Taylor swift asked FTX about unregistered securities?! + All the Web3 news you missed this week

News broke this week that Taylor Swift was offered a $100M sponsorship deal with FTX. Supposedly she asked them “Can you tell me that these are not unregistered securities?” and ultimately declined. Taylor Swift has proven to be a savvy business person and one of few celebrities asking diligence questions - her father is also a well known investment banker. Regardless of the outcome of the pending celebrity FTX lawsuits, I suspect there will be a greater focus on due diligence for these types of endorsement deals.

Consensus Conference note: I’m hosting a regulatory Q&A and lunch reception for Founders on Thursday - April 27th 12-3pm CT. If you are a founder looking to get insights from current and former regulators - RSVP here

General

Imagining the Future AI and Web3 Can Build (CoinDesk)

While the full range of innovations driven by AI, Web3 and the metaverse remains uncertain, the potential is undeniably vast, Sandy Carter writes.

NFTs

Trump Drops More NFTs—And Now the First Batch Is Plummeting in Price (Decrypt)

Trump wants “‘NICE GUY’ CREDIT” after dropping more $99 NFTs, but his first set of collectibles have fallen by over 50% on the secondary market.

NFT NYC Again Showcased the Resilience of Web3 Culture (Decrypt)
“On Tuesday, a financial reporter friend texted me to ask if I'd be attending NFT NYC events the next day. "How is it even happening this year when the volume is so low," she asked. I sent her a spreadsheet that listed 180 different events happening in the next three days all around the city—there was plenty to do.”

Regulatory

Gensler defends SEC’s crypto crackdown in marathon House hearing (CNBC)

Securities and Exchange Commission Chairman Gary Gensler faced down a barrage of criticism from House Republicans over his agency’s crackdown on cryptocurrency platforms. “Regulation by enforcement is not sufficient nor sustainable,” said House Financial Services Committee chairman Rep. Patrick McHenry, R-N.C. “They don’t have a choice. They’re noncompliant generally, and they need to come into compliance,” Gensler said about the platforms.

Congressional Republicans Criticize SEC Chair Gary Gensler's Crypto Approach Ahead of Hearing (CoinDesk)

Republicans on the House Financial Services Committee criticized Securities and Exchange Commission Chair Gary Gensler ahead of a congressional hearing on the agency Tuesday, saying his approach to crypto companies was not "compatible" with existing law.