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Hodder Law Weekly Crypto Newsletter - November 1, 2022


Hello everyone,


I hope you are all having a great week! The price of Bitcoin as of Tuesday, November 1st at 2:25 p.m. EDT is $20,435.


Headlines.


Binance owns part of Twitter now.

The crypto exchange committed $500 million to the Musk takeover of Twitter in order to strategically integrate social media and news sites into the future of web3. Binance was 1/19 parties that helped finance Musk's takeover. #CryptoTwitterSafu.



Twitter Working Crypto Wallet Prototype.

Twitter is working on implementing a twitter native crypto wallet that would not rely on a third-party service. This feature will allow users to easily send and receive tips and more easily integrate the NFT profile picture. #TwitterTips.



Fall Flurry of Crypto Trademark Filings - Visa, PayPal, Western Union

- Financial service giants are moving forward with crypto & Web3-related products. There have been 3X the filings ytd 2022 compared to 2021. Visa appears to be creating an NFT wallet. #LateToTheParty.



El Salvador & Swiss city, Lugano, Sign Agreement to Help Spread Bitcoin Adoption and Education.

El Salvador opened a Bitcoin office in Lugano with the goal of promoting bitcoin throughout Switzerland, Italy, and the rest of Europe. Many pro-crypto politicians and advocates attended the announcement at Lugano’s Plan B Forum. #FixTheMoneyFixTheWorld.



Hong Kong Government implements VASP license.

The Director of the Financial Services and Treasury Bureau announced a new licensing regime that would prevent retail investors from accessing unlicensed crypto exchanges in an effort to thwart money laundering. The license will be required by March 1, 2023. #HongKongBitLicense.



Over 200 former US Regulators joining Crypto Firms.

Democratic Senators Elizabeth Warren & Sheldon Whitehouse, and three Congress members, sent a letter to the SEC, CFTC, Treasury, Federal Reserve, FDIC, CFPB, and Comptroller of the Currency, asking why so many regulators are joining crypto firms. “ Answers to their questions are due Nov. 7.



The U.S. Will Weaponize The Dollar By Backing It With Bitcoin.

This editorial opinion piece by Luke Mikic explores his theory as to why the monetization of bitcoin benefits the United States disproportionally more than any other nation. He explains why he believes Bitcoin will extend the life of the USD in a transition from an oil-backed dollar to a bitcoin-backed dollar reserve asset. Mikic believes the bitcoin-backed dollar is the only alternative to a rising Chinese CBDC threat. Ultimately he believes bitcoin can provide the technological innovation that will dissolve the nation-state.



SBF crushed by Voorhees.

FTX founder and CEO Sam Bankman-Fried recently posted a policy draft on the FTX website titled “Possible Digital Asset Industry Standards” describing a set of standards that the crypto industry could enact. Erik Voorhees, founder of open-source self-custody platform, ShapeShift, posted a response titled A Response to SBF and Principled Crypto Regulation — Money and State. This prompted a discussion between SBF and Voorhees on the YouTube channel Bankless. Voorhees arguments came across as well developed and thoughtful. This discussion exposed many of SBF’s views on the future of crypto regulation; he seemed too eager to compromise on many crypto community ideals, which could be harmful for the development of the crypto industry.



Amazing podcast by LexNode - Gabriel Shapiro.

A member of the LeXpunk group of crypto lawyers, Shapiro is one of the most outspoken and prominent voices speaking to regulation in the crypto world. Recent developments include the latest draft of the DCCPA bill, Sam Bankman Fried’s proposal, CFTC charging Ooki DAO, and the Tornado Cash sanctions. The YouTube video titled 100% of DeFi Could Become Illegal was aired on the The Defiant - DeFi, Web3 & NFT Insights YouTube channel on Oct 27.



I'll be Speaking at the FBBS Summit in Tampa on Nov 4.

The goal of the Summit is to make Florida the world leader in blockchain and financial technology. It will be a meeting of stakeholders, businesses, and political leaders from around the world. Hope to see you there! Use discount code Fbba1001 when purchasing your tickets. #FloridaBitcoinState



The US-based company offering simple and secure crypto security solutions.

For crypto to be adopted by the masses, easier ways of storing and securing crypto are a must! Complicated hardware wallets leading to user error and frustration are a barrier to entry that discourage people to invest in crypto. The Ballet wallet requires no set up time and is the world's easiest to use cold storage wallet. Check out the Ballet Wallet here!



As Ray Dalio, (an American billionaire investor, founder of investment firm Bridgewater Associates, one of the world's largest hedge funds) recently said:

"As you know, market pricing reflects expectations of the future; as such, it paints quite detailed pictures of what the consensus expectation of the future is. Then, the markets move as a function of how events transpire relative to those expectation. As a result, navigating markets well requires one to be more accurate about what will happen than the consensus view built into the price. That's the game."



Make it a great week!

Sincerely,


Sasha Hodder

Hodder Law

sasha@hodder.law

www.hodder.law







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