Hodder Law Weekly Newsletter - May 12, 2023
Hello everyone, I hope you are all having a great week! The price of Bitcoin as of Friday, May 12 at 5:00 p.m. EST is $26,448.
Voyager Gives Up Finding Buyer, Plans to Liquidate After Binance Deal Goes Bust. Former customers looking to recover a portion of their funds should be able to do so in a few weeks. Some of the digital assets that can’t be withdrawn will be liquidated and returned to customers, while some of the major cryptocurrencies on the platform will be returned to customers in digital form at a recovery rate of around 36%.
Bitcoin Network Congestion Causes Binance to Pause Withdrawals. The cost of a Bitcoin transaction was higher than the fees Binance had programmed for their customers which caused the stoppage. The congestion is from all the data taken up by Bitcoin Ordinals and the adoption of the BRC-20 inscription standard. At some point in the future, Binance plans to integrate the Bitcoin Lighting network as a solution.
The Business Case For Implementing Bitcoin's Lightning Network. Technological innovations around the Lightning Network can bring the mass adoption of crypto to reality. The cost savings in moving away from credit card transaction fees will attract people to the instantaneous settlement options the Lightning network provides at a lower cost.
'Attack on Bitcoin’ Claims Circulate as Transaction Fees Climb Higher. Though some may see it as an attack, the Bitcoin network is experiencing growing pains from the success of Bitcoin Oridinals. The total number of Bitcoin-based ordinal inscriptions numbered around 4.3 million on Sunday and will continue to grow.
Montana Passes Bill Protecting Bitcoin Mining From Undue Requirements. Montana is one of the first states to protect Bitcoin mining from discriminatory acts of local governments. Knowing their utility rates won’t be unfairly impacted in the future might help draw more Bitcoin mining businesses into the vast northern state.
Binance Faces US Probe of Possible Russian Sanctions Violations. Binance claims their “know your customer” protocols are in line with what’s expected of the traditional banking sector, and they fully comply with US and international sanctions. With an impending court battle with the CFTC on the way it appears US regulators are going after Binance from several directions.
New York Attorney General Seeks New Crypto Powers for State Regulators. Provisions in the proposed legislation will make it easier for customers to get their money back from exchanges if they are victims of fraud. Critics say the legislation misunderstands crypto and is likely impossible to apply on decentralized exchanges.
The person who says it cannot be done should not interrupt the person who is doing it. -Chinese Proverb
Make it a great week!