Global currencies are dropping 📉 What's happening?

Crypto, bonds, stocks - it's all tumbling

Author

Build in Bear
September 26, 2022

This is Web3 Seems Legit, the weekly newsletter that gives you an honest take on what's going on in web3, even when it's bad...and we have to say, it's not looking great 🥴.

In this issue, we'll be covering these latest topics:

  • The unravelling of the global financial market. While the US continues to fight the inflation war, the crisis only scrapes the surface on the global macro issues the world is facing.

  • The US government targets DAO in first-ever lawsuit. It's the first lawsuit filing against a DAO and it could have serious consequences for the rest of DeFi.

  • Disney enters the web3 space. Despite the bear we're in, one of the largest entertainment companies has signalled making major moves into web3.

The unravelling of the global financial market

We've talked a lot about the US financial crisis, but outside of it are equally as important macro issues that the world is facing.

For one, the British Pound has tumbled to its all-time low at $1.03 and the Japanese Yen has fallen to 24-year lows at $145 against the US dollar. Europe's energy prices continue to go up dramatically and the Russia/Ukraine conflict is escalating. The list can go on...👇

Needless to say, there's a lot going on in the world that has affected the global financial market and risk-on and off assets are both collapsing 📉.

We have no way of knowing what will happen next. All we can say is to stay prepared and have your seatbelts on at all times because we're likely going to experience more heavy turbulence.

The US government targets DAO in first-ever lawsuit

The regulatory crackdown on crypto continues. This time, it has its eyes set on DAOs.

In this lawsuit case against Ooki DAO, the CFTC defined it as an 'unregistered association' and in violation of the Commodity Exchanges Act. As a result, the two founders and members of the DAO are founded liable for the charges.

What does it mean for the rest of the DeFi market? If the CTFC wins the case, this could set a precedent for all participating DAO members or token holders to be legally liable, regardless if it's a decentralized protocol.

And it looks like the potential implications of this lawsuit is already being noticed 👀.

Disney enters the web3 space

For some lighter news, despite the bear that we're in, mainstream brands are continuing to build in web3.

The latest to enter is Disney 🙌.

Disney+ has 221 million streaming subscribers and averages over 58 million visitors to their theme parks every year. We don't have specific details of their plans yet, but what we do know is that those are bullish numbers that we really need right now 🚀.

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