Long Take: The political fight to kill Crypto reaches Robinhood and Square
Gen Z -- 20% own crypto, 18% own stocks, and 13% own real estate
Gm Fintech Architects —
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Summary: We discuss the impact of the Internet on the distribution of financial products, notably through fintech applications. Companies like Robinhood, Cash App, and Revolut, parallel to platforms like YouTube, prioritize distribution capabilities over the nature of the products they sell, which now include cryptocurrencies due to consumer demand. Unfortunately, political influence and partisanship have become entwined with the regulation of these assets. We discuss recent legislative efforts to counteract restrictive SEC regulations and the President’s preemptive veto. All this underscores a generational shift in financial engagement, with Gen Z owning more crypto assets than stocks.
Topics: Robinhood, Cash App, Revolut, BlackRock, Coinbase, Block, Cash App, Consensys, Uniswap, SEC, House of Representatives
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Long Take
Before the Internet
Before the Internet, if you wanted to publish a book, you needed a publisher. Now, you can publish your writing to a website or blog, and get your content to millions of people.
Before the Internet, if you wanted to show a movie, you needed a production company and a movie theater. Now, you can publish your video to YouTube or TikTok, and get it to millions of people.
Before the Internet, if you wanted to open a store, you needed to rent a storefront. Now you can launch your store on Shopify, and fulfill from anywhere in the world.
Before the Internet, if you wanted to launch a financial product, you needed to get permission from the regulators, get the license, find a building with marble columns, put on a suit, and paper lots of agreements with other financial companies in this closed loop system.
And now?
The YouTube of Finance
Let’s not be cryptic.