New Year, New Regulations
Now there’s more regulation to save us from ourselves. Seems like the new year always brings a spate of them. Keeps the legal & regulatory information solutions providers in our industry happy and never hurts those in risk and compliance either. Lots of money to be made in a risk intolerant world where the politicians strangle us, commerce, and anything else they can. Facebook and generative AI go largely unfettered and schools look at AI policies for kids in kindergarten (yes really!) and Facebook pursues encryption which is a travesty for minors. Meanwhile, legislators who don’t understand technology are proposing vehicle speed limiting devices.
Kids can drive their phones, TikTok, and other social media accounts with impunity and still require drivers licenses for cars they don’t want to drive anymore (and which will have speed limiting devices anyway). The world has gone mad. We don’t have to learn technology — just hack away anyone and let the platforms go unregulated but cars — they’re dangerous after all — like the open web isn’t. I always say the internet is a great thing but letting your kids have total access is like telling them to go take a bus or plane anywhere in the world at any time and have a great day after all. We teach kids how to do bibliographies (and now thankfully cursive again) and spend no time telling them how to navigate social media safely. Just let anyone in the world walk into your living room — that’s pretty much it with the open web. But do wear those seatbelts and bike helmets.
Yesterday our corporate attorney wrote about mandatory compliance with the new Corporate Transparency Act (“CTA”) and reminded us of notifications to shareholders for other critical events — that are now mandatory too. All designed to combat money laundering and other illicit activities. Small business can be so fun. I can’t help but be reminded of the time I was in the UK and couldn’t use my own tea bag and open the hot water provided because I might burn myself. It was against the rules and regs to make my own tea in a convention center.
I tell myself to stay focused on clients where the real action happens, and my real passion lives, and to spend time helping them solve real business problems. For the legal, tax & regulatory providers it’s all about competitive positioning because God knows they have plenty of regulations to keep busy for a long time! (We’re here to help!)
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