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Weekly Wrap Up #8

Quote of the week:

“What we believe we do is bring a perspective to the market as a multi-rail payment provider. We have to be in this space because people are looking for answers.” -Mastercard CEO Michael Miebach.

Source: https://cointelegraph.com/news/we-have-to-be-in-the-crypto-space-mastercard-ceo-says

International Regulation Featuring Germany: As of August 2, German institutional funds are able to hold up to 20% of their assets in cryptocurrency. This law passed in early July will further encourage blockchain development and cryptocurrency adoption in the country. It is noted that approximately $415 billion worth of investments could flow into cryptocurrency from this legislative rule.

Source: https://cointelegraph.com/news/german-law-allowing-institutional-funds-to-hold-crypto-comes-into-effect-aug-2

United States Digital Asset Regulation: Representative Don Beyer has introduced a bill called the Digital Asset Market Structure and Investor Protection Act that would allow the Treasury Secretary to veto the creation of stablecoins, direct regulators to define rules for decentralized finance, and even potentially create a charter for crypto exchanges. This bill would further regulate digital assets and define cryptocurrencies.

Source: https://www.coindesk.com/new-crypto-bill-in-us-congress-is-the-most-comprehensive-yet

United States Crypto Tax Regulations: After the tax reporting requirements in the cryptocurrency tax bill were released, many were discouraged and stated that it was “unworkable.” The bill intends to fund $1 trillion in infrastructure improvements through increased tax enforcement on cryptocurrency entities. Many, including Senator Pat Toomey, are pledging to amend the bill and have urged Congress not to “rush forward with this hastily-designed tax reporting regime for cryptocurrency.”

Sources: https://www.coindesk.com/senator-toomey-calls-text-of-current-crypto-tax-proposal-unworkable and https://finance.yahoo.com/news/crypto-tax-exemptions-floated-1t-175042089.html

NFTs, A Hot Topic: At the National Basketball Association Summer League games next week, NBA Top Shot will be selling exclusive NFTs that will commemorate “Moments” and a highlight of each of the games. They will mark the first time that Moments have been sold at an NBA game.

Source: https://cointelegraph.com/news/top-shot-to-sell-exclusive-nft-moments-at-live-basketball-games

Ethereum Update: On July 5, Ethereum endured an adjustment called Ethereum Improvement Proposal 1559, which upgraded its software. This upgrade changed the way transactions are processed on Ethereum; transaction fees are expected to stabilize and the supply of the ether token is expected to decrease. After initially trading lower prior to the upgrade, Ether gained momentum and was up 2.6% to $2,796.

Sources: https://finance.yahoo.com/news/1-ethereum-software-upgrade-activated-133313028.html and https://coinmarketcap.com/currencies/ethereum/

And, that’s a wrap!

Jordana Cohen,

Associate

Alpha Sigma Capital

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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.