Hodder Law Weekly Newsletter - January 25, 2023
I hope you are all having a great week! The price of Bitcoin as of Wednesday, January 25 at 5:10 p.m. EST is $23,434.
SWIFT cuts access for crypto exchanges. Starting on February 1, banks on the SWIFT network will no longer process fiat currency transfers to crypto exchanges unless the value of the transfer is over $100,000 USD. This is a drastic move from the secretive Belgian-based financial network that facilitates the transfer of trillions of dollars on a daily basis.
The US government wants you to know it's cracking down on crypto. On January 18, the Justice Department announced a “major crypto enforcement action” scheduled for noon. Crypto markets plunged 5%. The DOJ shut down an obscure Russian crypto exchange called Bitzlato. Markets rebounded almost instantly.
Binance processed dirty Bitzlato funds. Millions of laundered funds ended up on Binance, which could raise questions about Binance's anti-money-laundering program.
After FTX: How congress will regulate crypto. The first move could be legislation overseeing stablecoins. One of the challenges Congress faces with crypto regulation is that one of every three members received donations from SBF and FTX.
Stellar Foundation joins CFTC Advisory Committee. The Stellar Development Foundation will join traditional financial industry giants like J.P. Morgan and BlackRock. Nobody will be representing the ethos of Bitcoin.
Mississippi & Missouri lawmakers introduce Bills to protect the rights to mine bitcoin and run a node. These Bills would outlaw discriminatory practices against Bitcoin miners, including manipulating zoning regulations and energy rates to disrupt the industry. State actions like this are vital in helping to transition and modernize the financial system. It also ensures they aren’t left out of the next Bitcoin and crypto boom.
New Hampshire recommends a statewide Bitcoin mining energy plan. Governor Chris Sununu’s “Commission on Cryptocurrency and Digital Assets” recommends the NH Department of Energy integrate Bitcoin mining into the state’s energy plans. The Report highlights many positive impacts on New Hampshire’s electricity system. It also demonstrates the important role States have in the future integration and adaption of Bitcoin and other cryptocurrencies in the U.S.
Internet censorship has been happening in communist countries like China, Iran, and North Korea for years, but now it’s coming to the western world too. The US, Canada, the UK, and Europe all have online speech-censoring legislation pending. Full blog on the Hodder Law website here.
“Don't take criticism from someone you wouldn't take advice from." Jim Kwik
Make it a great week! Sincerely, Sasha Hodder Hodder Law firstname.lastname@example.org www.hodder.law