Podcasts about msantoriesq

The Bankless Friday Weekly Rollup Third Week of May ------

Bully sits down with Marco Santori (https://twitter.com/msantoriESQ), Chief Legal Officer at Kraken Exchange, and a legal legend in the crypto space. They discuss his history in Bitcoin, from the Delaware Blockchain Initiative to his time in private practice advising crypto companies, to his current role as CLO. He discusses the process Kraken undertook to get the WY banking charter and what benefits this new approval will bring to Kraken's customers. ––– Node40 Buy, sell or exchange crypto this year? With NODE40, crypto-savvy investors can easily determine their tax obligation and report it accurately. This year, you’ll be required to report your crypto activity to the IRS. Whether you owe or have losses to claim, NODE40 allows you to file with confidence. NODE40... Bulletproof crypto tax reporting. Sign up today at node40.com/bully. ––– Crypto.com Crypto.com serves 10M+ customers, providing them with a powerful alternative to traditional financial services through the Crypto.com App, Crypto.com Visa Card, Exchange and DeFi offerings.  Crypto.com is giving away four Teslas! To enter the lucky draw, download the Crypto.com App and buy at least $100 of Bitcoin before March 8th. New users will also enjoy 0% credit & debit card fees in your first month. More details.  ––– Gemini Gemini is a cryptocurrency platform that allows customers to buy, sell, and store more than 30 cryptos like bitcoin, bitcoin cash, ether, litecoin, and Zcash. Gemini is a New York trust company subject to the capital reserve requirements, cybersecurity requirements, and banking compliance standards set forth by the New York State Department of Financial Services and the New York Banking Law.  Open a free account in under 3 minutes at gemini.com/bully. ––– Listen on Apple. Listen on Spotify. This podcast is presented by Blockworks. For exclusive content and events that provide insights into the crypto and blockchain space, visit them at: http://blockworks.co.

BLACK FRIDAY DEAL: GET LEDGERS for 40% OFF!

David Kinitsky, CEO of Kraken Financial, talks about Kraken's news that it is launching a bank, after receiving approval to form a special purpose depository institution (SPDI) from the state of Wyoming. He discusses: why Kraken decided to become a crypto bank, and what it will be able to do with this status how this status will affect the consumer experience for crypto users  what kinds of crypto assets it will be able to deal with  how quickly it will list coins, such as those DeFi coins that quickly balloon to billion-dollar market caps what its designation, special purpose depository institution (SPDI) means, and why that has special meaning for crypto users what "bailment" means, and why that's significant for crypto users interested in using a crypto bank and how that would affect users in the event any coins were stolen or lost how Kraken Financial's status as a crypto bank will affect the longstanding problem in the industry of obtaining and maintaining bank relationships how this overlaps and works in conjunction with other recent regulations that have affected the crypto industry, such as the OCC saying banks can custody crypto assets how its SPDI status will affect how Kraken Financial is regulated in New York State where the BitLicense is in effect why Kraken, which has a reputation for pushing back on what it deemed to be overreach by regulators, decided to pursue the SPDI how Kraken Financial will make money, despite keeping 100% reserves David's extensive background in cryptocurrency the timeline going forward for Kraken Financial    Thank you to our sponsors!  Crypto.com: http://crypto.com Cosmos: http://five.hackatom.org   Episode links:  David Kinitsky: https://twitter.com/Kinitsky Kraken: https://www.kraken.com/en-us/   Kraken announcement about Kraken Financial receiving the SPDI title from the Wyoming Banking Board: https://blog.kraken.com/post/6241/kraken-wyoming-first-digital-asset-bank/   CoinDesk story: https://www.coindesk.com/kraken-crypto-exchange-secures-bank-charter-under-wyoming-law   The Block story: https://www.theblockcrypto.com/post/77804/kraken-crypto-bank-launch-wyoming   Kraken Chief Legal Officer Marco Santori tweet storm on the significance: https://twitter.com/msantoriESQ/status/1306236234675740672?s=20   Previous episode of Unchained on crypto friendly regulations in Wyoming: https://unchainedpodcast.com/eth-denver-fireside-chat-with-2-of-the-most-crypto-friendly-governors-in-the-nation/   OCC allowing banks to offer cryptocurrency custody services: https://www.coindesk.com/us-banking-regulator-suggests-federal-licensing-framework-for-crypto-firms https://www.coindesk.com/banks-in-us-can-now-offer-crypto-custody-services-regulator-says https://www.coindesk.com/occ-crypto-custody-years   Conference of State Bank Supervisors’ new regulatory regime: https://www.reuters.com/article/us-usa-regulators-crypto/u-s-crypto-fintech-firms-to-benefit-from-slimmed-down-regulatory-process-idUSKBN2661OA   Links from news recap: https://unchainedpodcast.com/half-a-billion-dollars-overnight/  

Recently the IRS issued its first Cryptocurrency Tax Guidance in 5 years. The crypto community has been hoping that this would help clarify taxes around things like hard forks and airdrops, but it seems that confusion persists: The IRS document reads: “If your cryptocurrency went through a hard fork, but you did not receive any new cryptocurrency, whether through an airdrop (a distribution of cryptocurrency to multiple taxpayers’ distributed ledger addresses) or some other kind of transfer, you don’t have taxable income.” Their language here suggests some confusion about the nature of airdrops and hard forks. Jerry Brito of Coin Center told CoinDesk last week: “One unfortunate consequence of this guidance is that third parties can now create tax reporting obligations for you by simply forking a network whose coins you own, or foisting on you an unwanted airdrop.” Crypto Lawyer Sasha Hodder joins me to talk about the guidance issued: none of this is tax advice btw! We cover things like the IRS' allowance for "first in, first out", which means that you can either identify specific units sold, or use a first in, first out method depending on which is more suitable for your situation. We will also talk about IRS specifically saying it would not create an exemption for transactions below a certain threshold, making day-to-day purchases in crypto difficult. Call to action: Here are the 2 bills that Caitlin Long says viewers should send to their state representatives & senators to ask them to enact: (1) utility tokens aren't securities https://www.wyoleg.gov/Legislation/2018/HB0070 (2) direct property rights in digital assets https://wyoleg.gov/Legislation/2019/sf0125 https://twitter.com/CaitlinLong_/status/1096821184652443648 IRS guidance: Virtual currencies: https://www.irs.gov/businesses/small-businesses-self-employed/virtual-currencies Notice 2014-21: https://www.irs.gov/irb/2014-16_IRB#NOT-2014-21 IRS FAQ: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions Marco Santori's helpful twitter thread: https://twitter.com/msantoriESQ/status/1181975909567475713 Matt Corva's great twitter points: https://twitter.com/MattCorva/status/1181984597288116225 Recommended Book: What has the government done to our money - Rothbard https://amzn.to/2KMzmcu video: https://youtu.be/ikmsEvsnLh0

From DevCon 5 in Osaka, Japan, Deborah Simpier, COO and cofounder of Althea Network, describes how this decentralized internet service provider works, what problem it's trying to solve, and how it uses Ethereum. She describes how neighbors provide each other with internet access, and how they pay each other automatically on pay-as-you-go plans using a stablecoin. She also covers how she came to found Althea, what challenges she faced in explaining how it worked to her non-crypto neighbors,  and Althea's plans to expand to other areas, including urban areas and Nigeria.   Thank you to our sponsors!  Crypto.com: https://crypto.com/ eToro: https://crypto.com/en/index.html CipherTrace: http://ciphertrace.com/unconfirmed Episode links:  Althea Network: https://althea.net/ Deborah Simpier: https://twitter.com/DeborahSimpier Case study on Clatskanie: https://althea.net/clatskanie-case-study Deborah’s talk at ETH Berlin: https://www.youtube.com/watch?v=TD1tB0UFx78 https://breakermag.com/how-mesh-networks-and-crypto-can-fill-the-rural-broadband-gap/ Weekly news recap links: IRS Guidance IRS press release: https://www.irs.gov/newsroom/virtual-currency-irs-issues-additional-guidance-on-tax-treatment-and-reminds-taxpayers-of-reporting-obligations Guidance on hard forks and airdrops: https://www.irs.gov/pub/irs-drop/rr-19-24.pdf Coin Center response: https://coincenter.org/entry/irs-cryptocurrency-guidance-answers-some-questions-while-raising-messy-new-ones IRS scenario that never happened: https://twitter.com/valkenburgh/status/1182022188343418880?s=20 Marco Santori take: https://twitter.com/msantoriESQ/status/1181975909567475713?s=20 Patrick Murck take: https://twitter.com/virtuallylaw/status/1181997761811628038?s=20 Ethereum 2.0 The transition from Ethereum 1.0 to 2.0: https://ethresear.ch/t/the-eth1-eth2-transition/6265 Ethereum 2.0 cross-sharding composability: https://ethresear.ch/t/cross-shard-defi-composability/6268 Wired article on Facebook/Libra connections: https://www.wired.com/story/ties-bind-facebooks-libra/  Bitwise Bitcoin ETF Rejection:  https://www.theblockcrypto.com/post/42711/bitwises-bitcoin-etf-the-last-hope-has-been-denied https://www.sec.gov/rules/sro/nysearca/2019/34-87267.pdf https://www.prnewswire.com/news-releases/bitwise-comments-on-the-secs-order-regarding-the-bitwise-bitcoin-etf-trust-300935107.html https://twitter.com/BitwiseInvest/status/1182115344510402560?s=20 https://twitter.com/jchervinsky/status/1182149164177608704?s=20 MakerDAO: https://blog.makerdao.com/breaking-launch-date-of-multi-collateral-dai-announced-at-devcon-5/ https://www.bloomberg.com/news/features/2019-10-05/crypto-rebels-trip-over-each-other-en-route-to-financial-utopia https://unchainedpodcast.com/rune-christensen-of-makerdao-part-1-how-to-keep-a-crypto-collateralized-stablecoin-afloat/ https://unchainedpodcast.com/rune-christensen-of-makerdao-part-2-how-dai-stayed-at-1-while-eth-crashed-from-1400-to-85/ Placeholder on protocols: https://www.placeholder.vc/blog/2019/10/6/protocols-as-minimally-extractive-coordinators Ali Yahya on why there will be multiple dominant blockchains: https://twitter.com/ali01/status/1181161407406071808?s=20 QuadrigaCX widow to pay $9 million to affected users: https://www.coindesk.com/quadrigacx-founders-widow-will-cough-up-9-million-to-repay-users

Heads up, everybody! We are launching a weekly news recap, so stay tuned after the interview to find out about the top stories in crypto this week! (Links below.) Zachary Fallon, principal at Blakemore Fallon and former SEC staffer, explains why the SEC penalty against Block.One, which raised $4 billion in a yearlong ICO, got a penalty of just $24 million and didn't have to register EOS tokens as securities. He also discusses how this differs from the Kik case, what we can learn from another SEC order this week against Nebulous and what other gray areas remain for potential token issuers who may want to sell to U.S. citizens. We also go over the Crypto Rating Council, and what significance those ratings could have on the way they are regulated, if any. Thank you to our sponsors!  eToro: https://www.etoro.com Crypto.com: https://crypto.com CipherTrace: http://ciphertrace.com/unconfirmed Episode links:  SEC press release about the Block.One settlement: https://www.sec.gov/news/press-release/2019-202 SEC Order re. Block.One: https://www.sec.gov/litigation/admin/2019/33-10714.pdf Cooley letter on Block.one: https://www.sec.gov/divisions/corpfin/cf-noaction/2019/block.one-093019-506.pdf Katherine Wu’s annotated settlement: https://static1.squarespace.com/static/5ac136ed12b13f7c187bdf21/t/5d92c33d937a3466c0c723a9/1569899329538/33-10714.pdf SEC action on Nebulous: https://www.sec.gov/enforce/33-10715-s Jake Chervinsky tweet storm on the settlement: https://twitter.com/jchervinsky/status/1179162527541993472?s=20 Marco Santori tweet storm on the settlement: https://twitter.com/msantoriESQ/status/1178811671621591040?s=20 Crypto Rating Council: https://www.wsj.com/articles/cryptocurrency-exchanges-including-coinbase-to-rate-digital-assets-11569835801 CRC ratings thus far: https://twitter.com/lawmaster/status/1178627290676301824?s=20 Articles from this week’s news recap: Paypal to Back Out of Libra Association: https://www.ft.com/content/6af11092-e5fd-11e9-9743-db5a370481bc Visa, Mastercard, Other Libra Association Members Jittery: https://www.wsj.com/articles/visa-mastercard-others-reconsider-involvement-in-facebook-s-libra-network-11569967023 Federal Advisory Doesn’t Like Libra: https://www.bloomberg.com/news/articles/2019-09-30/bankers-advising-fed-board-describe-libra-as-a-monetary-threat SEC press release about the order: https://www.sec.gov/news/press-release/2019-202 The order itself: https://www.sec.gov/litigation/admin/2019/33-10714.pdf Larry Cermak of The Block on the order: https://www.theblockcrypto.com/post/41612/dont-ask-for-permission-hire-good-lawyers-and-then-ask-for-forgiveness Letter from House Reps re digital dollar: https://static.coindesk.com/wp-content/uploads/2019/10/Foster-Hill-US-Crypto.pdf Crypto Rating Council: https://www.wsj.com/articles/cryptocurrency-exchanges-including-coinbase-to-rate-digital-assets-11569835801 Cermak tweet storm: https://twitter.com/lawmaster/status/1178622451451867136?s=20 Blockchain executive departures: http://thein.fo/9a4fd2f9cab44d7d LedgerX-CFTC dispute: https://www.coindesk.com/ledgerx-claims-personal-animus-drove-ex-cftc-chair-to-stall-approvals Tweets by Paul Chou directed at the CFTC: https://twitter.com/paul_l_chou/status/1177689857763807235?s=20 https://twitter.com/paul_l_chou/status/1177690348883197953?s=20 https://twitter.com/paul_l_chou/status/1177693761050157058?s=20 https://twitter.com/paul_l_chou/status/1177694467043680256?s=20 https://twitter.com/paul_l_chou/status/1177711475760218113?s=20 https://twitter.com/paul_l_chou/status/1177715093251018752?s=20 https://twitter.com/paul_l_chou/status/1177722516497928192?s=20 https://twitter.com/paul_l_chou/status/1177724302927581185?s=20 https://twitter.com/paul_l_chou/status/1177724477439971328?s=20 Paul Chou’s tweet storm: https://twitter.com/paul_l_chou/status/1178328955859951617?s=20  Explanation of the Fairwin Ponzi: https://medium.com/@PhABC/the-collapse-of-fairwins-125m-ponzi-scheme-61a66b273420 Martin Koeppelman graph on Fairwin: https://twitter.com/koeppelmann/status/1178781425585328129/photo/1 Fun Bits:  Bloomberg interview with Jered Kenna: https://www.bloomberg.com/news/articles/2019-10-03/an-early-bitcoin-millionaire-loses-his-love-for-the-industry My Forbes story on how Kenna lost his Bitcoin: https://www.forbes.com/sites/laurashin/2016/12/20/hackers-have-stolen-millions-of-dollars-in-bitcoin-using-only-phone-numbers/

Marco Santori, the president and chief legal officer of Blockchain, discusses this week's big regulatory news — the SEC's guidance on initial coin offerings and its first no-action letter. We talk about what guidance actually means and how much weight it has in court, how much clarity this guidance actually brought, and how the framework could affect also future attempts at future fundraising/token distribution events and airdrops. We also cover the no-action letter and the ways in which the token of TurnKey Jet, which received the no-action letter, is quite different from most other crypto-tokens and how helpful that example is for crypto projects. Thank you to our sponsor! CipherTrace: http://ciphertrace.com/unconfirmed Episode links: SEC guidance: https://www.sec.gov/files/dlt-framework.pdf No-action letter: https://www.sec.gov/divisions/corpfin/cf-noaction/2019/turnkey-jet-040219-2a1.htm Marco Santori: https://twitter.com/msantoriesq Marco's tweet storm on the guidance and no-action letter: https://twitter.com/msantoriESQ/status/1113458502264074246 Coin Center's analysis: https://coincenter.org/entry/coin-center-analysis-of-sec-cryptocurrency-guidance Jake Chervinksy tweetstorm: https://twitter.com/jchervinsky/status/1113672285595086848 Skeptic Preston Byrne tweetstorm: https://twitter.com/prestonjbyrne/status/1113463999591518209 Meltem Demirors tweetstorm: https://twitter.com/melt_dem/status/1113457795792293889 Katherine Wu tweetstorm: https://twitter.com/katherineykwu/status/1113452950041649157 Gabriel Shapiro tweetstorm: https://twitter.com/lex_node/status/1113461396593713152 SAFT white paper: http://saftproject.com/#saft-whitepaper Article on SAFT white paper: https://www.forbes.com/sites/laurashin/2017/10/02/are-icos-for-utility-tokens-selling-securities-prominent-crypto-players-say-yes/ More on the no-action letter: https://www.coindesk.com/sec-issues-first-ever-no-action-letter-clearing-ico-to-sell-tokens-under-us-law https://www.coindesk.com/secs-first-crypto-no-action-letter-took-11-months-to-secure Letter from TurnKey Jet prompting the no-action letter: https://www.sec.gov/divisions/corpfin/cf-noaction/2019/turnkey-jet-040219-2a1-incoming.pdf Unchained episode with SEC Commissioner Hester Peirce: https://unchainedpodcast.com/sec-commissioner-hester-peirce-come-talk-to-the-sec/

SHOW NOTES https://bitcoinandmarkets.com/e156 GET OUR FREE WEEKLY MARKET ANALYSIS https://goo.gl/jJcMVR SUBSCRIBE -  iTunes: https://goo.gl/X8Rej1 -  Stitcher: https://goo.gl/dVPuaA -  Google Podcasts: https://goo.gl/TM5uP9 -  YouTube: https://goo.gl/xoeAkq -  Discord: https://discord.gg/SjjHESF WE NEED YOUR SUPPORT -  Big list of free ways to support us: https://bitcoinandmarkets.com/support -  PATREON Become a member, get more content: https://www.patreon.com/bitcoinandmarkets AFFILIATES -  The Most Powerful and Beneficial CBD Available  https://goo.gl/c7LU9P -  Get started in 5 mins with Bitcoin/Lightning! : https://goo.gl/nrxoiC -  2 FREE audio books from Audible: https://amzn.to/2EvxmlH -  Professional charting with TRADINGVIEW: https://tradingview.go2cloud.org/SH35L -  Sticker Shop!!! https://citizenbitcoin.shop/markets FOLLOW -  @AnselLindner: https://twitter.com/AnselLindner -  @btcmrkts: https://twitter.com/btcmrkts   Music: Rest by Otis McDonald **DISCLAIMER: This is not investment advice, do your own research.** https://bitcoinandmarkets.com/disclaimer/ NEWS and LINKS Tether News https://www.forbes.com/sites/francescoppola/2019/03/14/tethers-u-s-dollar-peg-is-no-longer-credible/#631b10e6451b LN isn't 100% ready for mass adoption today, but it's getting there. But it's constantly evolving without the hindrance of a decentralized consensus. People understand that technology evolves. This is China offers help to Venezuela  https://in.mobile.reuters.com/article/amp/idINKBN1QU0XS?__twitter_impression=true Marco Santori on SEC letter on Ethereum as security https://twitter.com/msantoriESQ/status/1105480347783966721?s=19WBD and Peter Rizun