Hodder Law Weekly Newsletter - May 19, 2023
Hello everyone,
I hope you are all having a great week! The price of Bitcoin as of Friday, May 19 at 8:20 p.m. EST is $26,885.
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Headlines.
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Leak reveals a secret plan for U.S. crypto crackdown. A leaked document circulated amongst Democratic House financial service committee members shows how partisanship around crypto has become entrenched, and they are trying to crush the industry with burdensome regulation.
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Coinbase enlists legal and political heavyweights in battle with SEC. Former politicians from both parties are joining the Coinbase Advisory Council. They’ve even enlisted former SEC Chairman Jay Clayton to their team. The US Chamber of Commerce has also denounced the SEC's efforts against Coinbase.
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US Secret Service to hold AMA to educate crypto users. The cryptocurrency subreddit forum on Reddit has over 6 million users worldwide, and most of them are likely very skeptical of any government agency's intentions. The question and answer session took place on Monday, May 15, and can be viewed on Reddit.
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Frogs, Fevers and Fees: Bitcoin's New Governance Challenge. As the new BRC-20 standard has allowed for the creation of Bitcoin-based meme-coins the entire network has been bogged down with high transaction fees. Some argue that filters are necessary, however, that type of censorship is the antithesis of what many think Bitcoin should be about.
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As Bitcoin scales, we need better custodial solutions. As the price of Bitcoin fee rates has skyrocketed, new solutions will be needed for Bitcoin to scale towards mass adoption. The Lightning network can help.
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U.S. Senators introduce a bill requiring reports on El Salvador's Bitcoin adoption. U.S. lawmakers want to know of any impact or risks to the financial system that Bitcoin adoption could lead to. Since El Salvador is one of only about 8 nations that uses the U.S. dollar as legal tender, the bitcoin experiment is of particular interest to Washington.
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The 2024 presidential election could make or break Bitcoin in the U.S. With the leading candidates of both main parties in their 70s and opponents of Bitcoin, change at the top is drastically needed. The current monetary system is a house of cards waiting to collapse, and Bitcoin is the solution. We urgently need a pro-Bitcoin candidate for President.
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Our greatest glory is not in never failing but in rising every time we fall - Confucius
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Make it a great week!
Sincerely,
Sasha Hodder
Hodder Law
