Weekly Rundown - March 26, 2023
Before jumping into today’s issue, I just wanted to ask: are you building a web3 brand?
If so, I’m happy to announce that there are spots left to partner with this newsletter. If you want to get your brand in front of 20,000 active crypto builders and investors, then Crypto is Easy is your answer!
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Did you read the March monthly issue? I’ll bet you didn’t! I can see the performance metrics 😀.
Here’s a second chance:
As you may have heard, Fed Chairman Powell said bank failures might wreck the US banking system enough that the Fed won’t have to raise rates anymore.
Is that good because it gives everybody the “pivot” they’ve wanted for so long, or bad because it means the Fed will finally accomplish its goal of making you poorer, taking away your job, and making your business less profitable?
Catch my most recent update, where I recap the four approaches I’ve talked about over the past few months, check on some market behaviors you probably want to know about, and look at an unsettling pattern for stablecoins.
If you took any of the approaches I’ve talked about over these past few months, you’re set. Let the market do its thing.
If you didn’t take any of those approaches or don’t know what I’m talking about, catch the update or watch the video that goes with it.
Scroll down for a poll, a meme, some articles, and job listings.
Also note, I may move this newsletter to a new service provider, Beehiiv. My team’s exploring the option. Nothing will change on your end and I’ll let you know before I switch! I’m sharing this just for transparency.
(I love Substack and it’s the easiest way to start a newsletter, but once you get big enough, other platforms start to make more sense.)
Nasdaq still plans to launch its crypto custody service.
While US regulators zap crypto-native businesses like Coinbase and Kraken, they let Wall Street entities like Nasdaq, Fidelity, Blackrock, BNY Mellon, and others move ahead.
It’s almost like US regulators are clearing the path for Wall Street’s regulatory capture under the guise of “keeping us safe.”
If that sounds familiar, you might remember reading my thoughts in Bitcoin or Bust: Wall Street’s Entry Into Cryptocurrency.
(Premium subscribers get the book for free.)
Wall Street has a deep connection to the US government. It’s a familiar face, you might say—one that should have no problems meeting custody, AML, and registration requirements.
Let’s hope Nasdaq can do crypto better than the London Metals Exchange does nickel!
Although, the conspiracy theorist side of me can’t help but wonder if this has something to do with USDT . . .
On that note, did you read Nic Carter’s latest on the “sophisticated, widespread crackdown against the crypto industry?”
If not, here’s your chance:
As a government employee and former Congressional aide, I can assure you that the US government is not good at “sophisticated, widespread” anything, certainly not crackdowns. And you can see that in its haphazard approach to crypto in recent weeks.
But, sometimes “good enough” is good enough. You get a so-called “chilling effect” because banks get the message and decide that banking crypto companies isn’t worth the money.
When that happens, you can bumble and stumble all you want. You don’t need coordination and savvy. The message does your work for you.
It sucks that crypto businesses will need to move overseas or change their partners and service providers. Too many good people suffer!
If there’s any silver lining, this might give crypto more motivation to double down on building a new financial system where banks are no longer necessary. For more on that, read my article, Silvergate’s Loss is Crypto’s Gain.
MetaMask | Data Analyst | Link to position
Circle | Senior Software Engineer | Link to position
Foundation | Sales & Partnerships Lead | Link to position
Chainlink | Web Designer | Link to position
Gemini | Social Media Intern | Link to position
Archimedes Finance | Product Manager | Link to position
ZORA | Senior Accountant | Link to position
Uniswap Labs | Senior Frontend Engineer | Link to position
Ethereum Foundation | Rust Engineer | Link to position
Web3Auth | Senior DevOps Engineer | Link to position
Chainalysis | Staff Software Engineer | Link to position
These jobs come from the ToolsForCrypto newsletter. If you’d like to post a vacancy here (for free), email email@example.com.
Relax and enjoy the ride!