Hold the FUD!

The “blockchain solves nothing” argument is intellectually dishonest and we need to stop being dumb in 2025.?

Here’s all the FUD we’ve seen on the TL this month and some positive insights to change your perspective about the state of crypto right now:?

TRUMP AND DUMP ????

US President launches a memecoin 2 days before his inauguration and is down 72% since its ATH (all-time high) of $72. People are asking, “Is crime legal now?” and many are worried that this is the end of all possibilities of crypto being considered a net positive for the world. Lawyers were worried, executives were doing think-pieces on LinkedIn and even the degens were slightly concerned.?

But the truth is:

What Trump did was legal.?

Memecoins, which lack inherent utility or revenue-sharing mechanisms, generally do not meet the criteria of an “investment contract” as outlined in the Howey Test. @wassielawyer breaks this down perfectly, but the TLDR is:

For a token to be considered a security, it must meet specific criteria:

• an investment of money

• in a common enterprise
• with a reasonable expectation of profits?
• derived from the efforts of others.

In the case of memecoins like $TRUMP, these elements are absent. Still confused??

Here’s a simple example: if a token is sold with the promise that proceeds will fund a project expected to generate profits shared with investors, the token would be considered a security. However, if a token is sold purely as a speculative asset, with no underlying project or economic value, it falls outside this classification.?

Does this analysis stop $TRUMP from being a liquidity extractor from the ecosystem? No–but it does hold degens (crypto gamblers or “degenerates”) into more account than anything, or anyone else. What does this mean for the overall well-being of the industry, though??

Welp, compliance is clearly key. Have that top of mind as a founder building any product or service in crypto, and you might just have a chance.

THE UK IS NOT A SERIOUS COUNTRY ??????

It feels like every week, something new about the UK’s decline goes viral on X. This time, it was a post exposing the shockingly low salary for a Head of Cybersecurity—a critical role—offering just ￡50,550 to ￡57,500. The timing couldn’t have been worse, given the catastrophic Barclays outage, which left hundreds of thousands of Brits locked out of their own money for over 24 hours due to a "technical fault."

But let’s talk about the real issue here: the UK’s complete lack of competitive pay for essential positions.

@SuperteamUK sees a way out—and it’s inspired by @solana’s 2025 vision: ?Internet Capital Markets?.

The Solana Foundation is working to make capital markets as open and accessible as the internet. Imagine downloading an app and instantly gaining access to a global financial system—a borderless, digital market for talent and capital.

This also changes the game for UK salaries. Internet Capital Markets mean UK-based workers are no longer bound by local pay scales. Companies are hiring globally, and top talent is commanding US-level salaries. In a remote-first world, UK professionals don’t have to settle for stagnating wages—they can tap into global markets and get paid what they’re actually worth.

The UK economy may be struggling, but workers shouldn’t have to struggle with it. The future of work—and fair pay—is borderless. Welcome to the Internet Capital Market. ????????

“DON’T BANK ON IT”: IS THIS ALSO WHY A16Z LEFT THE UK? ????

The UK Cryptoasset Business Council, Global Digital Finance, and the Startup Coalition published a survey that revealed more than 50% of UK crypto and web3 firms are finding it hard to access basic banking services.?

For crypto and web3 startups/companies to succeed in any environment/landscape, they need:

• access to investment
• access to the right people to hire
• a fair chance in the regulatory world
• open access to markets they can compete in
• basic needs to operate

And does it not get more basic than access to banking services??? We’re in the year 2025 and quantum computers are possible now…????♀? The report goes on to state that “this issue transcends inconvenience; it is an existential threat. As the data in this document shows though, this is something that crypto and Web3 firms are often denied.”

Here’s some of the data from the survey:

The ‘debanking’ in the UK is a huge issue for builders/founders in web3. It massively determines whether an economic landscape is favourable and enticing, especially from the perspective of venture capital. Judging from A16z’s London office closing after just 18 months, it would seem that the UK is increasingly becoming an ugly candidate.?

But, a light in the dark, cold tunnel perhaps? The ‘Don’t Bank On It’ report did have some positive attitude to share:

“The UK still has the potential to be a world leader in these sectors, and we welcome the timeline published by the FCA on further regulation of the sector. Since taking office the Government has made serious and encouraging legislative steps, whether in defining digital assets as property, or laying a Statutory Instrument on staking…progress is ongoing...”

And even better than that? COINBASE WINS FCA APPROVAL!???

This news was a welcoming surprise for all Brits ?? but it was welcomed nonetheless. Considering the staggering effort it takes to be FCA approved, Coinbase obtaining a VASP (Virtual Asset Service Provider) registration means the exchange can now offer better retail, institutional and ecosystem products and services to users across the UK!

May the Ws in the UK continue ????

The biggest takeaway from January????

Builders who stay compliant, continue to tap into global markets, resist the FUD online, and push for better policy will win—regardless of the headlines.

Crypto isn’t dead and probably never will be. The mainstream narrative and the echo chamber yapping just needs better storytellers and better insights. That’s where Hold the FUD will come in. ??

Until next time—stay bullish, remain proactive, support your local Superteams, and don’t let the FUD shake you!

Before you go, here’s some other quick pro-policy, no cap news for you:?

1. Keir Starmer orders Ministers to go for growth– this is great news for pro-innovation policy initiatives that is targeting for better regulations and frameworks for crypto/web3 entrepreneurs in the UK. See our Policy Lead’s comments here.
2. President of CoinFund says Mark Cuban is wrong about memecoins– says “regulation should pertain to activities, not technology.”?
3. Trump signs groundbreaking Crypto Executive Order– key highlights include the promotion of access to open public networks, encouragement of dollar-backed stablecoins, regulatory clarity provisions, and prohibition of CBDCs (central bank digital currencies).?
4. FCA response to Government call for regulators to support growth– improvements to authorisation processes, digital securities Sandbox, clear movements towards a better environment for crypto firms? It’s possible!
5. Bitpanda, OKX, Crypto.com secure MiCA licenses to aim for 450M-strong market– Bitpanda has secured a MiCA license from German regulator BaFin and Rivals OKX and Crypto.com secured MiCA licenses from Malta. The crypto asset service provider license will enable the exchanges to operate across the 30 members of the European Economic Area.