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A Summary of

Crypto Regulators Aren’t Very Sympathetic

Matt Levine
Money Stuff
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Crypto Regulation

  • Coinbase is preparing to pitch a proposed regulatory framework to federal officials in the coming days.
    • Coinbase will try to convince the SEC to agree upon their proposition on what is and isn't a security.
    • Over the long term, Coinbase will benefit from regulation as it decreases competition from entering the market.
    • The US should accommodate crypto a bit rather than expect crypto to conform itself entirely to rules made for public companies in the 1930s.
    • It's not that Crypto firms disagree with regulators. Rather, regulators aren't interested in working with crypto firms at all.

Home Bridge Loans

  • Flyhomes Inc. helps buyers with less cash on hand make all-cash offers. Now, several startups are helping home buyers buy houses on the buyer's behalf and then selling them to the buyer.
    • Why? Because landing a home in competitive markets is now extremely difficult if you don't have cash on hand because you will probably lose to all-cash bidders.
    • This is a great example of financial engineering filling in gaps in a market.

How strong is the force of capitalism?

  • Relationship-building or "steak dinners" are highly important to M&A activity and they seem to be back.
    • Tech companies attempting to disrupt M&A through an online platform have a huge weakness in that they can't provide these "steak dinners."

McKinsey for Kids

  • McKinsey & Co. has created 4 editions of McKinsey for Kids, which try to explain a consultant's work and why it matters.

NFT Stuff

  • Scammers are exploiting the tight-knit community of friends in the NFT space and stealing NFTs through socially-minded scams.
    • The NFT community is trying to deal with the fallout of these scams by fundraising, giving 0-interest crypto loans, and making lowball offers to liquidity-starved scammers.
    • Takeaway: Nobody is more trusting and careless with cybersecurity than crypto investors.

Will AMC accept Dogecoin?

  • AMC CEO Adam Aron is asking Twitter users if AMC should add Dogecoin to the list of crypto it will accept for online payments.
    • "Yes, for sure" got 68.1% of the vote.
    • It's weird for a CEO to rely on Twitter of all things to make crucial company decisions.

An Amalgamation

  • Amalgamated Bank Announces Agreement to Acquire Amalgamated Bank of Chicago.
    • The name of the merged banks might as well be Amalgamated Amalgamated Bank.
    • A bizarre fact about the merger is that neither banks seem to be amalgamated: both were founded by an amalgamated union, not because they were the product of amalgamations of other banks.
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