, The Network Firm helped contribute to the Criteria for determined the Sufficiency of Redemption Assets (SORA) for stablecoin issuers, the first criteria on the subject issued by the American Institute of Cerified Public Accountants. Additionally, The Network Firm contributes to the "Stablecoin Controls" (working title) to develop reporting criteria for controls related to stablecoin operations.
Cryptocurrency Security Standard (CCSS) Committee: The Network Firm CEO, Noah Buxton sits on the CCSS Committee of the C4, developing standards and criteria for best practices related to Cryptographic Key Management. The CryptoCurrency Certification Consortium (C4), is a non-profit organization that creates unbiased education and certifications to help users of Bitcoin, Ethereum, and open blockchain technology negotiate the space safely, as well as to test and verify their knowledge and competence. In addition, C4 developed the first ever CryptoCurrency Security Standard, which provides an easy-to-understand security rating for private key management. Learn more about the Cryptocurrency Security Standard (C4).
Accounting Working Group - Chamber of Digital Commerce: The Network Firm chairs the CDC Accounting Working Group, who's mission is to establish practical accounting standards for digital assets to ensure transparency and clarity. The Chamber’s advocacy led to the fair market value accounting treatment for digital assets, and we will continue collaborating with policymakers for clear, consistent standards that reflect our industry’s innovations.
Proof of Reserves Whitepaper - Chamber of Digital Commerce: TNF leaders led the Chamber's initiative of craft of Proof of Reserves Best Practices whitepaper, outlining an industry-wide approach for Proof of Reserves, intended to increase the confidence level of consumers, policymakers, and regulators that exchanges and custodians are managing their assets appropriately. The comprehensive Best Practices resource was meant to serve the industry with practical guidance on the core concepts of Proof of Reserves and implementation. This was the first time the industry has an actionable rubric for adopting this important standard.
Blockchain Law Guest Professor - University of California, Berkeley: The Network Firm COO, Jeremy Nau, was invited to present at UC Berkeley's Law School on the topics of FTX, Proof of Reserves, and impacts to the legal and accounting professions
