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Weekly Wrap Up #55

Quote of the week:  “Digitizing documents for traditional clearance processes, and transactions in international trade can take up to 120 days to complete, but with bills of lading tracked through blockchain, the need for such processes and potential for double spending is eliminated.”- Zen Young, CEO of Web3Auth. Source:

https://cointelegraph.com/news/how-blockchain-technology-can-revolutionize-international-trade

Alpha Sigma Capital in the News: The recent downfall of Celsius Network LLC may be a harbinger of things to come for other troubled cryptocurrency startups, whose backers appear reluctant to prop them up with emergency funds, investors and analysts say.  Enzo Villani, CEO, shared his insights in Wall Street Journal’s article, Investors Take Sink-or-Swim Approach to Struggling Crypto Startups.

A New Bitcoin City is Formed: This week, Honduras launched ‘Bitcoin Valley’ in the town of Santa Lucia, twenty minutes from the capital. In this ‘Bitcoin Valley’ tourists can pay for goods and services with cryptocurrencies in an effort to attract more tourism. Source: https://www.fxempire.com/news/article/honduras-launches-bitcoin-valley-in-the-tourist-town-of-santa-lucia-1080732

Robinhood is Fined by New York State Financial Regulator: The New York State Department of Financial Services issued a statement this week that mentioned that the crypto arm of Robinhood Markets Inc. did not set aside sufficient funds and resources to address compliance and cybersecurity risks. As a result, the company was fined $30 million for alleged violations of anti-money-laundering, cybersecurity, and consumer protection rules. Source: https://finance.yahoo.com/news/robinhoods-crypto-arm-fined-30-142209940.html

Charles Schwab Asset Management Division Launches Crypto-Linked ETF:  This week, an arm of Charles Schwab launched an exchange-traded fund with exposure to firms involved in mining and staking cryptocurrencies and/or developing blockchain-based apps or distributed ledger technology. The company announced that the ETF will be available on August 4 under the ticker STCE on the New York Stock Exchange’s Arca. Source: https://cointelegraph.com/news/charles-schwab-s-asset-management-arm-launches-crypto-linked-etf

SEC Charges 11 Individuals for Cryptocurrency ‘Ponzi Scheme’: On August 1, the SEC announced that it charged 11 individuals with creating and promoting a $300 million cryptocurrency ‘Ponzi Scheme’ for over two years. Source: https://www.marketwatch.com/story/sec-charges-11-with-creating-promoting-300-million-crypto-ponzi-scheme-11659373856?siteid=yhoof2

Cardano Vasil Hard Fork Delayed Again:  Cardano’s Vasil hard fork was scheduled to go live last month; but, the upgrade is delayed again for at least several weeks. Cardano’s blockchain development team is prioritizing a smooth network transition and upgrade; and, the company made a strategic decision to hold off on the upgrade until all parties are ready for it. Source: https://cointelegraph.com/news/cardano-vasil-hard-fork-hit-with-another-delay-for-several-weeks

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.