🗿 Biden And The SEC Hate Cypto

If you own crypto, lots of updates this week…

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GM. If you want to better understand the current state of tech & crypto market… read today’s post.

Without Further Ado. ☕ *knuckle cracks* ☕ Let’s get into it.

The SEC is going after Consensys (Metamask). Consensys is suing the SEC. TikTok prefers to shutdown over a buyout.

The FBI is cracking down on non-KYC exchanges.

Spot Ethereum ETFs might get denied.

Stripe is bringing back crypto in the form of stablecoins.

Biden wants to take all your money with a 45% capital gains tax and stricter crypto tax rules.

The EU continues its heavy hand on crypto with a new AML rules package.

Worldcoin looks to partner with Paypal and OpenAI.

An out-of-touch A16Z exec shits on memecoins.

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Still Bullish On Humans

If Robots learned how to cut hair, why would you get a haircut from a robot instead of a human?

Anyone who thinks AI is going to take over the world in the next 3-5 years should get up from their computer screen (touch grass, if thou will) and go take a ride for an oil change.

Talk to the auto mechanic, the local dry cleaner, the hotel maid, the grocery store clerk, the podiatrist, the barber, the dentist, the waitress, the golf club manager, the building maintenance guy, the dog walker, the local band playing at the bar tonight, the food truck girl, the local baker, the gym trainer, the real estate agent.

How about a farmer? Yeah there are significantly fewer farmers in America than there were 100 years ago. And machinery is increasing the output of food production at record pace. But traditional farmers still exist. And we all know good farming is needed more than ever with an overabundance of junky, over-processed food.

The point is – what we may call "antiquated lifestyles" in tech – is the reality of existence for the majority of the world still. And it will likely stay this way for decades to come.

Most industries are nowhere close to adopting emerging technology in a deep and meaningful way. And their career lifestyles haven’t changed much in 50 years apart from some new POS systems and a website.

Frankly, these SMBs don't have to change. Why would they? A lot of boring mom-and-pops are cash cows and perfectly content operating with outdated systems and handshake deals. My one buddy’s family owns a 50-year-old golf business down here in Miami. Millions in annual sales, and they’d rather do cash deals than invest in a new POS.

Sure, sometimes there’s a convenience price to pay for local services. But I’d rather have a human relationship with someone like my barber, for example, than a heartless interaction with a robot. Have a conversation. Make eye contact. It’s called being human!!!

Just because something's new and innovative, people default to thinking it must be better. Humans have a tendency to invent things to make our lives easier, but in the end, they inversely make our lives more complicated.

It's a harsh reality that a forager living in 8500 BC likely lived a more varied and fulfilling existence than a stressed sweatshop worker in 2024.

We can rah-rah new AI tools and the “future of work”. But get ready. There will be a massive human backlash and social movement against the mass adoption of automated technology.

Love what AI has to offer. As emerging technologists, I plan to stay on the bleeding edge.

But on a human-to-human level, we should be considerate about how every form of new tech has the potential to enrich humanity, or make the human experience even more complicated and anxious.

No FOMO News 📰

  • Exclusive: ByteDance prefers TikTok shutdown in US if legal options fail, sources say (Reuters)

  • Spot Ethereum ETFs reportedly facing potential SEC denial (Crypto.news)

  • Crypto firm Consensys sues US SEC over Ethereum regulation (Reuters)

  • Tether Seeks to Boost Peer-to-Peer Payments on Telegram by Expanding Dollar, Gold Stablecoins to TON Network (CoinDesk)

  • FBI warning against crypto money transmitters ‘appears’ to be aimed at mixers (Cointelegraph)

  • Stripe Brings Back Crypto Payments Via USDC Stablecoin (CoinDesk)

  • ‘Giant buy’ signal? Crypto whales transfer $1.3B to Coinbase (Cointelegraph)

  • Biden’s 2025 Budget proposal seeks to tax capital gains at 45%, eliminate crypto tax loopholes (Kitco)

  • Meme Coins Are Causing 'Damage' to Crypto, Says Andreessen Horowitz Exec (Decrypt)

  • Sam Altman’s Worldcoin eyeing partnerships with PayPal and OpenAI (Fortune)

  • Changpeng Zhao could serve time in the same facility as ‘crypto-anarchist’ Jim Bell (Cointelegraph)

  • Pantera Capital seeks $1B for a new crypto fund: Report (Cointelegraph)

  • EU Parliament Adopts Anti-Money Laundering Rules Package, Also Policing Crypto (CoinDesk)

Internet Archives 🏛️

Jesus Works

male virginity … bullish

stripe bringing crypto back … does this mean no more 3% fees???

male stoners are the apex of decadent society

finally, an inflation-proof commodity

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