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Illinois, Banks, SEC, Try To Break Crypto...Again...

Illinois, Banks, SEC, Try To Break Crypto...Again...

March 02, 2023

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Illinois Begins Setting Up Fight To Ban Bitcoin

Titled the “Digital Property Protection and Law Enforcement Act,” the bill would authorize the courts — upon a valid request from the attorney general or a state’s attorney that is made pursuant to the laws of Illinois — to order a blockchain transaction that is executed via a smart contract to be altered or rescinded.

The act would apply to any “blockchain network that processes a blockchain transaction originating in the State.”

Banks Are Targeting Crypto Aggressively

Banks are backing away from crypto companies, spooked by a regulatory crackdown that threatens to sever digital currencies from the real-world financial system.

Banking regulators are raising concerns about banks’ involvement with crypto clients following last year’s blowup of Sam Bankman-Fried’s FTX. The Securities and Exchange Commission is aggressively pursuing the industry’s bigger players in a crackdown that threatens to narrow their reach. That move has alarmed bankers who don’t want to do business with customers in the SEC’s crosshairs, people familiar with the matter said.

FBBA Special Notice

Web3 Day At The Capitol May 2nd 2023

The Florida Blockchain Business Association will be hosting its Third Annual Blockchain Day at the Capitol on May 2nd, 2023 in Tallahassee. Stay tuned as more information will be presented in coming news letters. If you are interested in attending please click here and type "Blockchain Day At The Capitol" in the message. This event is limited.

FBBA Featured Member

“I am excited to announce the expansion of Arterra Luxe into Florida. Arterra is eager to bring their exceptional services and diverse portfolio to this thriving market. I am confident that our innovative approach to real estate by utilizing blockchain technologies will be well received by residents and businesses alike.” - Angela Yungk

In The Know

Crypto firms brace for ‘carpet-bombing moment’ in U.S. as Europe beckons

The EU's openness toward crypto is a striking turnaround.

https://www.politico.com/news/2023/02/26/europe-crypto-u-s-00084322

Former Accounting Team of FTX US Auditor Armanino Sets Up Shop as The Network Firm

The episode highlights yet another chokepoint for the blockchain industry: It's become harder for crypto startups to enlist big accounting firms to do audits and asset attestations.

https://www.coindesk.com/tech/2023/03/01/former-accounting-team-of-ftx-us-auditor-armanino-sets-up-shop-as-the-network-firm/

Coinbase to Suspend Binance USD Stablecoin, Saying It Doesn’t Meet Listing Standards

The suspension affects Coinbase.com, Coinbase Pro, Coinbase Exchange and Coinbase Prime.

https://www.coindesk.com/business/2023/02/27/coinbase-to-suspend-binance-usd-stablecoin-saying-it-doesnt-meet-listing-standards/

Americans 'frustrated' by financial system inequality, 20% own crypto: Survey

A survey by Morning Consult found 80% of respondents think the current financial system unfairly favors powerful interests. 20% currently own cryptocurrency.

https://cointelegraph.com/news/americans-frustrated-by-financial-system-inequality-20-own-crypto-survey

DCG losses top $1B on the back of 3AC collapse in 2022

Cryptocurrency venture firm Digital Currency Group (DCG) reportedly lost $1.1 billion in 2022 according to its Q4 2022 investor report, largely due to market contagion from Three Arrows Capital (3AC).

https://cointelegraph.com/news/dcg-losses-top-1b-on-the-back-of-3ac-collapse-in-2022

Robinhood subpoenaed by SEC over crypto listings and custody

Trading firm Robinhood was hit with an investigative subpoena from the U.S. SEC in December, a 10-K filing reveals.

https://cointelegraph.com/news/robinhood-subpoenaed-by-sec-over-crypto-listings-and-custody

‘Unworkable’ bill to ban blockchain immutability is introduced in Illinois

An Illinois senator has introduced a bill that would force crypto node operators, miners, and validators to reverse transactions if required to do so by the court — even though that’s an “impossible” task.

https://cointelegraph.com/news/unworkable-bill-to-ban-blockchain-immutability-is-introduced-in-illinois

Analytical Data

🥇After Bitcoin bear market bottoms, we tend to see a month of drastic price appreciation followed by a month or period of consolidation.

🥇 Bitcoin’s dominance has been on the rise recently. One of the factors that might be helping its rebound in this cycle is the regulatory environment and the clarity US investors have around Bitcoin as a commodity.

Events

Click here for events & meetups in March 2023

Crypto News Heard Around the State

Tampa News

ARK leader shares predictions on disruptive tech

The growth of bitcoin and the increased adoption of artificial intelligence are among the most disruptive innovations Cathie Wood of ARK Invest says technologists and investors should be watching. On Feb. 1 St. Petersburg-based ARK Invest released its seventh edition of the annual Big Ideas 2023 report, which predicts what technologies will experience tremendous growth, [...]

https://stpetecatalyst.com/ark-leader-shares-predictions-on-disruptive-tech/

Orlando News

Finding opportunities in banking cannabis and crypto

Ryan James, CEO of Surety Bank in central Florida, joins us on the BAI Banking Strategies podcast to share his community bank’s experiences in serving non-traditional businesses.

https://www.bai.org/banking-strategies/finding-opportunities-in-banking-cannabis-and-crypto/

Jacksonville News

Everything Blockchain Granted Foundational Patent for EB Control

Patent exemplifies company’s continued commitment to innovation and validates technological advancementsJacksonville, Florida, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Jacksonville, Fla. - February xx, 2023 - Everything Blockchain Inc., (OTCMKTS: EBZT), a technology company that is blending blockchain, DBMS and Zero Trust to deliver disruptive new ways to store, management, and protect data, today announced that it has been granted US Patent 11,570,155 B2, “Enhanced Secure Encryption and Decryption Sys

https://finance.yahoo.com/news/everything-blockchain-granted-foundational-patent-140000496.html

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