Governments are looking into regulating the currently decentralized cryptocurrency space, and that’s a good thing for the market.
So said Fortune senior writer Jen Wieczner.
“I think it’s going to be very good for prices, because you’re going to allow for investment in big companies that have already embraced regulations,” she said in an interview with Cheddar Friday. “I think you have a lot of investors now, especially institutional investors, who are waiting on the sidelines, because they don’t want to be involved in a scam or their compliance department don’t allow them to.”
Mexico was the latest to crack down on money laundering and illegal activities in cryptocurrency. Reuters reported the proposed legislation, which is waiting for approval from President Enrique Peña Nieto, will regulate fintech and promote financial stability in cryptocurrency.
Similarly, the SEC launched a probe into the operations of American tech companies handling crypto this week. The Wall Street Journal reported that the watchdog is looking into the process of Initial Coin Offerings, trying to weigh whether firms have been violating securities laws.
Wieczner said that some companies will not stand up to the scrutiny.
“For some of them, regulation is likely going to completely knock them out,” she said.
Phyllis Newhouse, the first black woman to bring a company public via SPAC on the NYSE earlier this year, has launched her second SPAC, ShoulderUp Technology Acquisition.
Phyllis is a serial entrepreneur, retired military officer, and founder of the ShoulderUp movement, which educates and encourages women around the world to reach their greatest economic, political and cultural potential. Shawn Henry is part of the ShoulderUp team, bringing his expertise on cybersecurity to the new company. Both Phyllis and Shawn joined Cheddar to discuss this new venture and how it plans to tackle the issue of cybercrime.
Don Basile, CEO, Monsoon Blockchain & Founder of Bitcoin Latinum, joins Cheddar News' Closing Bell, where he explains why we're seeing major crypto investors look to purchase expensive pieces of art, and discusses what the NFT space could look like in the not-too-distant future.
Jack Constantine, chief digital officer and product inventor at Lush, joined Cheddar to talk about the cosmetic company's mass exodus from major social media platforms TikTok, Facebook, Instagram, and Snapchat, in the wake of recent reports that Instagram specifically had negative impacts on teen girls. He noted that with teenage girls being a large part of its consumer base and audience, Lush had a responsibility to market its company on outlets that prioritize mental wellbeing. "For us, we've always been a social brand, and it started to feel that social media was no longer offering what we felt we wanted to gain from it," he said. "And then obviously when you add that to the damage that it's causing, it just feels like a combination that we can't continue on with." The company also pulled out of social media platforms in 2019.
Jon Lowen, Co-Founder of Surfside, joined Wake Up With Cheddar's Baker Machado to discuss Uber's partnership with cannabis retailer Tokyo Smoke, as it's the first time a cannabis merchant has been listed on UberEats across all of its global markets.
Jack Dorsey resigned from his post as CEO of the social media company on Monday and will be replaced by chief technology officer Parag Agrawal. Mitch Rubin, portfolio manager at RiverPark Long/Short Opportunity Fund, joined Cheddar to break down the move and what it means for investors in both Twitter and Square, the payment company that Dorsey also helms. "For the long-term, I think this is very positive news for both companies," he said. Rubin also talked about growing competition in the social media space and why Twitter continues to lag behind other major players.
Jack Dorsey is officially out as Twitter's CEO. Dorsey said in a statement that the platform is ready to move away from its founders and now will be led by current CTO Parag Agrawal.
The ocean is an important topic when it comes to the climate. It plays a vital role in shaping our environment, with rising sea levels causing a 35% increase in natural disasters around the world, affecting 1.7 billion people. Dr. Sylvia Earle has been called perhaps the greatest advocate our oceans have ever had, with Time magazine dubbing her its first 'hero of the planet' and the Library of Congress naming her a living legend. She is also the founder of Mission Blue, an organization that inspires action to explore and protect the ocean. Dr. Earle joined Cheddar Climate for more on the importance of caring for the ocean and its impact on climate change.
