States that have added NFTs to their tax structure are Pennsylvania and Washington State. Each state’s Department of Revenue provided guidance for the application of the state sales tax to NFTs. Read Pennsylvania’s and Washington’s
Facial Recognition Software Rules
Maryland is considering a regulatory framework for the ruse of facial recognition software. HB 223 (2023 | MD) The author referred to having a system with no rules or training creates a Wild Wild West scenario.
The bill would require training, annual compliance, and limit the use of facial recognition software to these crimes: violent crimes, human trafficking offenses or ongoing threats to public safety or national security.
Governing | Maryland Bill Would Ban Some Police Use of Facial Recognition
Crypto & NFT State Court Liability
Civil litigation against endorsers/promoters of cryptocurrency and NFTs is picking up steam. It seems celebrities who endorsed these items didn’t realize their state and federal rules for endorsing investments. Ooopsie Daisy.
Crypto Legislation is more than the currency
Congressional Financial Services Chair Patrick McHenry this week pointed to blockchain, the underpinnings of cryptocurrency, as ripe for data privacy legislation. Policy issues are: who owns the data parts in blockchain technology? Do we protect tri-party authentication? Do we abandon username and passwords? Are we protecting the data in its pieces along the way and together?
Politico | House GOP’s crypto pointman is curious but skeptical
David Predictions: Catastrophic World Cyber Event
The Dommsdayers are here! The Dommsdayers are at Davos! According to the World Economic Forum, “93% of cyber leaders, and 86% of cyber business leaders, believe that the geopolitical instability makes a catastrophic cyber event likely in the next two years.”
Popular Mechanics| A Catastrophic Mutating Event Will Strike the World in 2 Years, Report Says
FTX Stadium Naming Rights
Miami Heat’s Stadium is owned by the country. The county contracted with FTX for a 19 year naming rights deal with FTX. The contract has been terminated.
Miami’s Republican Mayor championed Miamicoin. Miami was the first city to enter cryptocurrency waters. It launched in August 2021. It has since lost 99% of its value.
Meet a Statewide Bitcoin Energy Plan
New Hampshire’s Commission On Cryptocurrencies And Digital Assets has recommended a statewide bitcoin energy plan. Positive energy impacts highlighted are a more stable electricity grid, more sustainable generation projects, and lower costs for consumers. The commission also recommended regulation to protect consumers.
Bitcoin Magazine | NEW HAMPSHIRE COMMISSION RECOMMENDS STATEWIDE BITCOIN MINING ENERGY PLAN
Communities Change Course on Data Centers
What is happening? More communities are reluctant to want a data center in their backyard because of environmental and noise concerns. In Virginia, data centers are the state’s largest category of commercial energy users. Meet SJR 240 (2023 | VA) calling for a study of data center impact on environment, economy, energy resources, and ability to meet carbon-reduction goals.
Route Fifty | Communities are Rethinking Their Push for Data Centers
Who do Crypto Deposits Belong to?
What is happening? A bankruptcy judge in New York ruled that crypto deposits with Celsius Network do not belong to the person making the deposit. Seems rather weird, but then you learn that the Celsius agreement for users contained that language. ” you grant Celsius . . . all right and title to such Eligible Digital Assets, including ownership rights, and the right, without further notice to you, to hold such Digital Assets in Celsius’ own Virtual Wallet “
Why is this important? Hello regulation writers add this to your list.
State Bans Crypto Mining. Now More.
Claiming success in banning crypto mining powered by fossil fuels in NY, supporters have moved onto a national study of crypto mining that would “evaluate the effects of the industry and mandate reporting of emissions from mining operations using more than 5 megawatts of electricity.”
Politico | New York partially banned cryptocurrency mining. Now environmentalists want more.