Hodder Law Weekly Newsletter - May 26, 2023
Hello everyone,
I hope you are all having a great week! The price of Bitcoin as of Friday, May 26 at 1:50 p.m. EST is $26,725.
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Headlines.
Coinbase files mandamus petition in response to SEC. Coinbase Chief Legal Officer Paul Agrawal sent a tweet linking to the filing. A mandamus order from the court forces a government official, in this case, the SEC, to properly fulfill their official duties or correct an abuse of discretion.
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Strike expands global reach, introduces USDT support and unveils enhanced app at Bitcoin 2023 conference. Strike CEO Jack Mallers addressed the conference in Miami, announcing that the Lightning app can now reach over three billion people in 65 countries on six continents. His goal is to reach seven to eight billion people across the globe.
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Your old Game Boy can now be turned into a Bitcoin and Ethereum hardware wallet. The Game Wallet developed by crypto startup Keyp allows you to turn any old Game Boy into a cold storage crypto wallet. They’ve made the software open source, so anyone can enhance their concept further. The seed phrases can be generated by your last 500 button pushes.
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Former Ledger CEO expressed devastation over PR disaster and device controversy. A new subscription service offered by Ledger allows customers to securely store their seed phrases while providing Ledger with KYC credentials. These actions go entirely against the privacy and security ethos Ledger was initially founded on.
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How bad is the SEC’s proposed custody rule for crypto? The SEC has proposed to include crypto holdings in their expanded definition of assets in the advisor/client relationship. These proposed rules will likely make it even more difficult for financial advisors to give sound advice in this rapidly growing sector.
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UK will need new laws to accommodate the future digital pound. People aren’t going to be comfortable using CBDCs if they feel their privacy rights are being violated. Let's hope people continue telling the government that privacy and security are critical elements that must be protected.
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Biden's 30% tax on Bitcoin miners 'isn't going to happen,' says Cynthia Lummis. In a fireside chat at the Bitcoin 2023 conference, Senator Lummins of Wyoming said allowing Bitcoin mining to proliferate in the U.S. is a matter of national security and energy security. Participating in advocacy groups educating Americans about Bitcoin’s importance is a crucial step everyone can take to promote a more prosperous future for the world.
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Perfection is not attainable, but if we chase perfection we can catch excellence.
-Vince Lombardi
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Make it a great week!
Sincerely,
Sasha Hodder
Hodder Law
