Happy Friday. It was nearly two years ago that we relaunched the Fortune Crypto newsletter, giving it a new name and switching to a daily format. And what a two years it has been. Our daily chronicles began with the final hurrah of an earlier crypto bubble, which turned into a slump and then a full-blown catastrophe as the industry’s marquee names—Celsius, BlockFi, FTX, Three Arrows—collapsed in bankruptcy and scandal.
By late 2022, I was tempted to switch the name of the newsletter to Fortune Crime as those once hailed as visionaries were exposed as rogues and swindlers and carted off to prison. The high (or perhaps low) point of this era was the trial of Sam Bankman-Fried, covered so ably by Leo and Ben Weiss. My own favorite recollection of this period was being harangued by a crisis PR firm objecting to my calling the Bankman-Fried clan “sleazy” and insisting they are “very nice people.” At least someone thinks so.
In mid-2023, the industry was in the trough of Crypto Winter, as even many longtime believers began quietly asking if it was time to pack in this blockchain thing for AI. And then lo, it all changed again. As it has three times in the past, the crypto industry sprang back bigger and richer than ever, turbo-charged by an influx of Wall Street capital and the launch of Bitcoin ETFs. Somewhere along the way, Coinbase CEO Brian Armstrong and other crypto OG’s who long eschewed the ways of Washington, D.C., learned to play its game and are now a fearsome political force.
It’s been a hell of a ride. During all of it, I’ve maintained the same fondness for crypto as when I first encountered it in Manhattan’s Union Square Park in 2013 when the best way to get Bitcoin was to buy it in open-air markets. I’m appreciative as ever of the technological ingenuity, the over-the-top meme culture, and, most of all, the wild cast of characters the industry continues to spawn. Whatever you think of crypto, it’s a lot more fun to cover than conventional industries like pharma or insurance.
It has also been a pleasure for Leo and I to have such a smart collection of readers, many of whom have taken the time to write to us with praise, suggestions, and, yes, the odd torrent of profane abuse. We wouldn’t have it any other way. The thing, though, about daily newsletters is they are a heavy commitment—requiring one to come up with a fresh angle every single day, and to spend many a night scrambling for ideas. To this end, we are going to sunset the newsletter for now in order to recharge and carry out more original reporting on the biggest stories of crypto. Thanks to all of you for reading. Reach out any time with tips and ideas starting in mid-July—after I get back from a much-needed vacation.
Jeff John Roberts
jeff.roberts@fortune.com
@jeffjohnroberts
DECENTRALIZED NEWS
Telegram has become the one-stop shop for not just messaging, but everything illegal from heroin to guns. Now, it’s doubling down on crypto. (Fortune)
Despite anticipation and hefty industry lobbying, there were no questions about crypto during last night’s presidential debate. (CoinDesk)
Coinbase is teaming up with the payment processing giant Stripe to enable a fiat-to-crypto onramp to Base through USDC. (Bloomberg)
VanEck became the first issuer to file for a spot Solana ETF, with the launch of Ethereum ETFs ostensibly arriving any day. (The Block)
Serial entrepreneur Scott Purcell has sworn off crypto in his new venture after a tumultuous journey through failed companies, including Prime Trust. (DLNews)
MEME O’ THE MOMENT
It was a bad night for Biden(‘s memecoin):
