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Biden State of the Union 2023 and Chat GPT


In a test of worlds colliding, I asked Chat GPT to give me some thoughts

about the President’s State of the Union (SOTU) Address and its perspective

on crypto. I was disappointed to be told that “the President made a strong

statement about crypto. He asserted that crypto technology is here to stay,

and that it has the potential to reshape the industry and foster innovation


Disappointed for several reasons, first, because the AI results were not

accurate, and second because there was actually no mention of crypto

anywhere in the President’s annual address to Congress and the American

people. In spite of all of the recent positive press about Chat GPT (

), this “history changing” application couldn’t crack the list of other

key topics demanding to be covered. And further, even though the total

value of all cryptocurrencies is estimated to be $2.7 Trillion, that is still

only about 2% of the global economy.

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This is not to say that crypto was ignored by the executive branch or its

regulators. In January, the Federal Reserve rejected crypto bank Custodia’s

two-year application to join the Federal Reserve System and earlier this

week, crypto exchange Kraken agreed to shut down its cryptocurrency

staking service. In addition, Kraken agreed to pay $30 million in penalties

to settle US SEC charges that it failed to register its program. This will

more than likely impact exchanges with similar offerings. Ironically,

decentralized (that is less regulated) staking providers will be able to

leverage their resistance to regulatory action as a competitive advantage.


In many ways, the crypto industry is still in its early stages and the

potential for disruption of traditional financial systems remains immense.

Despite these recent regulatory challenges, crypto continues to prove itself

as a resilient technology with real world applications that can benefit both

individuals and businesses alike. As crypto gains more mainstream

acceptance through increased adoption by governments, banks,

corporations and other institutions around the world, it will continue to

revolutionize global finance. Let the journey begin.

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