Today's Top Stories

  • California crypto licensing bill approved by state legislators in controversial move
  • Amid safety complaints, Uber issues new safety toolkit with 911 service
  • Consumers are moving to the secondhand market for more of their shopping

Crypto Bytes

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Crypto Licensing Bill Just Approved by California Legislators


This week California state legislators approved a bill that would require any business offering crypto financial services to get a license. Known as the "Digital Financial Assets Law," any company offering crypto services in California would need to register with the state's Department of Financial Protection and Innovation. If signed into law by Governor Newsom, California would advance towards stricter regulation of the industry. While state legislators argue the bill protects investors against risk, the broader industry stresses it would likely cut California off significantly. 


Tech Bytes

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Uber Officially Rolls Out Its New Safety Toolkit


Uber announced the official launch of its overhauled safety toolkit on Tuesday. Complete with the ability to contact an ADT operator and text 911, the safety toolkit is trying to make your ride "just a bit safer." The company has experimented with the widespread rollout of these features since 2019 in Los Angeles, Minnesota, and Indiana, and the newest launch is its biggest effort in the realm of safety. Recall that, in 2017, London threatened to remove Uber from the city, but the company launched a more rigorous screening process for drivers to avoid expulsion. Uber must continue to update its transportation structure, but many users wonder if added safety features will be enough.


Notable Decliners

  • Ambarella (AMBA) -19.7%
  • Paysafe (PSFE) -9.3%
  • HP (HPQ) -7.7%
  • CrowdStrike (CRWD) -5.5%
  • MicroStrategy (MSTR) -3.6%


  • Monday: Pinduoduo
  • Tuesday: Baidu, Best Buy, CrowdStrike, HP
  • Wednesday: NIO, Okta
  • Thursday: Broadcom, Lululemon
  • Friday: N/A

Econ Bytes



Consumers Still Buying Lots of Furniture, Electronics, and Clothing


People are continuing to shop for more than the bare necessities, but they aren't going to retailers. Choosing to buy from each other, consumers are opting for the secondhand marketplace for everything from clothing to furniture. "Recommerce," as it is referred to, was already relatively popular heading into the pandemic, but surging inflation has led an estimated 82% of Americans to buy or sell secondhand goods. More than anything, this motivation comes from the desire to save or make money- a trend we can expect to continue as long as high inflation does.


US Stock Indexes

  • Dow: -0.88%
  • S&P 500: -0.78%
  • Nasdaq: -0.56%
  • Russell 2000: -0.62%



Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.


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