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SHOW SUMMARY: In this episode, Ron and Ed welcome back Joe Woodard, now a TSOE Sponsor, and Perry Woodin, a leading expert in cryptocurrency compliance and reporting. They will dive into the critical challenges professionals face in navigating the evolving regulatory landscape of digital assets. The discussion will focus on actionable insights for accountants, lawyers, and other service providers on staying compliant with cryptocurrency regulations, best practices for accurate reporting, and the key trends shaping the future of digital asset compliance. Perry will also showcase how NODE40's innovative technology is empowering professionals to simplify the complexities of crypto transactions, ensuring audit readiness and regulatory adherence. This timely conversation provides essential guidance for those looking to stay ahead in the rapidly changing world of cryptocurrency.
Joe Woodard, author, consultant, business coach, and national speaker; Founder of Woodard Events, LLC
Perry Woodin, Co-Founder and Chief Innovation Officer of Node40
SHOW NOTES
Segment one
“In 2012 I was at a conference and sitting next to a colleague of mine, and he kept checking his phone like every 30 seconds, and I asked him, “What are you looking at?” He said, “I’m mining Bitcoin” —Perry Woodin
“[Satoshi Nakamoto] was really prescient. The ability to think so far into the future, the philosophy, the economics, the computer science, and the willpower to develop something like Bitcoin.” —Perry Woodin
“The [Cryptocurrency] rules are complex but the good thing about blockchain is it's all programmatic. So once you have rules […] you can build out tooling that gives you exactly what you need every single time.” —Perry Woodin
About Node40, Perry says, “We really obfuscate or remove the technological barrier, and we produce financial reports that anybody can understand.” More here: https://www.node40.com/
Segment two
“Bitcoin has proven that itself as an asset and blockchain is is too big to fail, there's, there's no going to zero on this stuff.” —Perry Woodin of Node40
“I think we have to think Bitcoin much like we do gold. People aren't transacting daily with gold either. What we are waiting for is the ability to put your Bitcoin to work.” —Perry Woodin
Regarding the lack of government consistency in their approach to crypto: “Most of the problem is going to be around companies that want to issue tokens. It's not going to be a problem for those who are investing in digital assets.” —Perry Woodin
What should a small accounting firm do in the cryptocurrency space? “The first thing they should do is poll their customers to ask who has digital assets.”
Segment three
Joe Woodard’s thoughts on private equity in the accounting space are much more significant than a single post on X. His comments in the third segment of the show today are IMPORTANT if you are paying attention to PE firms.
“AI is going to bifurcate the industry into complex and non-complex accounting. The complex will still be serviced by AI empowered practitioners and the rest won't have practitioners.” —Joe Woodard
Regarding a talent shortage in the accounting industry: “If we priced our services better, given the value that we're providing to our customers, then we could treat our teams better (and not burn out our professionals).”
Segment four
Did you know that Joe has an Apple Vision Pro? The 15 minute immersive movie produced by Apple was “unreal” and Joe enjoyed it. Fifteen minutes was the right length before he was ready to return to the real world.
This quote from Joe does not need to be applied to just the accounting industry: “The AI has become more sophisticated in absorbing documents and doing what a human would have done with those documents.” —Joe Woodard
On the impact of AI: “The people billing by the hour are going to punish themselves quickly. The people who are not billing by the hour that don't add value are going to punish themselves. Then only those who truly value price will win.” —Joe Woodard
A big THANK YOU to both Perry Woodin and Joe Woodard for joining us today. Please check out Node40.com and, as always, Woodard.com
Bonus Content is Available As Well
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