"May The 4th Be With You"🗡 |
butterscotch is the only media outlet exclusively covering news about inclusion in Web3, DeFi, crypto. CHEWS is our inaugural, weekly newsfeed, providing timely policy updates, industry trends, market research.
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Stablecoin Yield Agreement |
U.S. Senators Thom Tillis, Angela Alsobrooks have finalized a compromise to restrict stablecoin yield and rewards, a major development as the Senate looks toward a crypto markup in May. - Punchbowl
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CFTC Sues Wisconsin Over Prediction Markets |
Last week, the Commodity Futures Trading Commission filed a lawsuit against Wisconsin in response to the state’s lawsuits against Kalshi, Polymarket, Crypto.com, Robinhood, and Coinbase, five CFTC-regulated prediction markets. Less than one week ago, Wisconsin filed civil suits against the companies, asserting felony violations of state law. Press release
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U.S. Reps. Young Kim (CA-40), Sam Liccardo (CA-16) PACE Act |
The Payments Access and Consumer Efficiency (PACE) Act is intended to help Americans send and receive money faster and with fewer fees by modernizing how payment companies access payment rails. Press release
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What We're Reading & Writing |
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New Poll: The midterms' new big players are pushing agendas that voters don’t fully support. An April POLITICO Poll finds broad skepticism about both crypto and AI, creating a growing tension for candidates benefiting from the influx of cash. - POLITICO
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Crypto billionaire puts $3.5 million behind Alex Bores in New York. Chris Larsen told POLITICO he is wading in to defend Bores against opposition from OpenAI and other industry players. - POLITICO
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U.S. Senators Kirsten Gillibrand and Dave McCormick team up to crack down on prediction markets. - POLITICO
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U.S. Senator Tillis: Lawmakers ‘need to address’ law enforcement concerns with crypto bill. - POLITICO
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Senators Warren, Wyden press Tether and Commerce Secretary Lutnick over loan to family trust. - The Block
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- Mapping the Accountability Gap in AI-Powered Financial Services. - Consumer Reports
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Cleve Mesidor's latest Forbes article focuses on the work still to be done to cement stablecoin’s role in the future of digital finance. The piece spotlights various officials, experts, organizations advancing research on ways to optimize stablecoins to foster greater safety, security, resiliency and competitiveness. Highlighted are statements from Federal Reserve Governor Michael Barr; former Biden official Nellie Liang, now with The Brookings Institution; Professor Yesha Yadav’s “moneyness” framework; research on “narrow banking” by the Federal Reserve Bank of Atlanta. [READ]
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May Is Small Business Month
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- May 4-7: Cleve attends HederaCon, Solana Accelerate USA, Consensus in Miami
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May 5: Cleve live interview on FintechTV’s "Market Movers: The Opening Bell"
- May 5: Primary Elections in Indiana, Ohio
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May 11: Cleve speaker for “Democratizing the Cloud” salon hosted by Institute for Education
- May 12: Primary Elections in Nebraska, West Virginia
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May 19: Cleve speaks at State of Small Business Summit hosted by Association for Enterprise Opportunity
- May 19: Primary Elections in Alabama, Georgia, Idaho, Kentucky, Oregon, Pennsylvania
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> What CDFI/MDIs Have To Say About Digital Assets!
Last week, Blockchain Foundation, Kellogg Foundation, Prosperity Now, Intersect released survey findings. While they are not surprising, what is compelling is respondents provided insights into the path forward.
(1) CDFI/MDIs have interest in digital assets, but also have concerns about risks. (2) There are awareness gaps, but also appetite for guidance, educational tools.
✅ Topline conclusion: Clarity must come from Washington. Policymakers and regulators should engage and listen to this subset of the financial system that serve finance deserts in rural and urban America. These institutions should not be locked out of the future of digital finance.
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> Tokenization for SMEs, MBEs, Micro-Depositories
Last week, Blockchain Foundation, Plume Network, Zult hosted an intimate roundtable for small enterprises focused on tokenization and liquidity in secondary markets for small enterprises (SMEs, MBEs, CDFI/MDIs). It was a robust and substantive discussion featuring Salman Banaei, Cleve Mesidor, Arushi Sood Joshi. Small business leaders, industry executives, and heads of trade groups, public institutions, CDFI/MDIs participated. [WATCH]
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Karen Ottoni has joined GBBC as Senior Director of Strategic Initiatives and Business Development. Most recently, she was Senior Director at Linux Foundation Decentralized Trust.
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SPOTTED AT BTC VEGAS: Crypto OGs Arthur Hayes and Sinclair Skinner were among the early bitcoiners at the annual conference last week.
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Stream all episodes of season two with host Ritzy P on your favorite platform.
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butterscotch is a digital news studio broadcasting stories about Black, Latino, Indigenous DeFi retail investors, Web3 consumers, founders, executives, officials. The virtual newsroom - featuring eNews, Podcast, Live Events – seeks to deepen mainstream understanding of diverse segments of the emerging $4 trillion crypto industry.
Cleve Mesidor, CEO & Managing Editor
Ashlynn Mesidor, CTO & Co-Founder
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