☕️ Boycotted

Biden releases long-awaited order on crypto... March 10, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Fundrise]( Good morning. In his executive order on cryptocurrency yesterday (which we’ll get into a bit later), President Biden surfaced two interesting stats from a recent survey: - About 16% of American adults have invested in, traded, or otherwise used cryptocurrencies. - That rises to 43% for men aged 18–29. —Neal Freyman, Jamie Wilde, Matty Merritt MARKETS Nasdaq 13,255.55 +3.59% S&P 4,277.88 +2.57% Dow 33,286.25 +2.00% 10-Year 1.955% +10.7 bps Bitcoin $41,897.79 +8.49% Oil $110.49 -6.28% *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: Apparently yesterday was Opposite Day. Stocks [surged]( and oil fell after fears of a debilitating energy shortage eased. The UAE said it would support boosting oil production and push the rest of OPEC to do the same. - Ukraine: A Russian airstrike [destroyed]( a maternity hospital in the besieged city of Mariupol, wounding at least 17 people. Ukrainian President Volodymyr Zelensky called it an “atrocity,” and it comes on top of 18 other attacks on health facilities in Ukraine, according to the WHO. CULTURE [Freedom Fries all over again?]( [The Russian Tea Room in NYC](Alexi Rosenfeld/Getty Images Following Russia’s invasion of Ukraine, the Western world has been remarkably united in supporting Ukraine’s resistance and condemning Russia for its unprovoked, brutal war. But anti-Russian sentiment has spiraled into new territory with acts like the [vandalization]( of US-based Russian restaurants and the boycotting of individuals who have criticized their own government for the war. - One example: Reservations at the Russian Samovar piano bar in Manhattan, which is owned by a Russian and Ukrainian couple and their family, have [fallen 60%](, the bar told the NYT. The restaurant has a sign that says “Stand by Ukraine NO WAR” at the entrance and said it’s holding a fundraiser for Ukraine this week. To many observers, this backlash reeks of xenophobia and is reminiscent of the “Freedom Fries” episode from nearly 20 years ago. What happened then: In 2003, cafeterias at three Congressional buildings, and other restaurants around the country, changed the name of french fries on their menus to “freedom fries” because France declined to support the Iraq War. The similarities are on point. The French restaurant Maison de la Poutine, which has locations in Paris and Toulouse, France, said last weekend it had received threatening phone calls from people who [conflated]( its name with that of Russian President Vladimir Putin. Poutine, as anyone who’s visited Montreal knows, is a Quebec-based dish of fries, gravy, and cheese curds that’s best consumed after 3am. But the boycott goes beyond silly misunderstandings Cultural organizations are canceling works by Russian artists with no visible ties to the Russian president. - The Cardiff Philharmonic Orchestra in Wales scrapped works by the Russian composer Tchaikovsky from its upcoming program, concluding that performing them would be “inappropriate at this time.” Tchaikovsky has not commented on the war—he’s been dead for nearly 130 years. - A performance by 20-year-old Russian pianist Alexander Malofeev was postponed by the Vancouver Recital Society. The organization’s artistic director told the CBC that while she feels “very badly” for Malofeev, she felt she had no choice but to pause the show after Putin invaded Ukraine. “It’s not something I’m proud of or excited about,” she said. In response, Malofeev wrote, “every Russian will feel guilty for decades because of the terrible and bloody decision…” but argued that “people cannot be judged by their nationality.”—NF �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Freedom%20Fries%20all%20over%20again%3F%3A%20utm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A WORLD [Tour de headlines]( [Homer drinking gas](The Simpsons/FOX via Giphy State leaders are on a fuel’s errand, pitching [tax cuts]( and other ideas to help Americans getting hurt by record-high gas prices. California Gov. Gavin Newsom is floating a tax rebate, New York lawmakers want to temporarily lift the state’s gas tax, and governors from six other states are asking Congress to suspend the federal gas tax through the end of this year. Andy Jassy pulls out the pickax. Amazon said yesterday it’s [splitting its stock]( 20-for-1 and buying back as much as $10 billion in shares. It’s the first time the company has announced a stock split since the dot-com boom, and it follows other Big Tech companies that have broken up shares like Cady Heron holding a plastic crown. While a stock split does not change a company’s valuation in any way, there may be some advantages, as we [explained]( when Alphabet did something similar in February. Disney changes tune on Florida law. Disney CEO Bob Chapek declared the company was officially [opposed]( to Florida’s new bill that bans instruction on sexual orientation and gender identity for young kids in FL public schools. Chapek had previously said the company wouldn’t take a formal stance on the bill, but later acknowledged that approach “didn’t quite get the job done.” Chapek announced a pledge of $5 million to organizations supporting LGTBQ+ rights and said he’d meet with Gov. Ron DeSantis. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Tour%20de%20headlines%3A%20utm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A CRYPTO [Biden’s Build Blockchain Better plan]( [A US dollar with crypto details](Photo Illustration: Dianna "Mick" McDougall; Sources: Getty Images President Biden issued a highly anticipated [executive order]( on crypto yesterday, and instead of the regulatory Cujo many had expected, it was more like a golden retriever. Blockchain big-hitters, including the Winklevoss twins, applauded it online, saying the White House had finally recognized the legitimacy of crypto. The gist: Biden called on government agencies to explore the pros, cons, and possibilities of digital assets, with some specific callouts. - Consumer safety: Biden tasked the Treasury with drafting policies to protect consumers from scams, cyberattacks, and other illicit activities that run rampant in crypto. - Environmental impacts: Crypto's earned a bad rap for the high energy costs associated with mining digital currencies like bitcoin, and the US wants to mitigate those. - Digitizing the dollar: Following in China’s footsteps, the US is looking into developing its own digital currency. The order also emphasized that the US aims to establish itself as a global leader in the crypto space. Though the best time to plant that tree might’ve been five or so years ago, the second best time may be now—considering China effectively banned crypto last year. Bottom line: Biden’s order is “a watershed moment for crypto, digital assets, and Web 3, akin to the 1996/1997 whole of government wakeup to the commercial internet,” crypto platform Circle’s CEO Jeremy Allaire tweeted.—JW �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Biden%E2%80%99s%20Build%20Blockchain%20Better%20plan%3A%20utm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH FUNDRISE [Your daily portfolio affirmation](#) [Fundrise]( Repeat after us: “You’re growing. You’re stable. You deserve growth and stability.” With so much unpredictability in the market these days, investing can be stressful. But don’t let that scare you from making good decisions about your portfolio. Yes, investing involves risk. But with [Fundrise](, you can grow your wealth the way institutions do in uncertain times: through private-market real estate. Real estate has proven to be a high-performing, stable asset class, but you previously needed institution-level cash to start investing. Not anymore. With Fundrise, high-end investing is now accessible to everyone. You’ll get access to the same assets as the big shots, but you get to buy in for as little as $10. And right now, Fundrise is offering a $10 bonus in shares when you invest your first $10. That’s some much-needed stability in uncertain times. [You can get started with Fundrise right here](. SCIENCE [She looks good for 107]( [The stern of the Endurance with the name and emblematic polestar.](Falklands Maritime Heritage Trust / National Geographic The legendary wreck of the ship Endurance was [discovered]( by scientists on Saturday, 106 years after it sank and exactly 100 years to the day since the burial of its lead explorer, Ernest Shackleton. The Endurance was found 10,000 feet below the water’s surface, and about four miles from where it sank off the Antarctic coast over a century earlier. How the Endurance found itself in the Atlantis freezer section: In 1915, Shackleton attempted the first voyage across Antarctica from England through the South Pole. His journey was interrupted just 100 miles from his destination when ice crushed the Endurance and Shackelton and his crew were forced to abandon ship. Shackleton led all 27 men in his crew to safety in a harrowing monthslong escape, for which he became a hero in his native England. And for 106 years underwater, the Endurance could still get it. The ship is still upright and you can clearly read its name across the stern. Mensun Bound, who led the expedition to find the shipwreck, said, “Without any exaggeration this is the finest wooden shipwreck I have ever seen.”—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=She%20looks%20good%20for%20107%3A%20utm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A GRAB BAG [Key performance indicators]( [Homes in San Francisco](Getty Images Stat: A record [8.2% of US homes]( were valued at $1 million or more in February, a huge jump from 4.8% two years ago, per a new Redfin report. The top six metros with the highest share of $1m homes were all in California, led by San Francisco with 88.7%. If you’re looking for a steal, head to Elgin, IL. Just 0.1% of homes there are worth $1 million, putting it in last place among the 100 most populous US metros Redfin analyzed. Quote: “It was simply a lucky bet.” Media mogul Barry Diller and other bigwigs are being [investigated]( for potential insider trading over their purchase of Activision Blizzard options just days before it agreed to be acquired by Microsoft. Diller told the WSJ that he didn’t place the bet because he had access to any secret information—it was simply a case of being in the right place at the right time. Read: How Bang Energy’s flashy, neon world of influencers conquered TikTok. ([Morning Brew]() Ask: Yesterday we asked readers whether they plan to cut back on driving due to the rise in gas prices. 59% said yes, 41% said no. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20performance%20indicators%3A%20utm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A WHAT ELSE IS BREWING - [The House Judiciary Committee]( asked the DOJ to investigate Amazon over potential criminal obstruction of Congress. Lawmakers say Amazon tried to block inquiries into alleged anti-competitive practices. - [The US labor market]( is still extremely tight: There were nearly 11.3 million job openings in January, a slight drop-off from the record set in December 2021. - [Conservative Yoon Suk-yeol]( eked out victory in South Korea’s presidential election. - [How sky-high nickel prices]( could hamper EV adoption efforts. BREW'S BETS New from Imposters: In the latest episode, Alex and Paul English, co-founder of Kayak, get into the highs and the lows of trying to run a billion-dollar business while managing bipolar disorder, which affects 2.3 million Americans today. [Watch it here](. The biggest beef in business. Nope, not cows—we’re talkin’ business rivalries from the Crypto Wars to Marvel vs. DC (the fight we really wanna see, if we’re being real), all laid out on the Business Wars podcast from Wondery. [Start listening here](.* Hacking the brain: Here’s a list of [pricing techniques]( that tap into human psychology. Video of the week: Watch a young Ukrainian girl [sing “Let It Go”]( in a shelter. Shopping is everywhere. If you’re a retail pro looking for insights on how to bridge the gap between the physical and digital worlds, we’re hosting a virtual event later this month on everything omnichannel. [Register here](. *This is sponsored advertising content. GAMES [The puzzle section](#) Brew Mini: Today’s puzzle is all about the center square. [Play it here](. Three headlines and a lie Three of these news headlines are real and one is faker than sugar-free pudding. Can you guess the odd one out? - Man used Covid loan to [buy Pokémon card](, sentenced to prison - Cameron Diaz, still stunning, says she [doesn't care]( what she looks like anymore - Giant spiders expected to [drop from sky]( across the East Coast this spring - New Oscars proposal would [ban celebrities]( from wearing heels to make them easier to photograph SHARE THE BREW We think you should [share the Brew.]( Not only is it a smart thing to do for your friends, it’s also the smartest way to get showered in free Brew swag. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER We made up the Oscars one. Note: Last week we mistakenly had two fake headlines in this section. The [article]( claiming that Hidetaka Miyazaki’s swamp levels were based on New Jersey cities was satire. Our apologies to readers and the state of New Jersey. ✢ A Note From Fundrise *[Terms and Conditions apply]( � � � � � Written by [Neal Freyman](, [Jamie Wilde](, and [Matty Merritt]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Industry news, with a sense of humor → - [Emerging Tech Brew](: AI, crypto, space, autonomous vehicles, and more - [HR Brew](: analysis of the employee-employer relationship - [Marketing Brew](: the buzziest happenings in marketing and advertising - [Retail Brew](: retail trends from DTC to "buy now, pay later" [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2022 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011