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Cardano’s Charles Hoskinson Talks About Operation Choke Point 2.0 Founder of Cardano, Charles Hoskinson, recently spoke about the Operation Choke Point 2.0 summary shared by law firm Cooper & Kirk. In one of his recent live broadcasts on Twitter, Hoskinson spoke about how well Cooper & Kirk summarized the things that have been happening in the cryptocurrency realm. The document by the law firm also includes recommendations to Congress.Cooper and Kirk Choke Point 2.0 https://t.co/mdd0wRDaRr— Charles Hoskinson (@IOHK_Charles) March 28, 2023. Hoskinson summarized the document, highlighting the points mentioned by the law firm. Cooper & Kirk has put forward evidence indicating that the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (FRB), and the Office of the Comptroller of the Currency (OCC) are allegedly involved in a secret financial campaign aimed at the cryptocurrency industry.The firm contends that the recent failure of banks to accommodate cryptocurrency, the exclusion of cryptocurrency businesses from banking services, and the enhanced surveillance of the cryptocurrency market are not random developments but rather a deliberate and coordinated assault on the cryptocurrency sector. Hoskinson reads the document, stating that the pattern of events surrounding the closure of cryptocurrency-friendly banks is not random. He also spoke about how the law firm brought Operation Choke Point 1 to a halt.The document by Cooper & Kirk also speaks about how Operation Choke Point 2.0 violates certain rights and aims to bring down the cryptocurrency industry. It all began with the closure of cryptocurrency-friendly banks, followed by the tight scrutiny of the industry by regulators. This is evident by the recent lawsuit by the Commodity Futures Trading Commission (CFTC) against cryptocurrency exchange Binance. Source:

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Pro trader says Bitcoin to dive to $13k before major rally as ‘financial crisis 2.0' unfolds Bitcoin (BTC), despite gaining slightly more than 70% so far this year, presently trading at roughly $28,400, is predicted to fall below $13,000 before another rally.The latest forecast comes from the Chief Market Strategist of InTheMoneyStocks.com, Gareth Soloway, who believes that in spite of the flagship digital asset’s current push towards $30,000, it will plummet to levels not seen since November 2020. The prediction also comes amidst recent bank failures in the United States, including Silvergate Bank, Silicon Valley Bank, and Signature Bank, and UBS’s takeover of Credit Suisse, formerly the second-largest bank in Switzerland.Soloway stated in an interview with Kitco News on March 29 that the ongoing banking crisis has resulted in investors pulling their funds from banks and investing in Bitcoin, contributing to its recent rally. However, he noted that as the financial system becomes more stable, Bitcoin’s value will decrease, potentially dropping to as low as $9,000 in 2023.“This is a basic financial crisis 2.0. We don’t know how bad this is going to get… this is like a Lehman moment potentially.”He added:“By the end of the year I think it will at least hit $12,000-$13,000. The basics of this are that number one we have to still wait for regulation so especially with the uncertainty. <…> Ultimately we have to remember that that you’re at a point where regulation is still keeping big money out and that people are still subject to absolute fear.”Bitcoin previously decreased in tandem with the stock marketSoloway correctly predicted the Bitcoin bottom in 2021, and his two decades of professional trading experience have made him a respected voice in the industry. He further stated that historically, Bitcoin’s value has decreased in tandem with the stock market during times of economic downturn. Therefore, if the S&P endures significant losses, Bitcoin will likely be caught up in the selling.He added:“If you look historically at Bitcoin, it has gone down when the stock market has gone down. If the S&P dumps as much as I think, Bitcoin will get caught up in that selling.”Despite his near-term bearish stance, Soloway remains a long-term Bitcoin bull. He believes that Bitcoin’s value will initially drop due to the ongoing banking crisis and potential stock market sell-off, but it will recover and continue its long-term growth trajectory.

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At Northern Lightning 2023, Norway May Offer The Wildest Bitcoin Experience Yet Scandinavia may not be the first region that comes to mind when you think of Bitcoin, but tiny Norway has become the “biggest bitcoin mining hub in Europe.” With less than 0.07% of world population, the Norwegians churn out nearly 3% of Bitcoin’s global hash rate, mostly thanks to cheap, stranded and renewable hydropower in the north. And now, Norway is hosting the world’s “most Bitcoin experience” (sic): Northern Lightning 2023. A Pure-Signal Conference Northern Lightning 2023 will take place in Bergen, Norway from March 17 to 19, from the 17th to the 19th of March, and the Norwegians are going all out, it seems. Everything has been designed for and by Bitcoiners, from the keynotes, to the food, to the parties, to the merch. Merch will be limited to 21 numbered copies, of course. Our vision is to create an annual, intimate experience bringing Bitcoin to a new Nordic city each year, until hyperbitcoinization is achieved and beyond. This first edition will be a three-day Bitcoin conference in a historical setting among the dramatic scenery and wooden harbors of Bergen, headlined by the greatest minds in Bitcoin, with the opportunity to orange pill hundreds of no-coiners at a massive party running on the Lightning Network. Hodlonaut, Knut Svanholm and Peter Todd are just some of the great Bitcoiners who will be joining, covering topics like monetary liberation, Bitcoin adoption and Lightning innovation. Focused on bringing Bitcoiners together and creating deep connections with minimal stage staring, Northern Lightning also wants to provide the purest signal anywhere. Even the DJs are Bitcoiners. A Rave Running On Lightning? Even the DJs? Yes. The highlight of Northern Lightning will be one of the largest, AFK Bitcoin onboarding events in the world: an all-night rave with hundreds of no-coiners set to all use Lightning. Headlined by Norway’s leading electronic artists, including Karolinski, Matiago, Klysterik, Antibakke and Trym Søvdsnes, it is set to be a unique orange-pilling opportunity. A lineup this good would fill any venue. So, what happens when 400 thirsty no-coiners meet 200 Bitcoiners and they all need to use Lightning to buy a beer? With the goal of creating an unforgettable, real-world experience of Bitcoin for everyone, every year, a rave running on Lightning is a perfect start. Party goers will have the opportunity to use Lightning when buying drinks, renting towels or buying merch, and even buying bitcoin for cash peer-to-peer when onboarding. It’s all designed to offer a little less conversation, a little more Bitcoin action. And as for the venue, Smien Laksevåg Verft is Bergen’s oldest ship wharf, recently converted into a nightclub opening directly onto the fjord, which will offer free welcome drinks as well as sauna use and an all-night barbecue. Not Only For Adults Talk of raves may not appeal to the more family oriented, but Northern Lightning 2023 has got you and your little ones covered, too. My own daughter, Lykushka (who is nine) is organizing the kids’ corner and workshop, a space to educate young minds about Bitcoin while having lots of fun. I love when my kids make friends with other Bitcoiners’ kids, they’re usually brilliant too. Whether the event will make them think mommy and daddy are more or less nuts remains to be seen, but they will be welcomed every day until 10 p.m. at Northern Lightning. Almost Sold Out Northern Lightning is less than two weeks away and passes are selling out fast. The main conference pass, including access to keynotes, workshops, dinners, meetups and parties, will sell out this weekend. After that, only limited passes will be available, but the limited passes are pretty awesome and you’re not gonna want to miss out.

Solana faces 'lack of appetite' from US regulators, says Austin Federa Austin Federa, head of strategy at the Solana Foundation, spoke to Cointelegraph at the ETH Denver conference on the network's outages, the impact of regulation, and the launch of its mobile device. Speaking to Cointelegraph on March 1, Federa said the New York Department of Financial Services — NYDFS, one of the state regulators responsible for licensing crypto firms — was essentially setting up roadblocks for many projects looking to issue stablecoins or similar blockchain services. He added that Solana had heard from projects facing “pretty draconian” rules in the European Union related to liability around illicit transactions. “DFS has not certified Solana yet,” said Federa. “We're trying to get it under way, but I think that what we've seen is a lack of appetite from DFS anywhere. If a new entrant — let’s say, a large financial services web2 company — feels like they want to start issuing a stablecoin, they feel like they need DFS approval in order to do something like that.” In response to the recent slowdown in block production which resulted in a Solana network restart, Federa said there was “no specific root cause analysis” reported by the team’s engineers. He added that there may have been “something about the interaction” between the network’s version 1.13 and 1.14 or in the latest attempt to upgrade that forced validators to restart. “The thing is about 1.14, it was running on testnet for months before it was actually migrated over to maintenance,” said Federa. “So what that really sort of highlighted is that the testing infrastructure for releases isn't quite as robust as it needs to be right now because it wasn't like this was just something that was just, you know, thrown onto main net like willy-nilly. It's just the testing didn't catch what this error was.” Federa said that Solana’s approach has been to develop a faster ecosystem in a matter of months than networks like Ethereum had taken years. He added that many projects were hurting for venture capital funds amid the bear market and negative press coverage associated with crypto and blockchain, with stability a major factor in retention of users. The collapse of FTX in November 2022 made ripples affecting Solana’s mobile device ambitions as well. According to Federa, Solana had temporarily scrubbed its ‘tap to pay’ fiat to crypto feature without a replacement for FTX — the firm had been expected to facilitate transactions — but planned to launch in “the first or second week of April”. Many on social media have criticized Solana for network outages, with various causes including a denial-of-service attack in 2021, congestion from nonfungible token minting bots in May 2022, and a consensus failure in June 2022. The cause of the most recent outage was still unknown at the time of publication, but Solana Labs founder and CEO Anatoly Yakovenko said it was not the result of clogging the network’s on-chain voting system.

White House Is 'Aware of' Silvergate Situation, Spokesperson Says White House Press Secretary Karine Jean-Pierre said the presidential administration is monitoring Silvergate Bank's situation, comparing it to other crypto companies and saying U.S. President Joe Biden has called on Congress to take action in this area. During her White House press briefing Monday, Jean-Pierre said she couldn't speak to Silvergate specifically, but noted that a number of crypto companies have "experience[d] significant issues" in recent weeks, and pointed to statements from federal bank regulators warning of the risk cryptocurrencies could pose to banks and other financial institutions. "In recent weeks banking regulators have released guidelines on how banks should protect themselves from risks associated with crypto," she said. "As you know, this is a president that has repeatedly called on Congress to take action to protect everyday Americans from the risk posted by digital assets and he will continue to do so." Silvergate announced last Friday it would shutter its Silvergate Exchange Network (SEN), a 24/7 internal settlement tool the bank's clients could use to conduct transactions between each other on weekends or times when normal banking services may be closed. The move came days after Silvergate announced it would have to delay filing its annual report, and said in its "forward looking statements" section that it may have bank regulator, Department of Justice and other investigations to address, and its ability to be a "going concern" over the next 12 months may be in doubt. The bank's stock plummeted as a result, falling 58% in a single day before largely stabilizing. A number of the bank's most prominent crypto clients have announced they would suspend their business with Silvergate, "[I] won't speak to this particular company as we have not on other cryptocurrency companies, but we're going to continue monitoring reports, and currently we're aware of the situation," Jean-Pierre said Monday.

NFT designer arrested for allegedly evading crypto tax in Israel A prominent designer based in Tel Aviv was arrested on Sunday by Israeli authorities for allegedly failing to disclose cryptocurrency earnings in tax reports, according to the Jerusalem Post. Ben Benhorin, a digital artist and owner of independent studio Wuwa, creates generative code-based art and sells pieces on its OpenSea. Benhorin has minted numerous NFTs on the platform over the past few years — one was originally listed at 9 ETH (worth $14,700 at press time). Benhorin has an extensive work history with top digital firms. He was previously the head of design at DeviantArt, a design exec at website developer Wix, and a VP at Yotpo, an ecommerce marketing platform. Israel makes example out of Benhorin in bid to recoup lost crypto tax Israel’s government is looking closely at crypto regulation. Its Ministry of Finance published recommendations for how to regulate digital assets in November. Proposals mainly focused on the taxation of crypto — according to Israel’s tax authority, uncollected crypto taxes between 2019 and 2022 could be worth several billion shekels. One billion shekels is worth $273 million dollars at press time. As part of the investigation, a court order was given to search Benhorin’s house, where documents, cell phones, and a crypto wallet were seized. Benhorin apparently made 3 million shekels ($819,000) in income from NFT sales and didn’t report the conversion of 30 ETH ($49,000) that he received in exchange for them. Revenues from NFT sales were then supposedly converted to other cryptocurrencies via Uniswap. According to Israel’s tax authority, the act is considered a sale and therefore subject to capital gains tax. - Capital gains in Israel are taxed at 25%. - However, if it’s considered a business expense, the tax rate can be up to 53%. - When cryptocurrencies are converted to a traditional currency, the difference in the amounts (paid and purchased) is used for tax purposes. These unreported funds were then said to have been transferred between wallets, including cold wallets, which authorities say raised suspicions of property concealment — an offence under Israel’s anti-money laundering laws. Benhorin’s professional career in design has likely allowed authorities to classify the sales of NFTs as part of his income. The artist is also a department head and senior lecturer at Shenkar College in Tel Aviv. Benhorin has been released by the Tel Aviv Magristrate’s Court under restrictive conditions while authorities continue their investigation. Protos has reached out to Benhorin, who has yet to respond.

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