Hodder Law Weekly Newsletter - January 5, 2023
Hello everyone,
I hope you are all having a great week! The price of Bitcoin as of Thursday, January 5 at 12:49 p.m. EST is $16,814.
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Headlines.
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Gemini's Cameron Winklevoss tweeted a scathing to Barry Silbert. The Digital Currency Group (DCG) allegedly owes $1.675 billion to Gemini Earn customers. Winklevoss is asking for a public reply and a commitment to work together to solve the problem by January 8th. The Tweet has over 8.6 million views and counting.
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Regulators in the Bahamas seized $3.5 Billion in FTX customer assets. The Securities Commission of Bahamas will hold the funds until the Bahamas Supreme Court directs them to deliver the funds back to the creditors and customers that are owed. The Commission clarified that it didn’t direct FTX to prioritize the withdrawal of funds by residents of the Bahamas.
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SBF plead not guilty on Tuesday. If the case goes to trial, SBF has virtually no chance of an acquittal, former Watergate prosecutor Nick Ackerman said. SBF has no one to point the finger at since his accomplices have pleaded guilty. He might just be buying time for his defense team to negotiate a lighter sentence.
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SEC Chair Gary Gensler warns of imminent crypto crackdown. Comparing crypto companies to casinos and the wild west, Gary Gensler is again making statements proclaiming he's the sheriff of the crypto world. Proving that crypto companies have reserve assets to back up customer funds isn’t enough for Gensler. The SEC looks to come out guns blazing against crypto exchanges not in SEC compliance in 2023.
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Bitcoin's theme for 2023: "& then they fight you." As central banks unleash a flurry of debt, cheap cash, and inflation worldwide, Bitcoin should be more relevant than ever. False claims leveled against bitcoin by the n the central banks will likely increase the fight against crypto in the coming years.
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The topics that will define Bitcoin in 2023. This year will usher in more government overreach and infringement on personal privacy. Central Bank Digital Currencies are also bad news for 2023. The rise of Bitcoin maximalists and self-custody innovations are reasons to celebrate, while the lightning network will help develop Bitcoin's transactional and commercial potential.
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Michael Saylor was tax loss harvesting. On Dec 22nd MicroStrategy sold 704 BTC at $16,776 for tax purposes to offset some of the capital gains they’ve had. To reassure everyone that their position on Bitcoin hasn’t changed, they purchased 810 BTC at $16,845 per coin on Dec. 24th.
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HODLCast
This week's episode of the HODLCast features:
CRYPTO 2023 PREDICTIONS FROM LAYAH HEILPERN, BITBOY, TONE VAYS, & MANY MORE EXPERTS!
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Bitcoin is not a currency for a government, it is a global currency for the people - Wences Casares
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Make it a great week! Sincerely, Sasha Hodder Hodder Law sasha@hodder.law www.hodder.law
