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Weekly Wrap Up #12

Quote of the week:

“We firmly believe that NFTs would become a currency in their own right in the nearest future, hitting the mass market as the next asset class after cryptocurrencies.” – Ken DiCross, AirWire founder and CEO

The United States Threatens to Sue Coinbase: The United States Securities and Exchange Commission is threatening to take legal action against Coinbase if the exchange follows through with its plans to launch its lending platform, Lend. Lend is a program that intends to allow users to earn interest on lent assets. Coinbase claims that the SEC has not even told the company why it’s threatening to sue. On September 1, the SEC issued the exchange a Wells Notice and is claiming that the lending feature is classified as a security. Source: https://blockworks.co/the-sec-will-sue-coinbase-if-it-launches-lend/

NFTs on the Rise: It is stated that NFTs are in an extremely early stage; but, their growth is expected to be explosive. NFT growth so far has already caught industry attention. AirWire, a Los Angeles- based startup backed by VC fund Alpha Sigma Capital has solidified a deal with Anifie to give its musicians on the platform an “NFT camera.” The NFT camera is the first of its kind and is described as “a point and click smartphone app allowing to create and trade NFTs. Fans coming to metaverse concerts download the app, mint NFTs for a small fee going to the artist, trade it through AirWire marketplace: everybody wins.” Source: https://thetokenizer.io/2021/09/08/wall-street-ramps-up-tokenization-infrastructure-as-second-wave-of-digital-assets-builds/

NFTs’ Gone Wrong: OpenSea: Reports have emerged that a bug on OpenSea’s marketplace has destroyed and deleted user-owned NFTs worth approximately $100,000. Source: https://cointelegraph.com/news/opensea-bug-appears-to-have-destroyed-nearly-100k-in-nfts

Bitcoin Update: The price of Bitcoin has rallied over the past weeks. On Thursday, September 9 Bitcoin’s price returned back above $46,000, although the cryptocurrency is down overall about 4% this week.


Source: https://www.coindesk.com/markets/2021/09/09/market-wrap-bitcoin-returns-above-46k-bored-apes-fetch-24m/

International Regulation: Ukraine: On September 8, the Ukrainian Parliament gave the Draft Law on Virtual Assets the green light. The bill received backing from 276 parliament members, but the bill still has to be signed into law by President Volodymyr Zelensky. The bill will grant Bitcoin and other cryptocurrencies legal status. Source: https://finance.yahoo.com/news/ukraine-legalizes-bitcoin-passage-crypto-131853608.html

And, that’s a wrap!

Jordana Cohen,

Associate

Alpha Sigma Capital

jcohen@alphasigmafund.com

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Daniel Siciliano

F. Daniel Siciliano is an Independent Director of the Federal Home Loan Bank of San Francisco and Chair of the American Immigration Council. He is the former faculty director of the Rock Center for Corporate Governance at Stanford University and former Professor of the Practice and Associate Dean at Stanford Law School. His work has included expert testimony in front of both the U.S. Senate and the House of Representatives and for 2009, 2010, and 2011, alongside leading academics and business leaders such as Ben Bernanke, Paul Krugman, and Carl Icahn, Professor Siciliano was named to the “Directorship 100” – a list of the most influential people in corporate governance.

Siciliano was also co-founder, CEO and ultimately Executive Chairman of LawLogix Group, Inc. – a global software technology company named 9 consecutive times to the Inc. 500/5000, several times ranked as one of the Top 100 fastest-growing private software companies in the US and named to the US Hispanic Business 500 (largest) and Hispanic Business 100 (fastest growing) lists for 2010 and 2011. In 2012 he sold a majority stake of the company to PNC Riverarch Capital, continued as Executive Chairman, and led the sale of the company to Hyland Software/Thoma Bravo in 2015.

Siciliano is a co-founder and board member of the Silicon Valley Directors’ Exchange (SVDX), Chairman of the national non-partisan American Immigration Council, past-President of the League of United Latin American Citizens (LULAC) Council #1057, and an active member of the Latino Corporate Directors’ Association.


Siciliano’s related areas of expertise include executive compensation, corporate compliance, the legal and social impact of autonomous (AI/robotic) systems, and corporate technology strategy and security. He has served as a governance consultant and trainer to the Board of Directors of dozens of Fortune 1000 companies (including Google, Microsoft, Fedex, Disney, Entergy and Applied Materials), is an angel investor and consultant to several firms and companies in Silicon Valley, Hong Kong, India, and Latin America, and currently serves as an independent director on the board of the Federal Home Loan Bank of San Francisco. He lives in Los Altos, California.