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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:
2. US stocks are slipping after a three-day rally, though an Omicron whipsaw is still just one headline away. Markets are muted as Fed watchers get ready for Friday’s CPI inflation data. Check out what’s happening on markets.
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 …….
Source: https://www.businessinsider.com/10-things-before-the-opening-bell-december-9-2021-12
