Hodder Law Weekly Newsletter - February 1, 2023
Hello everyone, I hope you are all having a great week! The price of Bitcoin as of Wednesday, February 1 at 5:30 p.m. EST is $23,731.
Headlines.
California DMV puts car titles on the blockchain. The California DMV is testing the use of the Tezos blockchain to issue car titles, with plans to host all DMV-related consumer applications. They also hope Blockchain technology will provide a practical solution to transaction fraud in the used automobile industry.
Moody will be rating stablecoins. Moody's is developing a system to rate stablecoins based on the quality of the reserve attestations given by the companies supporting them. This system will promote transparency in the stablecoin ecosystem and foster the growth of this sector as more companies become involved. I just hope it doesn't become pay to play.
Bitstop founders bought Genesis Coin. Miami-based Bitstop has acquired the pioneering Bitcoin ATM and software company Genesis Coin. Combined, they now control over 12,000 Bitcoin ATMs worldwide, represented by 75 operators. Genesis is now relocating their headquarters to Miami.
Clover partners with Strike to expand Bitcoin's Lightning Network to Merchants. Paying with Bitcoin can be done as easily as Visa or MasterCard at merchants using Clover payment systems. Following the trial period, Strike will join the Clover app store to integrate the Lightning network into all Clover systems.
White House asks Congress to step up its efforts on Crypto regulation. Four senior officials in the Biden administration released a statement calling for more disclosure requirements, increased penalties for violations of illicit finance rules, and more ties to international law enforcement partners in dealing with crypto crime. They warn against deepening the ties between crypto and traditional financial markets, threatening the government's control over the nation.
Custodia Bank was denied Federal Reserve System membership. The Federal Reserve Board denied the Wyoming-based financial institution due to “safety and soundness risks.” Custodia still has a master account application pending with the Fed, which they filed in October 2020. In June last year, Custodia filed a lawsuit against the Fed, accusing the central bank of unlawfully delaying the decision on their master account application.
Feds want Sam Bankman-Fried to stop contacting potential witnesses on Signal. SBF is being accused of witness tampering and could have his bond agreement modified to prevent interference in the case. Prosecutors filed to prevent SBF from reaching out to former and current employees at FTX and Alameda unless he’s with a lawyer or has government permission.
Bitcoin NFTs are being inscribed on the blockchain and taking up a lot of block space. There has been a fierce debate on Twitter the past few days as to whether NFTs on the blockchain are an attack on Bitcoin or good for overall adoption. To inscribe, a user needs to run a full node, which helps secure the network. The miners are also getting paid a lot more fees as a result.
The Celsius examiner report went hard against the bankrupt crypto lender. The report is 689 pages long and shows significant fraud and Ponzi-like behavior from the former CEO, Alex Mashinsky.
HODLCast
BlockFi update for February 2023 / Customer withdrawals!
“Don't take criticism from someone you wouldn't take advice from." Jim Kwik
Make it a great week! Sincerely, Sasha Hodder Hodder Law sasha@hodder.law www.hodder.law
