the week crypto was bleak af

regulatory chaos, luxe NFTs, good guy wins

June 11, 2023

gm,

We’re doing our best to try and reset the vibes.

Bye!

The Boys

Writer: Deana

White Glove NFTs. Pop the champagne, the €39,000 phygital trunk of your dreams has arrived! Louis Vuitton and its NFT influencer friends launched VIA Treasure Trunk this past week. It’s one part soulbound NFT, one part custom made LV trunk, all parts “brand experience.” In addition to receiving an actual, physical trunk, owning the NFT also unlocks access to a yet to be announced future roadmap of collectibles. We get that hyper-luxury is its own category that intentionally transcends utility, but we still cannot get over the look of this little mini trunk; clearly a trunk for ants. That said, this launch fully slaps for an industry in absolute shambles rn, ngl.

Down Bad. Speaking of shambles. SEC went full court press on both Binance and Coinbase this week with back-to-back lawsuits, labeling a number of top tokens as securities in the process. Former SEC counsel TuongVy Le gives a superb briefing on this story on the Boys Club podcast. The fallout from the lawsuits? Binance suspends USD deposits. Robinhood delists tokens named in the lawsuits. Altcoins in max pain. Unrelated but also relevant, Crypto.com winds down its US institutional operation, and a DAO loses a case in federal court, holding its “members” liable for penalties. When it rains, it pours.

Good Guys Get a Win. The NY Times profile of the Three Arrow Capital founders is a parade of the most tone deaf, ill-advised, self-important dipshittery we’ve seen in a long while. It’s no wonder everyone hates us? Petition for the NY Times to profile a humble and well-intentioned crypto founder for once. We recommend Leighton Cusack from PoolTogether, which received good news this week as its sham lawsuit is being dismissed. PoolTogether transforms exploitative lottery mechanics, and instead incentivizes savings with a “no-loss” format.

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