Deep Dive
Why is the cryptocurrency industry hoping for better relations with banks under the Trump administration?
The crypto industry depends on traditional banks to run their companies, but many banks have distanced themselves after the 2022 FTX collapse. They hope for new regulators who will champion crypto assets and change policies that discourage banks from working with crypto firms.
What is the current state of the relationship between banks and the crypto industry?
The relationship is still shaky. After the FTX collapse, banks became more wary of crypto clients, and regulators have not changed their stance, leading to vague or opaque account closures for crypto firms.
How do banks typically communicate their refusal to do business with crypto firms?
Banks often provide no clear messaging or send vague letters explaining account closures, leaving crypto firms in the dark about the reasons behind the decisions.
What role can regulators play in improving the crypto-bank relationship?
Regulators can decategorize certain crypto customers as higher risk, which could encourage banks to engage with the industry again. This would require a shift in regulatory stance.
Is Congress also looking into the issue of banks refusing to work with crypto firms?
Yes, there has been renewed attention from Congress, with crypto insiders briefing congressional staffers on their experiences of being debanked. Whether this leads to hearings or investigations remains to be seen.
What is the significance of the failed Kroger-Albertsons merger for their advertising businesses?
The merger would have created a larger ad sales network, making them a stronger competitor to Walmart. Without the merger, both companies will struggle to compete effectively in the growing retail media market.
How does advertising work in supermarkets like Kroger and Albertsons?
Supermarkets collect customer data and sell it to advertisers to target ads on their websites, in-store displays, and other platforms. This is known as retail media networks.
What are the new travel requirements for Americans visiting the UK and the EU?
Starting January 8th, travelers to the UK must fill out an online authorization form costing £10 for a two-year validity. EU travelers will face biometric checks, including face and fingerprint scans, as part of a new digital registration system.
Shownotes Transcript