Three Things (1/24)

Crypto’s coronated council

Developing story … On Thursday, President Trump announced the formation of a new federal cryptocurrency working group. According to the executive action, the directive outlines a plan to solidify American leadership in digital financial technology, setting the stage for greater oversight of the burgeoning blockchain and cryptocurrency industry.

The working group includes representatives from the Treasury Department, the Fed, and the SEC, as well as leading voices from academia and the tech sector. Their mission? To create a comprehensive framework for the regulation of cryptocurrencies, stablecoins, and blockchain-based financial systems. The group will also explore the feasibility of a U.S. central bank digital currency.

This chart reflects the perspective of a16z Crypto as of Oct. 2024.

This news comes amid heightened scrutiny of Trump from the crypto sector itself, fueled by criticism of Trump’s pre-inaugural promotion of the $TRUMP meme coin. (His pastor has launched one, too.) Some crypto purists believe the stunt undermined the credibility of the crypto industry and possibly skirted ethical and legal standards. While Trump supporters praised the move as innovative, critics fear it blurs the line between politics and financial markets.

The implications are significant. Clearer guidelines could bring legitimacy to blockchain innovation in the U.S., attracting investment and driving adoption. However, heavy-handed regulation might stifle smaller players in the market. BTC rose briefly on the news before falling back to pre-announcement levels.

Ketamine spray approved

FDA OK … A nasal spray developed by Johnson & Johnson (JNJ) has received FDA approval as a standalone treatment for adults with treatment-resistant depression (TRD). The spray, marketed as Spravato®, builds on the antidepressant potential of ketamine, a compound initially developed as an anesthetic in the 1960s. 

This latest development means that Spravato can be used without pairing it with oral antidepressants, marking a pivotal expansion of treatment options. JNJ made a cool $1 billion from Spravato in 2024—without the increased access that comes with its approval as a standalone offering.

Ketamine’s use in depression research began in 2000 when early studies revealed its rapid antidepressant effects, especially for individuals unresponsive to traditional therapies. By 2019, J&J secured FDA approval for Spravato, but only as an adjunctive therapy. 

This new approval is significant, as roughly 7 million Americans suffer from TRD, a significant subset of the 21 million adults experiencing major depressive disorder annually. It also signals a growing market for innovative mental health solutions. While J&J expects to see continued revenue growth from Spravato, the move could also invigorate biotech research into new treatment modalities. 

Trump shouts into the wind

Clean clash … President Donald Trump has issued an executive order halting all new federal approvals for wind energy projects. The directive suspends offshore wind leasing and mandates a comprehensive review of federal wind permitting, aiming to assess environmental and economic impacts. Trump’s move seeks to favor fossil fuel development, despite wind being one of the cheapest and fastest-growing sources of energy per some reports.

Trump has long criticized wind power, citing aesthetic concerns and potential harm to wildlife. He has also questioned its reliability, though industry data shows wind accounts for about 11% of U.S. electricity generation, a sharp increase from just 2% in 2010. 

Jason Grumet, CEO of the American Clean Power Association, told one reporter that he predicts the executive order could impact “more than half” of all wind projects under development in the U.S.

The wind power industry employs over 125,000 American workers and has drawn billions in investments. (The Inflation Reduction Act of 2022 pumped nearly $150 billion into clean energy manufacturing across the U.S., with a big chunk of that supporting wind energy projects.)

While Trump’s order pauses clean energy momentum, its long-term impact remains unclear. For relevant clean energy players, the executive order was largely priced in. NextEra Energy (NEE) stock is down 3% YTD but has been relatively flat since the executive order was issued. The company reports Q4 earnings today. GE Vernova (GEV), a wind turbine manufacturer, reported strong earnings this week. Its share price is up 29% so far in 2025.

One more thing: OpenAI just announced “Operator,” an AI assistant that can handle tasks like making to-do lists or helping plan vacations by interacting with web pages (on their own!). Currently available to ChatGPT Pro users in the U.S., Operator can click buttons, fill out forms, and navigate websites to get things done.

Disclosures

As of writing, IBIT is a holding in Titan's Crypto strategy. OpenAI is a 4.24% position in the ARK Venture Fund.

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