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Weekly Wrap Up #71

Quote of the week: “[Cryptocurrencies are] going to be regulated and dealt like securities… What does that mean? It means more transparency, it means segregated client funds, the role of the broker as a broker-dealer will be overseeing and the exchanges will be separated from the brokers. The settlement and clearing will be separated from the exchanges… The laws already exist and I think they’re just going to be implemented more strongly.” – Jeffrey Sprecher,  ICE Chief Executive. Source:  FXEmpire.com

 

Goldman Sachs is Eyeing Cryptocurrency Investments:  Despite the downfall of FTX, Goldman Sachs’ head of digital assets Mathew McDermott has relayed that the underlying technology remains intact and that the company plans to spend millions of dollars to buy or invest in undervalued cryptocurrency companies. Source:  Reuters.com

Decentraland Launches Virtual Property Renting Capabilities:  Metaverse platform Decentraland announced a new feature that enables users who own virtual LAND to officially rent out the rights to their space for predefined periods of time. Essentially, LAND owners can become landlords, earning passive income off of their metaverse assets. All of the rentals on the platform are performed in MANA, the native token of Decentraland, and are paid upfront in total. Source:

Cointelegraph.com

International Law Update: According to a December 5 amendment to the law, Hong Kong is to subject cryptocurrency providers to the same anti-money laundering and counter-terrorist financing laws that it does traditional finance firms. Prior to the collapse of FTX, Hong Kong had shown signs of becoming a more cryptocurrency-friendly environment by relaxing its regulations. Source:

Coindesk.com

Galaxy Digital Holding Ltd Will Buy Celsius’ GK8 Unit:  Celsius filed for Bankruptcy in July. This week, Galaxy Digital Holdings Ltd announced that it will buy crypto lender Celsius Network LLC-owned digital asset custody platform GK8. The sale is subject to the court’s approval and other closing conditions. Source: FXEmpire.com

Independent Audit Confirms that Binance’s Bitcoin is Fully Backed:  Mazars, an international audit, tax, and advisory firm confirmed that Binance holds more than all of the Bitcoin needed to cover customer deposits. Mazars reported a 101% collateralization ratio on 575,742 BTC in net customer deposits, which matches what was reported by Binance in its first proof of reserves report last month. Source: Finance.yahoo.com

And, that’s a wrap!

Jordana Cohen,

Associate

Alpha Sigma Capital

jcohen@alphasigmafund.com

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Alpha Sigma Capital
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.