Hello everyone, I hope you are all having a great week! This week’s newsletter features a podcast with Sam Auch, who has been graciously helping out at Hodder Law Firm as a Legal Analyst for the past month. I have really enjoyed working with Sam, he has extremely valuable technical knowledge in the crypto space, especially when it comes to DeFi and Lightning. He’s also a former CPA, so it’s really great to get his perspective on the tax implications of various transactions. In our podcast, we discussed:
the OFAC Sanctions going on with Russia,
Senator Warren’s misguided Sanctions Compliance Bill against crypto,
President Biden’s Executive Order,
The risks of Central Bank Digital Currencies,
The Virginia Banking legislation that allows a bank to hold private keys,
The EU proposal that would have banned bitcoin mining for environmental reasons, and
The real energy footprint of Bitcoin
Check it out here
In the Crypto News this week:
(1) Congressman Tom Emmer and seven other Congress members sent a letter to the SEC requesting information about how the Division of Enforcement and Examination collects information on the digital asset and blockchain firms. The letter is beautifully written and well-worth a read!
(2) The SEC announced its proposed rule to require public companies to disclose information about their climate-related risks and the emissions they generate at their facilities. Larger filing companies would require an independent audit of their climate-related numbers. This rule could transform the SEC into the country’s leading enforcer of climate-related disclosures. Some experts have questioned whether the SEC has the necessary expertise on climate issues.
The state of West Virginia has already indicated opposition to the new rule, stating that it advances prejudice and animus towards groups and activities that are politically disfavored. The new rule could allow elected officials to push the Commission to compel costly and unjustified collection and disclosure information solely to satisfy activists.
(3) The Canadian Freedom Convoy donations that were made in Bitcoin have proved hard to seize. Despite the Emergencies Act measures, of the over $1 million raised in Bitcoin to support the truckers, only around $306K has been frozen. Jack Doresey, former CEO of twitter actually unfollowed Trudeau.
(4) Florida passed HB 273, clarifying some of the problems and confusions created by the Espinoza case. The legislation clarifies that individuals or companies selling virtual currency do not require a money transmitters license, only custodial platforms performing exchange services need the cumbersome license.