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  • Andy Yen: AI knows you better than you know yourself, privacy is a fundamental human right, and the unsustainable nature of AI subscription models | Bankless

    Andy Yen: AI knows you better than you know yourself, privacy is a fundamental human right, and the unsustainable nature of AI subscription models | Bankless

    Key takeaways

    • AI’s capability to understand and predict human behavior poses ethical concerns about privacy and autonomy.
    • The average person’s digital privacy is increasingly compromised due to advancing technologies.
    • AI accelerates intimate data collection, enhancing existing business models.
    • Tech companies record and analyze user interactions with AI tools, raising privacy concerns.
    • Information shared with AI can become part of its training data, risking inadvertent disclosure.
    • AI tools like ChatGPT may know users better than their closest relationships, impacting privacy.
    • The market cap of top AI companies rivals that of many countries, suggesting significant influence.
    • Subscription models for AI services may not be sustainable due to high operational costs.
    • Current AI business models often prioritize profit over user privacy.
    • AI technology costs are expected to decrease exponentially, affecting future development.
    • There are no technical or legal barriers preventing full encryption for user data.
    • Privacy is a fundamental human right and should not be considered a luxury.
    • Many crypto foundations were created for fraudulent purposes rather than social benefit.
    • The gap between open source and proprietary AI models is narrowing, making open source a viable option.
    • Trust in crypto systems requires trust in both the technology and the people behind it.

    Guest intro

    Andy Yen is the founder and CEO of Proton, the privacy-focused tech company behind encrypted email service Proton Mail. Prior to founding Proton in 2014, he worked as a particle physicist at CERN, where he co-developed the infrastructure for secure, end-to-end encrypted communication inspired by large-scale computing challenges. His commitment to user privacy stems from experiences like Edward Snowden’s revelations and concerns over authoritarian surveillance.

    The implications of AI’s growing influence

    • AI has the potential to understand users better than they know themselves. “AI could know you better than you know yourself.” – Andy Yen
    • AI can exploit personal weaknesses, raising ethical concerns. “AI will actually be able to exploit the weaknesses of your personality.” – Andy Yen
    • The average person’s digital privacy is increasingly compromised. “The average person is quite compromised in terms of digital privacy today.” – Andy Yen
    • AI accelerates existing business models by enabling more intimate data collection. “AI is simply an extension of a trend that’s been going on for fifty years.” – Andy Yen
    • Tech companies record and analyze every conversation users have with AI tools. “Tech companies can see it because they are recording and analyzing every conversation.” – Andy Yen
    • AI tools retain user data to improve services and target ads. “They’re actually looking at this information to improve these programs.” – Andy Yen
    • Information shared with AI models can become part of their training data. “The information you give it becomes part of its brain.” – Andy Yen
    • Once information is shared with AI, it is difficult to retract. “Once you put it out there, you cannot really take it back.” – Andy Yen

    The power dynamics of AI and tech companies

    • AI companies’ market capitalization exceeds that of many countries. “These companies have gotten so big that they are more powerful than governments.” – Andy Yen
    • The subscription model for AI services may not be sustainable. “I don’t see how it’s possible to sustain that level of capex from a subscription model.” – Andy Yen
    • Current AI business models prioritize profit over user privacy. “These are profit-driven companies that care only about profit.” – Andy Yen
    • The cost of AI technology is expected to decrease exponentially. “The cost of AI is going to go down probably exponentially with time.” – Andy Yen
    • There are no technical or legal barriers preventing full encryption for user data. “There’s no technical limitation that prevents them from doing what we’re doing.” – Andy Yen
    • The aggressive data practices of companies are driven by capitalism. “Capitalism drives them to make the highest possible profits.” – Andy Yen
    • Loomo’s approach ensures user conversations remain private. “We don’t keep a record of any of your conversations.” – Andy Yen
    • Google’s business model creates a misalignment of incentives that undermines privacy. “You’re not actually Google’s customer; you’re the product.” – Andy Yen

    The challenges of privacy and encryption

    • Privacy is a modern-day digital civil liberty and a fundamental human right. “Privacy is our last defense against surveillance capitalism.” – Andy Yen
    • The mandatory scanning of tech companies has been removed in Europe, a win for privacy. “The mandatory part has been removed, which is a huge win for Europe.” – Andy Yen
    • There should be a modern digital bill of rights that enshrines the right to encrypt data. “Every citizen should always have the ability to encrypt their data.” – Andy Yen
    • Legislation regarding privacy needs to be strengthened and informed by tech-savvy individuals. “We need a new generation of legislators who are more tech native.” – Andy Yen
    • Governments can inadvertently worsen privacy legislation due to a lack of understanding. “You could actually make it worse.” – Andy Yen
    • Backdoors in technology do not exist in a way that only allows good actors access. “I’ve never seen a backdoor that only left the good guys in.” – Andy Yen
    • Mass surveillance undermines the presumption of innocence, crucial for democracy. “Mass surveillance is essentially saying everybody is under surveillance by default.” – Andy Yen

    The role of crypto in financial freedom

    • Financial transactions should be peer-to-peer and private. “Financial transactions should be peer to peer and should be private.” – Andy Yen
    • Venezuela’s high Bitcoin adoption is due to extreme inflation and government control. “Venezuela is one of the countries with the highest Bitcoin adoption.” – Andy Yen
    • Financial freedom is essential for actual freedom, and banning crypto is akin to banning cash. “There is no difference between freedom and financial freedom.” – Andy Yen
    • The ratio of legitimate to illegitimate uses of crypto is skewed towards illegitimacy. “The ratio between legitimate and illegitimate uses is incorrect.” – Andy Yen
    • Illegitimate uses and scams in crypto may constitute around 40% of the ecosystem. “It’s probably 40%, a substantial part of the ecosystem.” – Andy Yen
    • The crypto community must address illicit activities to achieve mainstream acceptance. “Crypto will have a limit to its influence if we don’t tackle that problem.” – Andy Yen
    • Creating a hostile environment for illicit actors is essential for crypto’s reputation. “It’s about creating an environment hostile to bad actors.” – Andy Yen

    The importance of email and digital identity

    • Email will remain a crucial aspect of digital identity for the foreseeable future. “Email is not just communication; it’s your digital identity.” – Andy Yen
    • Switching from Gmail to ProtonMail is about opting out of Google’s data collection. “Switching to ProtonMail is erasing your identity from Google.” – Andy Yen
    • Transferring your data to a more trusted provider can enhance privacy. “It’s easy now; a couple of clicks and you’re done.” – Andy Yen
    • Using different aliases for online accounts can reduce spam and protect identity. “Spin up a different alias in Proton to use a fake alias.” – Andy Yen
    • Locking down your email and identity is crucial to prevent hacks in crypto. “We have a lot of email accounts that get hacked in crypto.” – Andy Yen

    The influence of big tech on privacy and regulation

    • Big tech companies may engage in anti-competitive practices that threaten privacy-focused companies. “Big tech could engage in anti-competitive practices to wipe out privacy companies.” – Andy Yen
    • The lack of regulation allows big tech to potentially control government and democracy. “Big tech controls our government and our democracy.” – Andy Yen
    • Consumer choices play a crucial role in steering the economic and political future. “The most powerful force in capitalism is the individual consumer.” – Andy Yen
    • Crypto could potentially capture 30% of the overall finance market. “Crypto could go from less than a percent to 30% of finance overall.” – Andy Yen
    • The success of privacy-focused services depends on creating a competitive user experience. “We need a user experience that is a viable replacement for traditional finance.” – Andy Yen

    Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

  • Corey Frayer: Crypto loses its identity when mimicking traditional finance, SEC’s independence is crucial for regulation, and compliance can create competitive advantages | Bankless

    Corey Frayer: Crypto loses its identity when mimicking traditional finance, SEC’s independence is crucial for regulation, and compliance can create competitive advantages | Bankless

    Key takeaways

    • Crypto loses its distinct identity when it begins to mimic traditional financial systems.
    • If crypto projects function like banks or securities exchanges, they must comply with existing laws.
    • The current state of crypto resembles traditional finance but often resists regulation.
    • The SEC’s enforcement division operates independently from the chair’s direct involvement in investigations.
    • Gary Gensler’s knowledge of crypto is a significant asset for the SEC’s approach to the industry.
    • The crypto industry perceives the SEC’s office hours as a trap due to fears of future enforcement actions.
    • The distinction between an asset being sold as a security and the asset itself being a security is crucial.
    • Engaging platforms to comply with securities laws can create a competitive advantage in the crypto trading space.
    • Vertical integration in crypto exchanges poses significant risks to financial regulation.
    • Crypto’s fundamental value lies in enabling peer-to-peer transactions without intermediaries.
    • Introducing intermediaries into crypto undermines its decentralized ethos.
    • The crypto industry needs to start centralized to eventually achieve decentralization.
    • The SEC’s approach under Gary Gensler has stifled the potential growth of the crypto industry.
    • The crypto market poses a threat to the integrity of established securities laws if not treated equally.
    • Crypto startups should be treated like other startups in terms of capital raising.

    Guest intro

    Corey Frayer is Director of Investor Protection at the Consumer Federation of America, where he leads efforts to advocate for policies protecting investors and promoting market integrity. Most recently, he served as Senior Adviser to SEC Chair Gary Gensler, focusing on financial stability and crypto asset markets, where he shaped the agency’s approach to securities law and digital assets. Prior to his SEC tenure, Frayer held key positions on Capitol Hill, including as a senior staffer on the Senate Banking Committee advising Chairman Sherrod Brown on financial regulation and consumer protection.

    Crypto’s integration into traditional finance

    • Crypto loses its distinct technological identity when it starts mimicking traditional financial systems.

      — Corey Frayer

    • When crypto starts coming into the traditional space and doing the traditional activities to me it loses the protection of the argument that this is a distinct technology built for peer to peer transactions.

      — Corey Frayer

    • If crypto projects aim to operate like banks or securities exchanges, they must adhere to existing laws.

    • If you’re gonna build a bank if you’re gonna build a securities exchange if you’re gonna raise money the way the Howey Test lies out there are laws for that everyone has to follow the same laws.

      — Corey Frayer

    • The current state of crypto resembles traditional finance but resists regulation.

    • I take issue with the way that it has become something that looks a lot more like the traditional financial system but doesn’t want to be treated like the traditional financial system.

      — Corey Frayer

    • There is a misconception that the SEC under Gensler is pro-traditional finance.

    • I think there’s a perception that the Gensler SEC or myself was very pro traditional industry.

      — Corey Frayer

    SEC’s regulatory approach and independence

    • The SEC’s enforcement division operates independently from the chair’s direct involvement in ongoing investigations.

    • I did not have access to the investigations as they were ongoing… there’s a ton of independence in the enforcement division.

      — Corey Frayer

    • Gary Gensler’s knowledge of crypto is a significant asset for the SEC’s approach to the industry.

    • He actually was informed about crypto… to understand our industry is going to be the greatest asset.

      — Corey Frayer

    • The narrative in the crypto industry suggests that Gary Gensler is leveraging his position to gain political capital at the expense of the crypto sector.

    • The narrative which was allowed to reverberate without being unchecked was that Gary Gensler is upon maybe even a bishop or a knight of Elizabeth Warren who has a very anti crypto political stance and Gary Gensler is using this as an opportunity to ascend his political capital inside of the world of politics.

      — Corey Frayer

    • The crypto industry has largely been isolated from opposing viewpoints, leading to unchecked narratives about regulatory intentions.

    • We basically never talked to anyone on the other side of the aisle… the narrative which was allowed to reverberate without being unchecked.

      — Corey Frayer

    Securities law and crypto assets

    • The distinction between an asset being sold as a security and the asset itself being a security is crucial in understanding investment contracts.

    • Being offered and sold as a security doesn’t mean the asset itself is a security… the concept of an investment contract is that you can offer and sell something as a securities arrangement.

      — Corey Frayer

    • The SEC established precedent that crypto assets could be offered and sold as securities under certain conditions.

    • Crypto assets could be offered and sold as securities… established some precedent that at a minimum according you know to the eyes of the court.

      — Corey Frayer

    • Focusing regulatory efforts on centralized platforms is more productive than targeting individual tokens.

    • We felt that playing mac whack a mole with you know 10,000 tokens wasn’t gonna be a productive use of our resources.

      — Corey Frayer

    Compliance and competitive advantage

    • Engaging platforms to comply with securities laws can create a competitive advantage in the crypto trading space.

    • Our theory here was that if you could get someone to come in and comply with the securities laws they would have a competitive advantage of being the safe place to trade crypto because they were disclosing they were following industry standard rules.

      — Corey Frayer

    • Having multiple financial services under one platform creates conflicts of interest that violate foundational securities law.

    • The red line is essentially having all these businesses together in one platform not having those conflicts of interest is a foundational rule in securities law.

      — Corey Frayer

    • Vertical integration in crypto exchanges poses significant risks to financial regulation.

    • You don’t want these businesses with tons of different exposures like you want people to be in their particular verticals and that way one failure doesn’t cascade across the entire system you don’t want conflicts of interest that give an exchange an advantage over the customers trading on the exchange.

      — Corey Frayer

    • The structure of FTX was a classic failing business model.

    • We had raised an we all had serious concerns about FTX purely because of the structure like that is a classic failing business model.

      — Corey Frayer

    Peer-to-peer transactions and decentralization

    • Crypto’s fundamental value lies in enabling peer-to-peer transactions without intermediaries.

    • What crypto solved for is peer to peer transactions not relying on an intermediary and that is why the technology exists so no one would have to rely on an intermediary like that is fundamental to the ethos.

      — Corey Frayer

    • Introducing intermediaries into crypto undermines its decentralized ethos and necessitates compliance with traditional financial regulations.

    • I get very unsympathetic to the crypto industry when they start introducing intermediaries to this process… if you’re gonna show up here and be an intermediary… you have clearly entered traditional financial territory and you have to follow those rules.

      — Corey Frayer

    • The crypto industry needs to start centralized to eventually achieve decentralization.

    • In order to build some of the more expressive financial infrastructure beyond some of the base primitives like just Bitcoin and Ethereum in order to do more things to make crypto more useful and have better assets and a more flourishing financial system we need to have start ups that raise money and start centralized and with a long term goal of becoming decentralized.

      — Corey Frayer

    • The collapse of FTX significantly impacted traditional financial firms’ willingness to engage with crypto.

    • The reason that didn’t come to fruition is because before we executed on that plan… FTX collapsed and all the traditional financial firms didn’t wanna have anything to do with crypto after that it was toxic.

      — Corey Frayer

    Regulatory challenges and the SEC’s role

    • The SEC’s approach under Gary Gensler has stifled the potential growth of the crypto industry.

    • We were being treated as an industry that had no values no morals no aspirations and was just trying to do what you were saying which is have our cake and eat it too… we were nipped in the bud by Gary Gensler.

      — Corey Frayer

    • If the crypto world had remained focused on electronic peer-to-peer transactions, regulatory scrutiny from the SEC might have been avoided.

    • If the crypto world had stayed in the space of electronic peer to peer transactions I don’t think the SEC would ever have gotten involved in it.

      — Corey Frayer

    • The crypto market poses a threat to the integrity of established securities laws if not treated equally.

    • If you take two things that are economically identical if you have something being offered and sold as a security and you have a biotech firm selling securities and you don’t treat the crypto market the same way you are undermining the securities laws…

      — Corey Frayer

    • The economic reality of business practices in crypto must be treated the same as any other financial instrument.

    • It is incumbent upon financial regulators regardless of the technology to treat your economic the economic reality of of your business practices the same as any other identical economic instrument.

      — Corey Frayer

    Crypto startups and investor protection

    • Crypto startups should be treated like other startups in terms of capital raising.

    • I don’t see a reason to treat crypto startups any differently than other startups again when they’re doing the same economic activity.

      — Corey Frayer

    • The SEC’s role is to ensure issuers follow laws rather than make investment decisions for investors.

    • You do not want the securities and exchange commission to be making decisions on behalf of investors… what you want to do is make sure that issuers of securities follow the laws that congress has set forth.

      — Corey Frayer

    • The orderly functioning of the securities marketplace is crucial for investor protection.

    • The orderly functioning of that marketplace is really important the stability of that marketplace is important disclosure is really important fair dealing eliminating conflicts of interest attempting to eliminate unfair information asymmetry insider trading for example going after fraud that is the kind of investor protection that you want the SEC involved in.

      — Corey Frayer

    • Peer-to-peer transactions are fundamentally what crypto was designed to facilitate.

    • That’s the thing that crypto was set up to do and I would agree with you there a 100% that that is the thing that crypto is set up to do.

      — Corey Frayer

    DeFi and centralized actors

    • Decentralized finance (DeFi) aims to perform financial functions without intermediaries.

    • What if you can actually get to a point where you can in an intermediary less way you can do all of the functions or many of the functions in finance.

      — Corey Frayer

    • The definition of DeFi is nuanced and depends on the presence of centralized actors.

    • I would say that it depends a lot on how you’re defining DeFi… if you have something where genuinely there’s sort of this immaculate conception of a protocol that allows for trading of nonsecurity crypto assets in a truly intermediary less way then yeah, I think by definition that falls outside the securities laws.

      — Corey Frayer

    • Centralized actors in DeFi platforms create obligations to comply with securities laws.

    • If you’re trading securities on that platform and I can identify a centralized actor then I don’t think that’s DeFi and I think it clearly has an obligation to comply with the law.

      — Corey Frayer

    • The SEC’s actions against Uniswap represent an attack on open source and DeFi.

    • We felt like this was an attack on open source this was an attack on on DeFi and this is maybe beyond the SEC’s jurisdiction.

      — Corey Frayer

    Uniswap and regulatory challenges

    • Uniswap has achieved significant trading volume, making it a success story in the DeFi space.

    • 4,000,000,000,000 in trading volume on Uniswap like it’s a success story coming out of America.

      — Corey Frayer

    • The distinction between good and bad actors in crypto is often unclear until after events unfold.

    • We never know as regulators at the outset who the good guys are and who the bad guys are… a lot of people loved Alex Mashinsky and when you know we were looking into him we got a lot of hate when we were looking into FTX we got you know angry letters from congress saying like how dare you this is a huge boom for America…

      — Corey Frayer

    • Uniswap’s code allows users to verify its non-custodial nature, distinguishing it from centralized entities like FTX.

    • You can know who is good in advance when it comes to Uniswap because we can look at the code and know that it is completely sovereign for the individual who is using it which is not true for FTX…

      — Corey Frayer

    • Uniswap’s claim of decentralization is misleading because it can still be identified and served subpoenas.

    • I take issue with defining Uniswap as decentralized… we can identify the people… they are a company.

      — Corey Frayer

    Philosophical differences in regulation

    • There is a philosophical difference regarding the facilitation and control of exchanges in the context of securities laws.

    • I think we have a a philosophical difference about what it means to facilitate or be involved with or own or control an exchange.

      — Corey Frayer

    • Uniswap Labs is not operating the Uniswap exchange, which is a significant distinction in terms of accountability under securities laws.

    • They are not operating that application and they are just perhaps they are facilitating on the front end.

      — Corey Frayer

    • Mantle is not just another blockchain; it is an ecosystem designed for builders seeking real distribution and users.

    • Mantle is not just another blockchain it is an ecosystem built for builders who want real distribution and real users.

      — Corey Frayer

    • Projects on Mantle can access Bybit, which provides exposure to over 70 million verified users.

    • Projects on Mantle have access to tap directly into Bybit one of the largest exchanges globally giving teams exposure to more than 70,000,000 verified users.

      — Corey Frayer

    Outdated regulations and SEC’s capacity

    • The SEC’s regulations from the 1930s may not be suitable for today’s decentralized finance landscape.

    • The SEC can look at something that has no counterparties that has no intermediaries and say maybe the SEC regulations from the nineteen thirties don’t quite fit this paradigm of the internet.

      — Corey Frayer

    • The SEC lacks the capacity to audit every platform’s code effectively without additional congressional support.

    • The SEC is not going to have the capacity unless congress gives it at some point the capacity to go through every platform code and you know figure out whether or not it could be exploited.

      — Corey Frayer

    • The SEC’s limited budget and resources hinder its ability to effectively oversee the vast securities marketplace.

    • The SEC oversees a $125,000,000,000,000 securities marketplace… and it has a $2,000,000,000 budget every year… you have an enormous task at that agency with a very small amount of resources.

      — Corey Frayer

    • The DAO concept is fundamentally flawed as a decentralized model.

    • I think the DAO concept is fundamentally flawed as a you know quote unquote decentralized.

      — Corey Frayer

    Broader implications of DeFi and DAOs

    • Decentralized finance (DeFi) may not pose a significant threat to the broader financial services industry or securities laws.

    • I’m not sure I would see DeFi as a threat to the broader financial services industry to the securities laws in such a way that it would need to be a priority of the SEC.

      — Corey Frayer

    • The governance of decentralized autonomous organizations (DAOs) still holds individuals accountable, regardless of how decentralized they appear.

    • You can identify the people who control a DAO who govern a DAO and those folks no matter how broadly distributed they are are accountable to that.

      — Corey Frayer

    • Comparing Uniswap to Google highlights the transformative impact of DeFi on trading, akin to how Google revolutionized internet search.

    • It’s basically a trading verb on all of the assets you know that can exist in crypto which is like basically all assets and so they’ve kind of like revolutionized trading the way Google revolutionized the internet and search.

      — Corey Frayer

    • Corey believes that while there are bad actors in crypto, the presence of good projects is beneficial for both the US and the world.

    • I actually think that’s a net good for not only the US but for the world… the projects that have done more good than bad in crypto… do you think that’s net beneficial?

      — Corey Frayer

    Fair regulatory treatment and the Howey Test

    • Crypto should not receive preferential treatment in regulation compared to traditional financial industries.

    • I think it is not fair to give crypto a leg up over other industries or over other financial regulations because it’s new in some way… the crypto industry make arguments for deregulation that look identical to the traditional industry.

      — Corey Frayer

    • The Howey test’s application to various assets may be overly broad, potentially classifying many non-traditional items as securities.

    • If your definition of a security turns dollars and game items and loyalty points and Pokemon cards and NFTs… into a security doesn’t it seem like you’ve stretched the Howey Test a bit too far?

      — Corey Frayer

    • The SEC evaluates whether an asset is a security based on how it is offered and sold, not just the asset itself.

    • The SEC under the Howey Test looks at a totality of circumstances right and so what what that means is it’s not about the asset itself it’s about how it’s distributed.

      — Corey Frayer

    • Relying solely on the Torres decision in Ripple is unfair, as there are many legal interpretations regarding what constitutes a security.

    • I think it’s unfair to rely just on the Torres decision in in Ripple because there were a lot of decisions that did not fall out that way.

      — Corey Frayer

    Economic analysis and legal definitions

    • The economic analysis behind a security is more important than a strict definition.

    • The whole point of the Howey Test is you if you write down in black and white what is and is not a security you’re writing a road map to getting around securities laws… the reason it’s a broad description is so that you cannot do an end run around securities laws.

      — Corey Frayer

    • Creating strict definitions for securities could lead to increased fraud and undermine the securities market.

    • You’re gonna break the whole securities market you’re gonna invite a whole lot of fraud but… the reason that the securities laws have stood the test of time is that they take this definitional approach.

      — Corey Frayer

    • Defining legal terms in legislation is inherently complex and subjective.

    • It is philosophically very hard to write into law exactly what you mean and you don’t want to miss things that you mean to capture and you don’t want to capture things that you mean to exclude.

      — Corey Frayer

    • The Howey Test remains a relevant framework for identifying securities.

    • I think Howey has stood the test of time as a great white way to identify what is and is not a security.

      — Corey Frayer

    SEC’s motives and Uniswap’s alignment

    • The SEC has ulterior motives that hinder the growth and potential of the crypto industry.

    • The SEC from our cryptos from the crypto perspective seemed to have ulterior motives which is why I invoked Elizabeth Warren and the whole anti crypto army at the very beginning of this podcast.

      — Corey Frayer

    • Uniswap has created fair and orderly markets that align with the SEC’s interests more effectively than the SEC itself.

    • Uniswap for example has created fair and orderly markets which is 100% aligned with the interests of the SEC and even more spicier somebody like Eric Voorhees would say Uniswap as an application has achieved the SEC’s mandate in a far better far more scalable mechanism than the SEC would ever be able to produce.

      — Corey Frayer

    • Regulation does not inherently harm an industry; it can actually strengthen it.

    • I would argue that in fact it makes it stronger… in a world where crypto follows the law and investors get the same protections that they would in other parts of the marketplace, it gains trust and and it grows.

      — Corey Frayer

    • We cannot identify bad actors in the crypto space until regulations are applied fairly.

    • We never know who the bad actors are until they show themselves… you don’t know until you have applied the regulations fairly and you have looked closely at everyone in the business.

      — Corey Frayer

    Market trust and the SEC’s approach

    • Failing to regulate financial markets erodes trust, which is essential for market stability.

    • There are consequences to failing to regulate the financial markets and one of those consequences is eroding trust and that trust is what markets are built on.

      — Corey Frayer

    • The SEC under Gary Gensler has taken a ‘bad cop’ approach to regulating the crypto industry.

    • I think we started out genuinely trying to work with the industry… it came down to us drawing a line in the sand on having conflicts of interest.

      — Corey Frayer

    • Even without fraud, Sam Bankman-Fried’s company was destined to fail.

    • I will say even if Sam Bankman Fried had not engaged in the fraud he did his company was destined to fail and destined to harm a lot of people along with it.

      — Corey Frayer

    • Crypto risks losing its distinctiveness when it engages in traditional financial activities.

    • When crypto starts coming into the traditional space and doing the traditional activities to me it loses the protection of the argument that this is a distinct technology built for peer to peer transactions.

      — Corey Frayer

    Private currencies and centralized entities

    • Private currencies have historically not worked out well.

    • I think it’s a really bad idea… we have experience with private currencies it never works out well.

      — Corey Frayer

    • Centralized entities like Circle and Tether contradict the decentralized ethos of crypto.

    • They are a company that holds a whole bunch of financial assets they are by definition centralized.

      — Corey Frayer

    • The Genius Act is not a good idea as it treats economically identical assets differently.

    • No I don’t think the Genius Act was a good idea I don’t think you wanna treat economically identical assets differently.

      — Corey Frayer

    • Credit card companies will likely start processing stablecoin transactions without consumer protections.

    • I guarantee you we are gonna start to see credit card companies saying well actually these transactions on the back end are stablecoin transactions so you don’t get the benefit of consumer protections anymore.

      — Corey Frayer

    Bankruptcy law and political influence

    • The accounting treatment of crypto assets in bankruptcy is complex and varies significantly from traditional assets.

    • There were a lot of outstanding questions about the kind of liabilities that a public company would have that we believed investors in that public company should be aware of… the industry didn’t like it… it’s usually asking for favorable guidance.

      — Corey Frayer

    • Banks could have implemented capital rules to accommodate crypto without affecting their balance sheets.

    • If the bank regulators felt that they had a handle on this situation and wanted crypto at the banks they could have put capital rules out that meant that the on sheet balance… didn’t affect the capital standing of the banks.

      — Corey Frayer

    • The ambiguity in bankruptcy law for crypto will continue to lead to conflicting decisions.

    • We were proved right about this ambiguity in the bankruptcy law in crypto winner when we got tons of conflicting bankruptcy decisions about was it governed by the contract was it governed by the activity itself.

      — Corey Frayer

    • The crypto industry did not significantly influence the 2024 election.

    • I don’t think it’s credible that this one industry had that much influence over the election… it’s really hard to make the argument that it was crypto sentiment that affected any part of that election.

      — Corey Frayer

    Political actions and regulatory consequences

    • The crypto industry’s political actions were not focused on promoting pro-crypto candidates.

    • They ran the same republican ads… they weren’t running pro crypto ads they never used the word crypto.

      — Corey Frayer

    • The silence from the crypto industry regarding presidential corruption is harmful to its credibility.

    • I think the silence from most corners of the industry around it in exchange for getting legislation or regulatory favors is ultimately harmful to the industry.

      — Corey Frayer

    • Corruption will be a significant theme in the next election, impacting the perception of crypto.

    • I think there’s a very good chance that the next election might be impacted not by the crypto of it all but the amount of corruption that crypto has allowed the president to get away with.

      — Corey Frayer

    • The current regulatory approach under the new administration is a step in the wrong direction.

    • I think it’s absolutely the wrong direction… I would stand behind the validity of every one of them and the integrity of every one of them.

      — Corey Frayer

    SEC guidance and market uncertainty

    • The current SEC guidance lacks the force of law and is easily reversible, which creates uncertainty for the crypto industry.

    • Atkins has done everything by guidance there are no rules that have been established through the APA process which means that none of them hold the force of law.

      — Corey Frayer

    • A new SEC administration could lead to chaos and legal challenges in the crypto market.

    • In a new SEC that wants to enforce the securities laws equally across the entire market is one a little bit of chaos and two a big challenge in court.

      — Corey Frayer

    • The SEC’s current actions are harming the integrity of the institution and will have broader consequences for the market.

    • I think what the SEC is doing now through these actions through these unprecedented actions is harming the integrity of that institution and I think that’s gonna have broader consequences for the market than even just crypto.

      — Corey Frayer

    • There should be stronger advocacy for regulation and enforcement not just in crypto but across the entire financial system.

    • Obviously I would be I think a a stronger advocate for regulation in the space for enforcement and it wouldn’t just be in the crypto space.

      — Corey Frayer

    Ethereum’s regulatory status and centralization risks

    • Ethereum has characteristics that could classify it as a security at certain times.

    • I think some of the things that have harmed the argument that eth is unable to be offered and sold as security… is my opinion that there are at a minimum been times at which eth was offered and sold as security.

      — Corey Frayer

    • The transition from proof of work to proof of stake has introduced centralization risks in Ethereum’s validation process.

    • Now you have these centralized players that can buy up a lot of eth and be a larger part of the validation process and some people are financially locked out of the validation process.

      — Corey Frayer

    • The SEC chair cannot engage in open dialogue without risking market movement and legal repercussions.

    • It is much easier for me to have an open conversation with you guys now that I’m outside of the agency because so much of what you do there is potentially market moving information… it is really really hard to while you’re in that seat like I would have never been able to do something like this while I was at the SEC.

      — Corey Frayer

    • Independent regulators should avoid engaging in public conversations that could compromise their responsibilities.

    • I don’t think it’s actually something you really want independent regulators to be to be doing.

      — Corey Frayer

    Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.

  • Film Academy Awards Five Nicholl Fellowships in Screenwriting

    Film Academy Awards Five Nicholl Fellowships in Screenwriting

    Three individuals and two writing teams have been chosen to receive the Academy of Motion Picture Arts and Sciences’ 2025-2026 Nicholl Fellowships in Screenwriting, an international talent development program that supports non-professional screenwriters, the Academy announced on Monday. The recipients are Leo Aguirre of San Antonio, Texas; Lynn McKee of Queens, New York; Katla Sólnes of New York City; Omar Al Dakheel and Elie El Choufany of Los Angeles; and Sara Crow and David Rafailedes of Brooklyn.

    Nicholl fellows receive direct support, ongoing resources and networking opportunities from the Academy; participate in events with Oscar nominees and winners, including pitch workshops, media training sessions, meet-and-greets and more; and receive ongoing career advancement support through the Gold Alumni Network Program, which provides continued access, opportunity, professional development and education for alumni of the Academy’s global talent development programs. All Nicholl fellowship recipient scripts are archived in the Academy Collection and are accessible through the Academy’s Margaret Herrick Library.

    To identify this year’s potential fellows, the Nicholl program exclusively partnered with 40 universities, screenwriting labs, film festivals and filmmaker programs (including The Black List, which served as a portal for public submissions). More than 500 Academy members from all 19 branches volunteered to read and evaluate the scripts to determine the 10 finalists — an increase in Academy member participation by 149 percent — and a group of 23 Academy members, who serve on the Nicholl Committee, selected the fellowship recipients from the finalists.

    The Nicholl Fellowships in Screenwriting Program is governed by the Academy Foundation board of trustees. The 2025-2026 Nicholl Committee was co-chaired by Academy Foundation board president and Academy governor Kim Taylor-Coleman and producers branch member Julie Lynn.

    “We are thrilled to announce the recipients of the 2025-2026 Nicholl Fellowships in Screenwriting, a remarkable group of diverse and international new writers who represent the future of storytelling,” Taylor-Coleman said in a statement. “This continues the Academy’s longtime commitment to championing emerging talent from across the world. We extend our sincere thanks to all participating Academy members, to Franklin Leonard and The Black List for their collaboration, and to the universities, screenwriting labs, film festivals and filmmaker programs who submitted scripts to this year’s program.”

    The 2025-2026 Nicholl fellows are (listed alphabetically by author):

    Leo Aguirre (San Antonio, TX), “Verano” 
    Nicholl partner: Sundance Institute Screenwriters Lab
    During a sweltering summer in Texas, a withdrawn teen’s world is upended when his parents decide to foster an asylum seeker from Central America — what begins as resentment evolves into unexpected friendship as the threat of deportation forces both boys to confront loss, identity and belonging.

    Omar Al Dakheel and Elie El Choufany (Los Angeles, CA), “The Washroom”
    Nicholl partner: Urbanworld Festival
    In small-town Texas, a young imam fights for his community’s right to bury their dead while hiding a forbidden love that could cost him everything.

    Sara Crow and David Rafailedes (Brooklyn, NY), “Satoshi”
    Nicholl partner: NYU Tisch School of the Arts
    After her family loses everything in the 2008 financial crisis, a teenaged anime-obsessed hacktivist realizes money isn’t fair…so she sets out to reinvent it with a new digital currency called Bitcoin.

    Lynn McKee (Queens, NY), “I’m Ready to Go Anywhere”
    Nicholl partner: The Black List
    Desperate to escape the heat, chaos and danger of 1980s Phoenix, ten-year-old Patty must protect and parent her mom and little sister while crafting a plan to get them all out.

    Katla Sólnes (New York, NY), “Eruption”
    Nicholl partner: Columbia University School of the Arts
    In the highlands of 1970s Iceland, a geologist’s wife finds her marriage tested when a wily American student arrives, stirring tensions as volatile as the surrounding volcanic landscape.

    The 2025-2026 Nicholl finalists are (listed alphabetically by author):

    Natalie Cutler, “Offside” (Nicholl partner: The Black List)
    Adrian Morphy, “The 300 Year Old Man”     (Nicholl partner: MFA in Scriptwriting & Story Design at Toronto Metropolitan University)
    Benjamin Murphey, “Unconfirmed Bachelor” (Nicholl partner: The Black List)
    Michael Oosterom, “Giants” (Nicholl partner: The Black List)
    Shelley Patel, “With Her Hands Untied” (Nicholl partner: The Black List)

    The Nicholl Fellowships in Screenwriting program has awarded 191 fellowships since 1986. The program was endowed by Gladys “Gee” Nicholl in honor of her husband, writer-producer Don Nicholl. Fellowships are awarded with the understanding that recipients will complete feature-length screenplays during their fellowship year. The Academy acquires no rights to the works of Nicholl fellows and does not involve itself in any commercial way with their completed scripts.

  • Wavelength Adds Matt Kline as Chief Growth Officer, Opens New Los Angeles Campus

    Wavelength Adds Matt Kline as Chief Growth Officer, Opens New Los Angeles Campus

    As part of a push to expand partnerships with content-minded brands, Wavelength has hired advertising veteran Matt Kline as chief growth officer.

    In this newly-recreated role, Kline will oversee Wavelength’s brand partnerships and growth strategy, working with marketers to develop projects across film, television, Broadway, sports and digital. The move comes as the company doubles down on its production capabilities, recently opening a 10,000-plus square foot creative campus in Los Angeles in an effort to expand creative and brand-facing capabilities and provide space for collaborating artists to work onsite.

    “As brands look to connect more meaningfully with their audiences, their entertainment strategies and focus on great storytelling have never been more important,” says Kline, “Wavelength’s ability to harness the best talent and to craft stories in any format and medium —  from the big screen to Broadway and YouTube — is rare in the branded space and makes us the perfect partner for ambitious brands and agencies looking to disrupt the traditional advertising mode.”

    Founded by Jenifer Westphal, Wavelength has built a name across verticals with particular success in documentary features (Won’t You Be My Neighbor, Feels Good Man, Where’s My Roy Cohn?) and Broadway (Tony-winning The Outsiders).

    Kline joins Wavelength during an expansion phase. The company added four senior executives in the last six months, including head of film Stacey Reiss and head of marketing Tiffany Wang. In 2026, Wavelength expanded into sports through the acquisition of Dan Bradley and Jon Weidman’s creative agency Duplex Deli.

    Most recently serving as CMO at Publicis Groupe as CMO for two full-service creative agencies, The Community and Fallon, Kline previously worked at Anomaly New York, Kobe Bryant-founded Zambezi and CAA.

    “I am thrilled to have Matt join us in this pivotal role as Wavelength continues to expand across every genre of entertainment,” Wavelength president and co-CEO Joe Plummer said of Kline’s hiring. “Matt brings the experience, thoughtful consideration and great instincts that characterize everything we do.”

  • NBA Fantasy: Start/sit guide for Week 23

    NBA Fantasy: Start/sit guide for Week 23

    GG Jackson is averaging 17.7 points, 5.7 rebounds, 1.9 assists and 1.1 blocks over his past 15 games.

    The schedule-makers have blessed us in this critical week of the fantasy postseason, as we have a definite top-heavy feel to this week’s ledger. The majority of the league is on a four-game week, maximizing our options across the board as we continue to navigate the unpredictability of the stretch run.

    Each week, we’ll aim to highlight a pair of Start candidates at each position for your fantasy rosters who may shape up as some tougher calls of the week to make, focusing on players with a start or roster rate of 50% or less in Yahoo leagues. 

    Likewise, we’ll spotlight one Sit candidate at each position who would normally not be a consideration for a spot on your bench, often focusing on players with fewer game opportunities during the coming week.

    TEAMS WITH FOUR GAMES: Atlanta Hawks, Brooklyn Nets, Charlotte Hornets, Chicago Bulls, Denver Nuggets, Detroit Pistons, Golden State Warriors, Houston Rockets, Indiana Pacers, Los Angeles Clippers, Memphis Grizzlies, Miami Heat, Milwaukee Bucks, New Orleans Pelicans, Oklahoma City Thunder, Orlando Magic, Portland Trail Blazers, Sacramento Kings, Toronto Raptors, Utah Jazz

    TEAMS WITH THREE GAMES: Boston Celtics, Cleveland Cavaliers, Dallas Mavericks, Los Angeles Lakers, New York Knicks, Philadelphia 76ers, San Antonio Spurs, Washington Wizards

    TEAMS WITH TWO GAMES: Minnesota Timberwolves, Phoenix Suns

    Without further ado, let’s examine some tougher start/sit decisions for Week 23: 

    Guards

    Start: Nickeil Alexander-Walker, Hawks   

    48% start rate

    It’s been a long-awaited breakout season for Alexander-Walker, who’s been a primary beneficiary of what was initially an extended injury absence for Trae Young before his trade to the Wizards. Alexander-Walker comes into the critical scoring period on a firm upward trajectory, having averaged 23.9 points (on 54.2% shooting, including 50.7% from behind the arc), 2.9 assists, 2.7 rebounds and 1.9 steals per contest in the last nine games. The veteran guard has even drained 95% of his 4.4 free-throw attempts per game in that sample, and he’s now recorded double-digit points in 40 straight contests. With Atlanta pushing to remain above the Play-In level after now having reached the sixth seed, NAW should be in for another busy week as Atlanta navigates a four-game schedule.

    Start: Reed Sheppard, Rockets

    34% start rate

    Sheppard is enjoying a breakout campaign in his third season, averaging new career highs across the board while knocking down an impressive 39.3% of his 3-point attempts. The 2024 first-round pick enters the scoring period fresh off a massive 23-point, 14-assist double-double that he posted in a wild win over the Heat on Saturday. Dating back to Feb. 25, Sheppard is averaging a well-rounded 17.0 points (40.3% 3-point shooting), 4.8 assists, 3.5 rebounds, 1.8 steals and 1.0 blocks across 32.3 minutes per game. With Houston looking to hang on to its No. 4 seed, at minimum, and a four-game schedule on tap, Sheppard could pay big dividends this week.

    ALSO CONSIDER: Daniss Jenkins, Pistons (24% roster rate); Tre Jones, Bulls (18% start rate)

    Sit: Anthony Edwards, Timberwolves

    64% start rate

    It’s crushing to have the Ant Man on one’s bench at this time of the fantasy season, but Edwards looks like a likely candidate to remain out during the upcoming scoring period due to his knee injury. The star guard was given a 1-to-2-week timeline for a reevaluation on March 17, and Minnesota has just two games coming up this week to boot. Given the conditions at play and the stakes involved in the fantasy postseason, Edwards is reluctantly a Sit recommendation this week.

    Forwards

    Start: Saddiq Bey, Pelicans    

    21% start rate

    Bey has been one of the bright spots in a difficult season for the Pelicans, fully bouncing back from a missed 2024-25 season due to an ACL tear. The veteran wing checks in averaging a career-best 17.4 points while adding 5.7 rebounds and 2.6 assists per contest across 31.1 minutes per game this season. Bey has been in even better form of late, contributing 20.1 points, 5.3 rebounds, 3.2 assists and 1.0 steals per contest in the last 13 games. While New Orleans has nothing to play for in terms of the postseason, Bey’s minutes show no signs of waning – he’s played 34 or more in seven of the last 12 games alone – making him a very viable Start option.

    Start: GG Jackson, Grizzlies

    14% start rate

    Another forward thriving on a non-contender is Jackson, who’s taken advantage of expanded opportunity in Memphis’ injury-ravaged frontcourt. The third-year pro has had some absences lately due to a knee issue, but he enters the Grizzlies’ four-game scoring period without an injury designation. Jackson is also averaging 17.7 points (on 50.8% shooting), 5.7 rebounds, 1.9 assists and 1.1 blocks over a modest 25.9 minutes per game over his last 15 contests, dating back to the final game before the All-Star break. Jackson has proven capable of producing with minutes in the mid-to-high 20s, so he carries plenty of appeal on a full schedule.

    ALSO CONSIDER: De’Anthony Melton, Warriors (16% roster rate); Cody Williams, Jazz (21% roster rate)

    Sit: Jalen Green, Suns

    87% roster rate

    Green had a solid week last week as one of our Start candidates, but the pendulum swings the other way this week due to his schedule. The Suns will only take the floor on two occasions during the scoring period, and Green’s typical production, while solid, is exceedable by a similarly talented three- or four-game option.

    Centers

    Start: Maxime Raynaud, Kings    

    29% start rate 

    Raynaud is the first of two Kings big men that are rosterable as centers and that we’re suggesting this week as Sacramento continues to put together some encouraging late-season play. Raynaud has gained plenty of valuable reps during his rookie campaign, and he’s particularly upped his offensive contributions of late while remaining productive in other categories. The 2025 second-round pick is delivering 19.4 points, 8.5 rebounds, 1.8 assists and 1.0 blocks over 33.1 minutes across his last 12 games, even taking the occasional attempt from deep during that span (38.5% 3-point shooting). Raynaud has also played between 36 and 42 minutes in his last three contests, and he should continue to enjoy plenty of run this coming week as Sacramento looks to continue building momentum for next season.

    Start: Precious Achiuwa, Kings

    25% start rate 

    Achiuwa and Raynaud have worked very well together in the Kings frontcourt, and the former is enjoying a career-best campaign while finally making good on the potential the Heat saw in him when investing the 20th overall pick in him back in 2020. Achiuwa has flipped a switch since the All-Star break, supplying 15.9 points, 9.6 rebounds, 1.6 assists, 1.1 blocks and 1.0 steals over 31.8 minutes across 16 games. Achiuwa is shooting a crisp 57.2% in that sample as well, including 37% from downtown. As with Reynaud, Achiuwa should continue to see plenty of minutes and has a full schedule to work with, putting him firmly in consideration this week. 

    ALSO CONSIDER: Olivier-Maxence Prosper, Grizzlies (10% roster rate); Kyle Filipowski, Jazz (35% start rate)

    Sit: Joel Embiid, 76ers

    51% start rate

    Another week of uncertainty looms for Embiid due to his oblique injury, with the star big man already ruled out for Monday’s game against the Thunder and without a return timetable overall. Embiid will only have two other opportunities to take the floor this coming week, and there aren’t any indications he’ll be cleared to return anytime soon. Considering the significant uncertainty and bleak outlook, he should remain on your bench this week.

  • Morning Minute: Bitcoin Rips as Iran Strikes Postponed

    Morning Minute: Bitcoin Rips as Iran Strikes Postponed

    Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. And check out our new daily news show covering all of the top stories in 5 minutes or less, downloadable on Apple Pod or Spotify.

    GM!

    Today’s top news:

    • Crypto majors soar after Trump announces 5-day postponement of Iran strikes; BTC at $70k
    • Congress to introduce bipartisan bill banning sports betting on prediction markets
    • Senators reach agreement on Clarity Act yield dispute in major hurdle cleared
    • Hyperliquid sees over $100M in volume on S&P 500 index
    • Gemini sued by stakeholders for misleading pivot into prediction markets

    📈 Bitcoin Rips as Iran Strikes Postponed

    One single headline and everything has turned.

    Going into this weekend, crypto was getting hammered. Trump issued a 48-hour ultimatum Saturday night – reopen the Strait of Hormuz or face strikes on Iranian power plants. Bitcoin slid from $76,000 to below $68,500, longs got liquidated, and the Fear and Greed Index hit Extreme fear.

    Then this morning, Trump announced he’s postponing those strikes by five days – and Bitcoin ripped.

    Bitcoin immediately jumped $2,000 per token to $70,800. ETH jumped 5% to $2,170.

    The Dow jumped 1000 points premarket and Oil fell off a cliff, down 8% to $90.

    Of course, five days is not peace and Trump says he’s still prepared to strike. Iran hasn’t reopened the Strait. This is just a pause, not resolution and the situation remains very volatile.

    But we may have just gotten a glimpse of what will happen as soon as the Iran War ends for good.

    Key Details

    • Trump announced he has had good discussions with Iran and is postponing strikes for 5 days
    • BTC jumps 3.5% to $70,800 and ETH +4.5% to $2,170
    • Oil falls 8% to $90

    🏛 Senators and the White House Reach a Deal on Stablecoin Yield

    On Friday, Senators Thom Tillis and Angela Alsobrooks said they had reached an agreement in principle with the White House on the stablecoin yield issue — the main fight that has stalled the Clarity Act since January.

    According to the reported framework, passive yield on stablecoin balances would be banned, meaning users would not be able to hold something like USDC and earn interest in a savings-account style format. However, activity-based rewards appear likely to remain allowed.

    That was enough to move prediction market odds sharply. Odds of the Clarity Act passing in 2026 jumped to about 70% on Friday.

    Key Details

    • Passive yield on stablecoin balances would reportedly be banned
    • Activity-based rewards appear likely to survive
    • The stablecoin yield fight had been the biggest obstacle holding up the Clarity Act

    📈 Hyperliquid’s S&P 500 Market Hit $100M in a Single Day

    Hyperliquid’s newly launched S&P 500 perpetual futures market topped $100 million in 24-hour volume by the weekend, quickly becoming one of the platform’s most actively traded markets.

    The product launched last week as an official S&P 500 perp, licensed through Trade XYZ, settled in USDC, and tradable 24/7. That means users can now trade leveraged S&P 500 exposure onchain without a traditional brokerage account.

    Five of Hyperliquid’s top 10 markets over the weekend were crypto with the other half represented by oil, precious metals (gold, silver) and the S&P.

    Key Details

    • S&P 500 perps crossed $100M in 24-hour volume
    • The market was already a top-10 market on the platform by the weekend
    • Oil, gold, silver, and the S&P 500 are now among the platform’s most traded products

    🤖 Eightco Doubles Down on OpenAI While Its Stock Sits Down 93%

    Eightco Holdings, which trades on Nasdaq under ORBS, added another $40 million to its OpenAI position, bringing its total OpenAI exposure to $90 million. That now represents about 30% of the company’s treasury.

    What makes the update more notable is who just backed them. Last week, Eightco raised $125 million from BitMine, Ark Invest, and Kraken parent Payward, with Tom Lee also joining the board.

    Eightco has now deployed $90 million into OpenAI and hold nearly 10% of all WLD tokens in circulation plus 11,000 ETH.

    And now BitMine has exposure to OpenAI.

    Key Details

    • Eightco’s OpenAI position now totals $90M
    • The company raised $125M last week from BitMine, Ark, and Payward
    • Eightco also holds nearly 10% of all WLD in circulation plus 11,000 ETH

    ⚖️ Gemini Shareholders Are Suing the Winklevoss Twins

    A class action lawsuit was filed Friday in the Southern District of New York accusing Tyler and Cameron Winklevoss of misleading investors ahead of Gemini’s IPO last fall.

    The suit alleges Gemini overstated the durability of its core exchange business while failing to disclose plans to pivot more aggressively into prediction markets. In February, Gemini cut 30% of staff, exited Europe and Australia, and said prediction markets were now the company’s main strategic focus.

    The company did report one positive development this week: Q4 services revenue overtook trading revenue for the first time. But the stock gave back most of its post-earnings bounce and closed Friday at $5.66.

    Key Details

    • Plaintiffs claim Gemini failed to disclose a coming shift away from its exchange business
    • Gemini laid off 30% of staff and exited Europe and Australia in February
    • GEMI is down about 85% since the IPO and the company posted a $582M net loss for 2025

    🌎 Macro Crypto and Markets

    Corporate Treasuries & ETFs

    Meme Coin Tracker

    • Meme majors were green in line with majors; DOGE +2%, SHIB +5%, PEPE +3%, TRUMP +2%, PENGU +3%, SPX +3%, FARTCOIN -1%
    • LOL (+30%), buttcoin (+20%) and testicle (+20%) let top movers

    💰 Token, Airdrop & Protocol Tracker

    • Polymarket teased a major announcement coming later today
    • LetsBonk has stormed back in the memecoin race, doing $50M in 24-hour volume over the weekend compared to Pump Fun’s $100M
    • Resolv Labs faced an exploit on Sunday wehre $50M worth of USR was minted without collateral
    • SIREN jumped 85% to $2B in a massive weekend run

    🚚 What is happening in NFTs?

    • NFT leaders were mostly flat; Punks +3% at 29.4 ETH, Pudgy +1% at 4.12 ETH, BAYC -1% at 5.15 ETH; Hypurr’s -8% at 400 HYPE
    • Normies (+20%) and Tatsu (+13%) led notable movers

    Daily Debrief Newsletter

    Start every day with the top news stories right now, plus original features, a podcast, videos and more.

  • Kirsten Dunst Joins ‘The Housemaid’ Sequel With Sydney Sweeney

    Kirsten Dunst Joins ‘The Housemaid’ Sequel With Sydney Sweeney

    Kirsten Dunst is set to star in “The Housemaid‘s Secret” alongside Sydney Sweeney.

    The film is the follow-up to 2025’s box office hit “The Housemaid,” which has generated nearly $400 million to date. Based on Freida McFadden’s bestselling novel, the twisted story follows Sweeney as Millie, a young woman with a mysterious past who is hired as the live-in maid for a wealthy family with a dark secret. In the sequel, Millie returns, and per the plot description, she takes a job “keeping house for a woman she’s never allowed to see — only to discover the truth behind the locked door that threatens to expose secrets far darker than her own.”

    “It is a privilege to bring ‘The Housemaid’s’ next chapter to the screen with Kirsten Dunst,” said Lionsgate’s motion picture group president Erin Westerman. “She is an icon. Her career reflects extraordinary range and fearlessness. Opposite the ever-magnetic Sydney Sweeney, she will be an electrifying force in a world where nothing is ever quite as it seems.”

    Paul Feig will direct “The Housemaid’s Secret,” returning alongside screenwriter Rebecca Sonnenshine, who adapted the first book. Michele Morrone will also return as the groundskeeper Enzo, reprising his role from the first film. Amanda Seyfried and Brandon Sklenar, who play the husband and wife whose perfect life is far from what it seems in the original, won’t be back for the sequel as the story focuses on a new family.

    Producers will include Hidden Pictures’ Todd Lieberman; Feig, who produces through his Pretty Dangerous Pictures, and his partner, Laura Fischer; and Sweeney through her Fifty-Fifty Films banner. Carly Elter, who oversaw the first movie for Hidden Pictures, is returning as executive producer. Alex Young of Hidden Pictures will also executive produce. Fifty Fifty’s Kaylee McGregor will co-produce. Chelsea Kujawa and Maria Ascanio are overseeing the project for Lionsgate.

    Dunst recently joined the cast of “A Minecraft Movie 2,” which is slated to release next June. She will also star in director Ruben Östlund’s next film “The Entertainment System Is Down.” Dunst, an Oscar nominee for “The Power of the Dog,” was last seen in “Roofman” with Channing Tatum and “Civil War” from Alex Garland. Deadline first reported the news of her casting in “The Housemaid’s Secret.”

  • Crypto Markets Grapple With Volatility as ETFs Shed $177M Last Week

    Crypto Markets Grapple With Volatility as ETFs Shed $177M Last Week

    In brief

    • Last week’s drop in Bitcoin’s price coincides with crypto ETF outflows spiking to $177 million.
    • Bitcoin is up 7% since February 28, when the war began, outperforming the S&P 500 (-4.6%) and gold (-17%).
    • Experts eye $80,000 as “key inflection point” for altcoin rotation; Trump announces potential Iran ceasefire.

    Bitcoin’s drop from its peak above $75,000 last week has solidified its month-long sideways price action. While the leading cryptocurrency remains sensitive to immediate geopolitical headlines, broader market sentiment was tempered by last week’s $177 million outflows from exchange-traded funds across the crypto sector.

    The weekly pullback, which saw Bitcoin dip to a low of $68,500, according to CoinGecko data, highlights the choppy nature of the current market. Over a broader time horizon, however, the asset’s resilience remains a focal point. The top crypto has significantly outperformed gold and the S&P 500 index since the onset of the U.S.-Iran war on February 28.

    That divergence is due to Bitcoin’s “several rounds of deleveraging” since its October 2025 all-time high of $126,080, experts previously told Decrypt.

    Bitcoin holding well despite geopolitical escalations is encouraging, Richard Usher, director of trading at financial infrastructure provider OpenPayd, told Decrypt, anticipating a bullish second quarter. “The risk is clearly a prolonged conflict which could negatively affect sentiment in all risk assets, but my base case remains that neither side wants, or frankly can tolerate, a drawn-out conflict, so I remain cautiously upbeat for Q2,” he said.

    Ignacio Aguirre Franco, CMO of cryptocurrency exchange Bitget, echoed Usher’s outlook. “If macro conditions stabilize, even without a bullish catalyst, that could be enough to push the market into a recovery phase in Q2,” the Bitget analyst told Decrypt.

    Though altcoins are at the behest of Bitcoin’s price action and volatility, a recovery in its price beyond $80,000 could be a “key inflection point” that triggers a capital rotation into Ethereum, XRP, and the broader crypto market, Ryan Lee, chief analyst at Bitget, told Decrypt.

    Adding a geopolitical twist to the start of this week, Bitcoin spiked to an intraday high above $71,000 after U.S. President Donald Trump announced “productive” conversations with Iran and a five-day pause on planned strikes targeting the country’s energy infrastructure.

    Leading cryptocurrencies including Ethereum and XRP jumped alongside Bitcoin, though all three remain down on the week.

    The news catalyzed bullish sentiment, with users’ chances of Bitcoin reaching $84,000 before $55,000 jumping by 9% on prediction market Myriad, owned by Decrypt’s parent company Dastan. Myriad users also assign a 20.7% chance to a U.S.-Iran cease-fire, up from 12.8% earlier today.

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  • Curating a JFK Jr.-Inspired Wardrobe This Spring? Men’s Wearhouse Has You Covered

    Curating a JFK Jr.-Inspired Wardrobe This Spring? Men’s Wearhouse Has You Covered

    If you purchase an independently reviewed product or service through a link on our website, Variety may receive an affiliate commission.

    The aftershocks of Hulu’s “Love Story” are being felt far beyond the streamer’s record-breaking viewership numbers. Since the series premiered, a new fixation on John F. Kennedy Jr.’s wardrobe has also taken hold.

    Search interest in Kennedy’s style has spiked in recent weeks, while editors and stylists have begun pointing to a broader return to the kind of unfussy, all-American dressing he made look second nature in the 1990s. On screen, the show leans heavily into that image as Paul Anthony Kelly’s Kennedy moves between sharply tailored suits and off-duty staples of jeans, oxford shirts and well-worn knits.

    If you’re looking to curate your own JFK Jr.-inspired wardrobe this spring, Men’s Wearhouse offers one of the most affordable places to find staple pieces.

    The suits are the most obvious entry point. Kennedy dressed almost exclusively in classics: two-button navy suits, crisp white shirts, striped ties, navy blazers, straight-leg denim. In general, he favored classic American cuts consisting of natural shoulders and moderate lapels. Men’s Wearhouse’s core suiting, particularly from labels like Joseph Abboud offer similar options in avy and charcoal hues.

    From there, it’s a matter of layering in the essentials: white and pale blue oxford shirts (ideally in cotton), alongside silk ties in stripes or subtle patterns.

    Men's Wearhouse Has the Best Staples to Curate a JFK Jr. Wardrobe

    Wilke-Rodriguez Classic Fit 4-Way Stretch Dress Shirt

    Men's Wearhouse Has the Best Staples to Curate a JFK Jr. Wardrobe

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    Off-duty, the formula barely changed. He was often photographed on the streets of New York (or riding his bike) in slightly faded Levi’s 501s, a button-down, a crewneck sweater slung over the shoulders or layered under a jacket. In colder months, he often opted for a dark overcoat; in transitional weather, a Harrington or a simple windbreaker.

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  • GLP-1 Drugs Like Ozempic, Wegovy May Help Treat Anxiety, Depression

    GLP-1 Drugs Like Ozempic, Wegovy May Help Treat Anxiety, Depression

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    New research suggests that GLP-1s could offer dual benefits for treating both metabolic and mental health issues. Catherine Falls Commercial/Getty Images
    • A new study found that people taking GLP-1 drugs like Ozempic and Wegovy had a lower risk of worsening depression and anxiety.
    • The participants also had fewer hospitalizations and required less sick leave from their jobs.
    • Experts say the drugs’ effects on dopamine signaling and brain inflammation could account for the benefits.
    • It’s too soon to recommend GLP-1s as a primary treatment for mental health disorders. Further clinical trials are still needed.

    Researchers say people living with diabetes often face a higher risk of developing mental health conditions.

    Now, a large national study from Sweden found that certain medications commonly prescribed for diabetes and weight loss — specifically GLP-1 receptor agonists like Ozempic and Wegovy — may also help reduce the risk of worsening mental illness in people with anxiety or depression.

    The findings, published in the April issue of The Lancet Psychiatry, offer hope for dual benefits in treating both metabolic and mental health issues. While promising, the researchers caution that further clinical trials are needed.

    The study analyzed health data from 95,490 people in Sweden who were diagnosed with depression, anxiety, or both, and were also prescribed diabetes medications between 2009 and 2022.

    The study compared periods when individuals were taking these medications to periods when they were not, using a “within-individual” design. This approach means each person acted as their own control, reducing the influence of factors like age, gender, or overall health that do not change over time.

    Data were gathered from national electronic health registers, including hospital admissions, sick leave records, and death registries, allowing researchers to track worsening mental health events.

    The primary outcome was a composite measure that included psychiatric hospitalizations, extended sick leave for psychiatric reasons, hospitalization due to self-harm, or death by suicide.

    Secondary outcomes examined worsening of depression or anxiety separately, substance use disorders, and self-harm incidents.

    The study also compared GLP-1 receptor agonists with other second-line diabetes medications like empagliflozin (Jardiance), dapagliflozin (Farxiga), and sitagliptin (Januvia) to see how these medications stacked up against each other in terms of mental health effects.

    Statistical models adjusted for time-varying factors such as the order and duration of medication use and concurrent treatment with other psychiatric or antidiabetic drugs.

    The aim was to isolate the effects of GLP-1 receptor agonists on mental health as much as possible within the observational data.

    Over an average follow-up of 5.2 years, about 23.5% of the cohort used GLP-1 receptor agonists, with semaglutide and liraglutide being the most common.

    The study revealed that use of semaglutide was associated with a 42% lower risk of worsening mental illness compared to periods when the same individuals were not taking GLP-1 receptor agonists.

    Liraglutide also showed a beneficial effect, though less pronounced, with an 18% reduced risk. In contrast, exenatide and dulaglutide did not show significant associations with mental health outcomes.

    When looking at specific mental health conditions, semaglutide use was linked to significantly lower risks of worsening depression, anxiety, and substance use disorders. Liraglutide was associated primarily with reduced risk of worsening depression. Additionally, GLP-1 receptor agonists as a group were associated with a lower risk of self-harm.

    Compared directly with other second-line antidiabetic medications, semaglutide was again associated with better mental health outcomes, suggesting its benefits extend beyond glucose control alone. The study also found that these associations held true even when accounting for factors such as sex and the type of mental health diagnosis at study entry.

    Additionally, the reduced risk of worsening mental illness was reflected not only in fewer psychiatric hospitalizations but also in reduced sick leave due to mental health reasons, which has implications for work capacity and quality of life.

    The researchers took care to rule out potential biases, such as effects due to the sequence of medication use or carryover effects between treatment periods. Their analyses remained consistent when excluding initial days after starting or stopping medication and when focusing on medication use after official approval dates.

    Lauren Grawert, MD, clinical advisor at The Garden New Jersey, said it’s believed that GLP-1 medications can provide psychiatric benefits because they can cross the blood-brain barrier and bind to brain regions associated with the reward system. Grawert wasn’t involved in the study.

    “These medications may affect the way the brain responds to dopamine signals in these areas, decreasing the overactive reward response that drives impulsivity and cravings for substances,” she told Healthline.

    Still, GLP-1s may also exert anti-inflammatory effects on the central nervous system, reducing brain inflammation, which has been linked with depression and anxiety, Grawert said.

    “As a result, semaglutide may help stabilize mood and improve emotional regulation by addressing these underlying biological processes in addition to its effects on metabolism,” she explained.

    Looking at the implications for treating patients, Jason Kirby, Chief Medical Officer at Recovery Centers of America, said that GLP-1 medications could help people with metabolic and psychiatric disorders, possibly reducing hospitalizations and functional impairment associated with conditions like depression and anxiety. Kirby wasn’t involved in the study.

    “However, this was an observational study, so it does not establish causality, and GLP-1 agents should not yet be considered primary treatments for depression or anxiety,” he told Healthline.

    According to Kirby, these findings reinforce the importance of integrated care. He said the research represents “a promising avenue for future research at the intersection of psychiatry, addiction medicine, and metabolic health.”