March 10, 2022
Photo: Nicholas Kamm/AFP via Getty Images
Good morning! The administration’s executive order on crypto was celebrated by some as validation that the currency is legit. Others aren’t so sure it’s the “welcome mat” people want it to be. I’m Ben Pimentel, and I think “The People’s Front of Judea” is one of the funniest Monty Python sketches ever.
Also, we want to know if you own any NFTs. Read to the end for more info, but if you’re a longtime NFT collector or new to the hobby, tell us all about it. What was your first NFT? Which one cost the most? Let us know by replying to this email!
President Biden’s executive order on crypto got rave reviews from key players in the digital assets industry. But calling him Crypto Joe may be premature.
Crypto execs and leaders called the order a milestone for a set of companies that have long complained that the federal government doesn’t take them seriously — or worse, is just plain out to get them. Meanwhile, administration officials, including key regulators, said they’re prepared to follow Biden’s lead in defending against the dark side of crypto: risks to financial stability, investor safety, national security and law and order.
There’s something for everyone in Biden’s crypto order, and what you see in it largely depends on where you stand.
Crypto thinks this means the White House finally gets it. Biden gave the industry the head-pat it has long been waiting for.
Will crypto and regulators finally get along? Peace breaking out between Silicon Valley and D.C. wasn’t immediately evident from key regulators’ reactions.
So what’s the order really about? There’s a strong status quo element of working with the existing architecture of government and policy to bring crypto into the fold.
Hoping for an era of good feelings in crypto may be wishful thinking. Still, Biden’s crypto order could help reset the raging debates over crypto by reminding everyone of what’s at stake. But the heated debates over how to regulate crypto will likely continue. “I am confident this announcement is not the welcome mat that crypto thinks it is,” Santa Clara University law professor Stephen Diamond told me.
— Benjamin Pimentel (email | twitter)
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Gen Z is poised to help everyone - from a rural small business to a tech giant - rethink how their business operations can help alleviate the digital divide. It’s time to give Gen Z a seat at the table for the generation that sees how tech can be a benefit but often is the barrier for advancement.
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Bumble stopped operations in Russia and Belarus and removed its apps from the app stores.
Tesla will support its Ukrainian workers who are asked to fight. The company will continue paying for up to three months, according to an internal email that was sent to employees in Europe, Africa and the Middle East.
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People spent nearly $27 billion on NFTs last year, with a majority of sales ranging between $10,000 and $100,000. But aside from all the people updating their social media profiles with pictures of their treasured digital art, who are all these people buying NFTs?
We want to know if you own an NFT. Did you recently get into it, or are you a longtime NFT supporter? If you own one (or many), what was your first? If you don’t own one, why not? Respond to this email and let us know, and we’ll round up our favorites in the Sunday edition of Source Code.
People often think of the digital divide as being just about broadband access, but it is also about understanding the needs and tech literacy levels across roughly six generations. Gen Z could help companies develop products and apps that better serve the needs of our communities, our country and our world.
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