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1. Crypto heavyweights testify to Congress. Yesterday, top execs from multiple cryptocurrency companies made their case for lighter regulation on digital assets, and cautioned Congress against imposing overly restrictive rules.
In the hearing, Congress demanded more accountability from CEOs. But the execs pushed back — digital assets could have a transformative impact on the US economy, they explained, and stringent regulations could stifle innovation.
The CEO of Circle maintained that its stablecoin is indeed backed by dollars and US debt, while a representative from Texas appeared sympathetic to the industry, referring to it as the "Babe Ruth" of financial services.
But in the end, it all might be lip service. Daniel Gallagher, Robinhood's chief legal officer, thinks the hearing is more of an informative event for SEC chief Gary Gensler — and he doesn't see crypto legislation coming anytime soon.
The hearing comes at a volatile (though still booming) time for digital assets:
- This past weekend, cryptocurrencies plummeted, with Bitcoin dropping as much as 22%
- Hackers stole nearly $200 million from BitMart users' cryptocurrency wallets earlier this week
- High-profile investors like Mike Novogratz and Ray Dalio continue to voice bullishness, and the total market cap for all cryptocurrencies sits at over $2.2 trillion
2. US stocks are slipping after a three-day rally, though an Omicron whipsaw is still just one headline away.
3. BlackRock's Jean Boivin is eyeing inflation, slowing growth in Chinese equities, and a pivot to sustainability as major themes for 2022. He expects these trends to persist into the new year and shared how investors can capitalize on these market moves.
4. Earnings on deck: Oracle, Costco, and Broadcom, all reporting.
5. First Trust files for a US-listed metaverse ETF. It would trade on the Nasdaq, and include stocks with exposure to the metaverse. But this wouldn't be the first of its kind — rival Roundhill launched a metaverse ETF in June.
6. Goldman Sachs CEO David Solomon doesn't expect the stock market boom to last forever. Double-digit returns on the market can't be expected to compound in perpetuity, Solomon told CNBC. He also explained why cryptos like bitcoin don't matter to him personally.
7. This year's three most popular Reddit posts all came from Wall Street Bets. The subreddit has 11 million users and is largely credited with helping GameStop shares soar in January. From screenshots of massive gains to a Times Square billboard, here's what the top posts were about.
8. Big firms hope young people will drive the metaverse boom — but only 38% of Gen Z thinks it's the next big thing. Many young people aren't fully on board with the big bets institutions are placing on a virtual future — but that hasn't stopped Wall Street analysts from growing increasingly bullish on all things metaverse.
9. These three investing pros used the BRRRR strategy to build large real-estate portfolios and achieve financial independence. It's one of the best-known ways to get started in real estate with little to no money. But there are risks involved — here's what to keep in mind, according to experts.
10. This crypto influencer thinks bitcoin could hit $300,000. Carl Runefelt explained the reasoning behind his bitcoin bullishness, but told Insider why he doesn't expect altcoins to rally. He shared the three coins he's holding regardless of what the market does.
Compiled by Phil Rosen. Feedback? Email prosen@insider.com or tweet @philrosenn.
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