I hope everyone is doing well and gearing up for a Merry Christmas! Bitcoin hit a new all time high on Sunday, December 20th, of $24,190!
As you may have heard, FinCEN issued a notice of proposed rule making — they gave a whole 15 days for comments — and propose to make Bitcoin and other digital currencies fall under the definition of monetary instrument. This means extra reporting for Banks and Money Service Businesses (MSBs). If the rule goes through, MSBs will need to keep a monetary instrument log, recording any transactions valued between $3,000 — $10,000.
The Log needs to…
The Evolution of Bitcoin Money Transmission Regulation in Florida
If you’re a cryptocurrency company in America, chances are you have sought, or should seek, guidance on the Florida Money Transmission License (“MTL”) requirements. Most companies look to avoid this license, as it’s costly, time consuming, and for many cryptocurrency companies, it’s been considered unnecessary. Yet, failure to apply for the license when it is required, can prove to be a costly mistake. Just ask Mr. Espinoza.
There’s an old legal maxim that the grand jury has a right to every man’s evidence. This Maxim remains true today and the means by which the grand jury retrieves that evidence is through grand jury subpoenas, for testimony, for documents, or for other evidence.
What is a grand jury subpoena?
· It’s a document delivered to an individual requiring them to either appear before the grand jury and testify about things that they know or to deliver documents or other material evidence to the grand jury that they can inspect. …
The forgiveness application must be submitted by October 31, 2020 and can be filled out here: https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf
Instructions for the forgiveness application are here: https://www.sba.gov/sites/default/files/2020-05/3245 0407%20SBA%20Form%203508%20PPP%20Forgiveness%20Application.pdf
Eligible payroll costs. Borrowers are generally eligible for forgiveness for the payroll costs paid and payroll costs incurred during the eight-week (56-day) Covered Period (or Alternative Payroll Covered Period) (“payroll costs”). Payroll costs are considered paid on the day that paychecks are distributed, or the Borrower originates an ACH credit transaction. Payroll costs are considered incurred on the day that the employee’s pay is earned. Payroll costs incurred but not paid during the Borrower’s last pay period of the Covered Period (or Alternative Payroll Covered Period) are eligible for forgiveness if paid on or before the next regular payroll date. Otherwise, payroll costs must be paid during the Covered Period (or Alternative Payroll Covered Period). For each individual employee, the total amount of cash compensation eligible for forgiveness may not exceed an annual salary of $100,000, as prorated for the covered period. Count payroll costs that were both paid and incurred only once. …
On March 27, 2020, President Trump signed into law the largest bill in U.S. History, the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”).
· Up to $10 MILLION loan per small business (any company or non-profit with less than 500 employees), loan is forgiven by the Government.
· The loan can be up to the total of the company’s “payroll costs” for the 12-month period before the loan is made, multiplied by 2.5.
· Payroll costs include the total of the Company’s cost for salary, wages, commissions, tips, plus payment for vacation, parental, family, medical, or sick leave, plus allowances for dismissal or separation, group health care premiums, retirement benefits, state payroll taxes, interest on mortgages, rent, utilities, and interest on debt incurred before Feb 15, 2020. …
March 9, 2020 (#ripbiggiesmalls)
I hope everyone is doing well and staying healthy, this virus feels pretty scary. Some rumors suggest that China has actually cemented some of their quarantined population into their dwellings. Business seems to be grinding to a halt, conferences are being cancelled, airlines are refunding flights booked in March, the Amtrak from NY to DC has been cancelled. RobinHood exchange appears to be imploding in real time. The stock market was halted this morning with a 7% loss out of the gate. Crude oil took its biggest plunge since the golf war of 1991. …
All right. Hello everyone. Good morning. Today is February 6th, 2019. This is the HODL cast and we have a special guest, Jared, from Moon Math Win. Jared, can you give a little introduction of yourself and how you got involved in this Bitcoin space?
Yeah, so I’m a software engineer. That’s how I pay the bills. I’ve been a software engineer for 16 years or so, I’ve definitely been around the block. I tend to focus on open source stacks and open source technologies. I became aware of Bitcoin around 2011. A friend of mine told me that they had figured out a way to solve the Byzantine General’s problem. And so, I went and checked it out and I thought, I should totally launch up some laptops and do some CPU mining, and then I never did it. Probably the single, stupidest thing I’ve ever done in this space, was not do that. I did another stupid thing when I didn’t start mining Ethereum. It is when it was in beta, they were doubling rewards, they were promising everyone, every ETH that you mind will pay two X. I saw that it could turn into something. …
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Welcome to the HODLcast Bionic version. While editing, I sometimes shortened or changed sentences. To hear what we said in real time, check the unedited original audio.
Changes are made at my sole discretion and were not cleared with the guests in any way. If I change things, it’s for the purpose of explaining it as I meant it, or how I believe, in good faith, that the guest meant it, or to cut out filler words. My intention is to make these transcripts equally or greater fun to read or listen to compared to listening to the original audio. …
John McAfee goes wild!
There’s a lot of things you can call John McAfee, probably with good cause. One thing you can’t call him, though, is boring. Listen in on episode 98 of the HodlCast to get an interesting and somewhat unhinged earful from the controversial security magnate turned politician.
While the elevator pitch of this episode would be “McAfee discusses his new decentralized exchange,” this installment of HodlCast covers everything from lawless utopia, to income tax, to lazy millennials as John remotes in via sat-phone and speaks his mind on a range of topics.
After some banter about the potential for real-time valuations of candidates on the campaign trail and inter-generational tensions, McAfee gets down to brass tacks about things like the CIA and panoptic surveillance. …
SEC Commissioner Hester Peirce Proposes 3-Year Safe Harbor Period for Crypto Tokens
Coindesk reported today that SEC Commissioner Hester Peirce (“Crypto Mom”) has formally proposed a safe harbor to give token projects the ability to sell tokens, and a three-year window to achieve the coveted, yet illusive “sufficiently decentralized” or “network maturity” standard.
Under the safe harbor proposal, instead of going through the Howey Test analysis at the time of the token sale, the token issuer would simply have to make certain disclosures — likely including:
· Company information,
· Business Address,
· Names & contact details for Senior Management,
· Names and qualifications of Initial Development…