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Weekly Wrap Up #18

Quote of the week: “Might not happen but it would be extremely healthy for both $BTC and alts. Be prepared either way.”- Twitter trader Galaxy. Source:

https://cointelegraph.com/news/bitcoin-hitting-59k-would-be-extremely-healthy-says-trader-as-btc-price-retreats

Alpha Sigma Capital Update: If you’re questioning what an NFT is, please take some time to read Alpha Sigma Capital’s article on What You Need to Know About NFTs.

United States Regulation:  This week, President Biden signed the $1 trillion infrastructure bill into law. The bill contained language applicable to cryptocurrencies; the bill will implement stricter rules on reporting requirements for brokers and businesses handling cryptocurrency. Digital asset transactions worth more than $10k will have to be reported to the IRS. Many are fighting back and calling for revisions to the definition of a “broker” in the bill, including Democratic Congresspeople led by Darren Soto. Many call for miners, validators, and wallet developers to be excluded from being considered “brokers” for tax purposes. Sources: https://cointelegraph.com/news/president-biden-signs-infrastructure-bill-into-law-mandating-broker-reporting-requirements

https://cointelegraph.com/news/us-lawmakers-push-back-on-crypto-provisions-in-infrastructure-bill

Bitcoin Adoption Continues with ATMs in Airports:  The city of Williston, North Dakota, continues to explore and adopt cryptocurrency. The city’s officials recently announced the installation of “government-hosted cryptocurrency” kiosks or ATM machines at its Williston Basin International Airport. The kiosk will allow travelers to buy and sell 40 cryptocurrencies, including Bitcoin, Ethereum, Dogecoin, and Shiba Inu, among others.  Source: https://cointelegraph.com/news/us-city-sets-up-bitcoin-atm-in-airport-after-crypto-payment-adoption

International Regulation Featuring Israel: This week, Israel’s new anti-money laundering (AML) and anti-terrorist financing rules for cryptocurrency assets come into effect. The new legislation covers the identification and verification of crypto recipients, reporting requirements for cryptocurrency forms, and presents a risk-based approach to deter money laundering. This will also reduce transfer blocks, allowing local banks to more easily onboard and accept cryptocurrency clients. Source:  https://finance.yahoo.com/news/israel-aml-rules-may-help-195524256.html

Bitcoin Update: After the United States infrastructure bill was signed, among other market factors, Bitcoin’s price snowballed. The price of Bitcoin has plunged below $60,000. Many are hoping that a relief rally is around the corner. 

Sources: https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-ethereum-news-today-live-b1959179.html

https://coinmarketcap.com/currencies/bitcoin/

NFT Mass Adoption Continues: Featuring Music Artist Post Malone: 

Rapper, celebrity, Post Malone bought two Bored Ape Yacht Club NFTs for approximately 160 ETH via MoonPay. In his music video, in collaboration with The Weekend, the artist purchases the NFTs. MoonPay is a fintech startup that provides cryptocurrency payment infrastructure. Source:  https://cointelegraph.com/news/post-malone-features-bayc-nfts-in-new-music-video-with-the-weeknd

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.