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  • No.32⚡️️The White House is Confused About Crypto?

No.32⚡️️The White House is Confused About Crypto?

December 24, 2022

Hi bb. Biden’s Executive Order on Crypto: “Do some research and let me know how it goes” 💎 It seems the President has the same questions we do about the regulatory future of crypto…🤠

In other news…Bain Capital and Kim K 🖤 have the same energy. The ‘why’ behind the gas price - endoscopy time. NFT Artist event 🎨 brainstorming with Cheres, and pop (lock & drop) culture. 🍑

Good news y'all, crypto isn’t canceled (yet). Biden released an Executive Order that asked for cross-gov collab on crypto strategy. Specifically, he wants to research 🔬:

  • consumer and investor protection

  • financial stability

  • illicit finance

  • U.S. leadership in the global financial system and economic competitiveness

  • financial inclusion

  • responsible innovation

The Executive Order left a lot of questions unanswered (probably because the fed doesn’t have answers either). Is anyone else laughing out loud reading this? As the government ponders on the future of crypto, we're out here building and participating…We’re still wondering which agencies (between the SEC, CFTC, and/or IRS) will get to regulate crypto, for one thing. Illicit transactions, like Silk Road dark web shenanigans, are another big hitter yet to be addressed. 👨‍💻

Some critics, like Shivam Thakral, CEO of one of India’s largest crypto exchanges, complain that we aren’t regulating crypto quickly enough. “Since U.S. citizens are leading the world in crypto asset adoption, formal regulation is the need of the hour. Clarity on taxation, a monitoring body similar to the SEC will be seen as a good start.”

Maybe it’s a good thing we’re spending time on the details. All eyes are on the Biden administration, since his policies will likely set the tone for crypto regulation around the world. So if you’re reading this Biden, don’t feel rushed or anything, but we are, in fact, waiting. 👀 

(Shooting my shot: We're kinda building for financial inclusion and fall into the buckets of U.S. leadership in the global financial system + financial inclusion so any gov grants would be appreciated. Hey, I'm running a business here. Ball is life.)

We're busier than usual and that means exciting things are coming your way from. There's A LOT on the calendar so if you're not following us on Twitter, IG nor made it to our Discord yet, here's a recap:Open to all: 

  • 3/24, 7pm: Investing in Web2 vs. Web3 with Solana NFT Artist, Nate Gio, on his project “BEING” and a resident TradFi expert - RSVP 

  • 3/30, 7pm: Cheres on Glowlabs Radio 📻 via Twitter Spaces

Discord members:

  • 3/16, 2pm: Brainstorming Session #1 with Product Builders - Feature ideation

  • 3/23, 2pm: Brainstorming Session #2 with Product Builders - Screens review

Note: We often invite community members to be featured as speakers and moderators for our events and partnerships we do with other Web3 collabs. If you'd like to participate, please email us at [email protected]. 

Quick News Bites

If the picture above doesn't tell you what's wrong, well…iunno.

More women on boards = higher credit ratings 📈. Less women on boards = stocks flop 📉. Taking it back a step in the company growth process, it only makes sense that the VC world should take notice of companies with (or perhaps, take a critical look at teams without) women on their founding teams. And that VC firms should probably have some women on board. 👭

But the dudes at Bain Capital’s crypto arm didn’t get the message. On International Women’s Day (3/8), they introduced their all-men team. The Twitterverse wasn’t so kind, and Stefan released an apology.

And while this might be old news for the Very Online, let’s not forget that this is an industry-wide problem. In the VC world, only 15% of general partners are women. Startups with at least one woman founder represented 18% of all raised capital — which is drastically higher than 2019 and 2020. And when it comes to public companies, women only hold 29% of corporate board seats. So, mon chéri, take a bow and hold it down for the women at the corporate table 👑. Or if you’re a woman in business, just get your f*cking ass up and work 💅(jk, we wish it were that easy).

New Yorkers stay winning as gas prices rise 🗽

The average price of a gallon of gas hit $4.17in the US, beating out the high in July 2008 (note: not adjusted for inflation). $UBER is even charging fuel surcharges for rides and food delivery 🚕. We all know that it has something to do with the boycotts against Russian oil, but only <2% of the US’s oil supply is from Russia. So why TF are we getting hit so hard?

The oil market is 🌎 very global 🌎. Mr. Worldwide himself don’t have nothin’ on oil futures. When there’s lower oil supply with sustained or higher demand, prices go up everywhere, no matter where you are or where you’re getting your oil from.

But if you’re in NYC (or anywhere with a decent transit system), we can forgive the stank and noise of the MTA 🚇 for a sec as our gas-guzzling friends pout at the pumps ⛽. We always stan public transit, but never appreciate it nearly as much as we do when fuel gets expensive. Dale. 💯

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