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GM. Could the US elect a crypto-friendly president? More violence rages in the Middle East. Tech nerds are bearish on humanity.

Can’t say they’re not not wrong. At least California is waging a war on Skittles.

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

Today’s Specials:

No FOMO News 📰 : Millions in Crypto Raised in the Middle East ⚠️

No FOMO 🗿 : What Would A Crypto-Friendly President Look Like? 🤔

AI Intel 🤖 : Godfather of AI Says Humanity is Toast 😅

Free Alpha 🚨 : Sappy Seal Giveaway! 🦭

Things We Don’t Actually Hate 🤔 : California Bans Skittles 🍬

Just for Fun 🤡 : It’s Turtle Szn 🐢

No FOMO News 📰

• Binance tight-lipped on projects funded by $1B crypto recovery fund (CT)

• Pro-crypto RFK Jr. leaves Democrats to campaign for US president as independent (CT)

• Caroline Ellison set to testify as star witness against Bankman-Fried (Washington Post)

• Chinese government-owned newspaper to launch NFT platform (CT)

• Bitcoin Could Fall as Market Awaits Israeli Response to Hamas Attack (CoinDesk)

• US considering application of Electronic Fund Transfer Act to crypto accounts (CryptoSlate)

• FCA issues another warning to unregistered crypto firms as promotional rules take effect (Blockworks)

• Huobi, KuCoin Among Crypto Firms Added to UK Watchdog’s Warning List (Bloomberg)

• Militants Behind Israel Attack Raised Millions in Crypto (WSJ)

• Mistake or money laundering? User pays $1.6 million for CrypToadz NFT (Cointelegraph)

• US regulators weigh penalizing bankrupt crypto lender Voyager's ex-CEO, Bloomberg reports (Reuters)

The Trade Desk: Solana Outshining Bitcoin? A Dive Into Last Week’s Crypto Asset Inflows. Crypto investment products see largest inflows since July. ​​Cryptocurrency market sees mixed trends, Bitcoin and Ethereum experience bear activity.

What Could A Crypto-Friendly US President Actually Do?

Lifetime Democrat Robert F. Kennedy Jr. is leaving his party and announcing his campaign as an independent. If you didn’t know, RFK is crypto-forward.

That’s great, but what could a degen President actually accomplish? We made a list.

Executive actions:

• Create a White House Office of Digital Assets to coordinate cryptocurrency policy across the federal government. (shoutout Andrew Yang for mentioning the need for this in 2020)

• Issue an executive order directing federal agencies to take a more supportive approach to cryptocurrency innovation – this would be an aggressive stance and unlikely to happen.

• Direct the Treasury Department to develop clear and comprehensive guidance on the taxation of cryptocurrency transactions – who knows how to do crypto taxes? It’s so confusing and vague.

• Direct the SEC to clarify the regulatory status of cryptocurrency assets – lol force them to actually take a stance 😆

• Direct the Commodity Futures Trading Commission (CFTC) to develop a regulatory framework for cryptocurrency derivatives trading – standardization is bullish.

Legislation:

• Work with Congress to pass legislation that would create a clear and consistent regulatory framework for cryptocurrency businesses – we’re not the Cartel, we’re tech nerds. Let’s talk ball.

• Support legislation that would exempt cryptocurrency transactions from capital gains taxes for small investors.

• Support legislation that would allow cryptocurrency to be used to pay federal taxes.

• Support legislation that would establish a central bank digital currency (CBDC) in the United States… although most crypto people are against CBDCs. Can explain that deeper in a future newsletter perhaps

• Support legislation that would promote the use of cryptocurrency in foreign aid and development programs. Just look at what crypto did in Ukraine and is doing in the Israel/Palestine conflict.

Education and outreach:

• Launch a public education campaign to raise awareness of cryptocurrency and its benefits.

• Work with industry stakeholders to develop educational resources for businesses and consumers.

• Host cryptocurrency summits and conferences at the White House and other federal agencies.

• Send representatives to cryptocurrency conferences and meetups around the world.

International cooperation:

• Work with other countries to develop international standards for cryptocurrency regulation.

• Promote the use of cryptocurrency in cross-border trade and investment.

• Support initiatives to promote financial inclusion and literacy in developing countries through cryptocurrency.

Here are specific examples of executive actions that a US president could take to make America more crypto-forward:

• Direct the Treasury Department to issue guidance on the use of cryptocurrency for government payments. Let’s make it easier for businesses and consumers to pay the government with cryptocurrency – send a strong signal of support for the industry. WE’RE NOT CRIMINALS

• Direct the SEC to clarify the regulatory status of cryptocurrency exchanges and wallets. We need to ease the minds of well-intentioned businesses and consumers

• Direct the CFTC to develop a regulatory framework for cryptocurrency derivatives trading, effectively allowing businesses to hedge their risks and create new investment opportunities for consumers.

• Direct the Office of the Comptroller of the Currency (OCC) to issue charters to cryptocurrency banks. MASSIVE opportunity here. But they won’t even let cannabis companies bank yet, so we don’t expect this to change anytime soon. Chartered crypto banks would be able to offer the same services as traditional banks, such as checking and savings accounts, loans, and credit cards.

TLDR; With a few heavy handed executive strokes, a US president could make America a more attractive destination for crypto overnight.

A crypto-forward government would create new jobs, boost economic growth, and ensure that the United States remains a leader in the global financial system.

AI Intel 🤖

• Godfather of AI tells '60 Minutes' he fears the technology could one day take over humanity (Yahoo)

• Disney’s Loki faces backlash over reported use of generative AI (TheVerge)

• ‘Overhyped’ generative AI will get a ‘cold shower’ in 2024, analysts predict (CNBC)

• How AI is transforming the legal sector – Robin AI founder Richard Robinson (UKTech)

• AI in the military: Gen. Milley on the future of warfare (CBS)

Free Alpha 🚨

We’re giving away a @SappySealsNFT!

Things We Actually Don’t Hate? 🤔

California bans Skittles?

If you’ve been a subscriber for a long time, you know we aren’t the biggest fans of how unhealthy food in America is. The video title is a little misleading, the ban is directed at four popular additives that have been linked to cancer, disease and mood disorders.

It’s estimated that around 12,000 packaged foods will be affected. The bill gives food companies three years to strip the ingredients from their products or face fines of up to $10,000. $10,000 doesn’t seem like enough to stop the Frito-Lays of the world, but it’s a step in the right direction.

Just for Fun 🤡

There’s a lot of negativity in the world today so here’s a reminder that if you’re reading this you are doing better than a lot of people out there. Halloween is just around the corner. We like turtles too.

Shameless Shill + Alpha

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