CNR44: Are you tired of Sam Bankman-Fried yet? Treasury Sec Yellen Calls For Crypto Regulations & FTX Invited to House Financial Services Committee Hearing
I'm not. With each interview I watch, he either describes a business practice I am familiar with or he mentions something new. If it's new, I research it and try to understand it so the next time it is mentioned, I will have a basic understanding of the concept.
For example, this week I learned about the multiple functions of FTX: crypto exchange, market maker, broker-dealer, lender, and custodian.
In traditional finance, no one firm could offer all those services. The inherent conflicts-of-interest, self-dealing, and investor risks would be too great.
When I started paying attention to crypto last year, I did not understand those functions. Heck, I was a starry-eyed enthusiast who believed crypto, blockchain, decentralized finance, NFTs, and the metaverse were going to change the world and our little real estate corner.
My views have evolved. After watching massive wealth destruction caused by crypto companies led by unsavory characters, I now view crypto as a set of valuable tools that will only gain acceptance once the risks are understood and, where appropriate, properly regulated.
Today, I watched a Senate hearing and was heartened by what many Senators said. They believe in crypto's potential and feel urgency to craft smart legislation. Also, I'm encouraged that in the midst of the latest crypto bankruptcies, the crypto market's volatility has narrowed. Perhaps crypto is transitioning from a highly volatile speculative investment with a $3T market cap to an $855B stable asset positioned for wide adoption and growth.
We'll see. However, there's one thing that I'm sure about. The industry is in its infancy.
Stay Crypto Curious!
- Rich
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I’m Rich Hopen, the creator of Crypto News for Realtors and a real estate broker with Compass in NJ.
Throughout the week, I monitor the crypto news in major news and crypto publications, listen to crypto podcasts, and follow the crypto influencers on social. I sift through it all and write a weekly newsletter with about 1,000 active subscribers and a 73% open rate. I write the Crypto Corner for Inman. I’ve given crypto presentations to real estate offices around the US.
I do this because
1) Crypto is complex, fascinating, and evolving quickly, and I believe crypto is going to change our economy and real estate,
2) It’s early days in crypto and I want to position myself as the crypto leader in MY real estate market, and
3) I want to share what I’m learning so you can be the crypto leader in your market.
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