🕵️ *Like a financial investigator who specializes in complex corn crime…* 

While the SEC regulates securities like stocks and bonds, the Commodity Futures Trading Commission (CFTC) regulates the US derivatives markets, including futures and options on futures (picture: corn futures). The CFTC has said that some crypto, like __bitcoin__, is a commodity, meaning it should oversee bitcoin derivatives trading. Yesterday the CFTC [sued](https://www.nytimes.com/2023/03/27/business/binance-cftc-lawsuit.html) __Binance__ — the world's largest crypto exchange — claiming the exchange failed to register with the CFTC while letting scores of US customers trade crypto derivatives. FYI: nearly 20% of Binance's revenue comes from US customers. 

DEFI(NE)

Heard on the Block: "CFTC"

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__Browsing 10 menus…__ from the same joint. __[Uber Eats](https://robinhood.com/stocks/UBER/)__ is going ghostbusting as hungry users get bogged down by menu dupes. The food-delivery app launched “virtual brands” (VBs) in 2017 to let restaurants offer unique online-only menus under *different* names. For example, __[IHOP](https://robinhood.com/stocks/DIN/)__ has a “Thrilled Cheese” virtual shop that you wouldn’t associate with IHOP, and __[Denny’s](https://robinhood.com/stocks/DENN/)__ operates “The Burger Den” brand for late-night orders. But some VBs are getting heat for effectively spamming the app, and Uber Eats plans to axe 5K of them, The Wall Street Journal [reports](https://www.wsj.com/articles/uber-eats-to-take-down-thousands-of-virtual-brands-to-declutter-the-app-2e05ca96). 

- __Taking out:__ The cuts mostly target VBs with duplicate menus, not the OG restaurants. For instance, a brunch spot offering the same breakfast burrito across a *dozen* different brands would get its dupes axed. 
- __Order up:__ More listings = more chances of being picked by scrollers. That’s why 41% of independent restaurant operators ran virtual brands last year. Uber Eats’ VBs have quadrupled since 2021, and make up 8% of US and Canada offerings (but less than 2% of orders). 

__Ghost kitchen, real problems…__ VBs were uber-popular during lockdowns as shuttered restaurants used their kitchens to whip up online orders to recoup sales. Big chains like __Denny’s__ and IHOP parent __Dine Brands__ have used VBs to market *new* delivery-only concepts (fine). But some restaurants have taken advantage by rolling out several brands with exactly the same menu (not fine). Now delivery apps are trying to reel it in:

- __[DoorDash](https://robinhood.com/stocks/DASH/)__ has said that restaurants must have at least 50% menu differentiation in their VBs.
- __[Grubhub](https://robinhood.com/stocks/GRUB/)__ has the same guidelines and requires VBs to post at least five different pics of their menu items (to avoid duplicate mozz sticks).

One restaurant, 12 menus (Nathan Stirk/Getty Images)

Dupe

__Too many cooks in the kitchen can make a big mess…__ That’s why Uber wants to clean up a barrage of cooks on its app. Users can get frustrated by choice paralysis when there are too many options, *especially* when many are the same (like: endlessly browsing __[Netflix](https://robinhood.com/stocks/NFLX/)__). For delivery apps, eliminating dupes and improving curation could ease selection fatigue and boost orders. 

Uber Eats is chopping thousands of “virtual brands” as delivery apps crack down on menu dupes

__Jibbitz on the red carpet…__ At some point in the past few years __[Crocs](https://robinhood.com/stocks/CROX/)__ [experienced](https://www.nytimes.com/2023/03/27/business/crocs-sales.html) a vibe shift from ugly-cringe to ugly-cool. The comfort-forward footwear brand regained relevance during the pandemic and hasn’t let its momentum slip off: Crocs’ sales rose 61% last quarter, and its annual sales have tripled since 2019. The clog-olossus expects another record year of growth as marketing investments pay off. 

- __Living room to runway:__ The brand has dipped its rounded rubbery toes into the luxury market through collabs with designers like Salehe Bembury (Versace, Yeezy). His $85 slingback Crocs can sell for hundreds of dollars on StockX.
- __Crocstars:__ Celeb endorsements have helped the brand expand beyond its workwear roots. Musician Questlove rolls up in Crocs to awards shows like the Oscars, and Post Malone, Bad Bunny, and J. Biebs have signed endorsement deals.

__Skewing younger…__ and more passionate. From superfans who own dozens of pairs to collectors who seek out rare collabs, the Croc life isn’t just about comfort. Growth has been fueled by Gen Zers who see the foamy shoes as a blend of comfort, nostalgia, and wearable meme (picture: [KFC Crocs](https://people.com/style/best-crocs-collaborations-of-all-time/)). Last year US teens [ranked](https://www.pipersandler.com/teens) Crocs as their #5 preferred footwear brand. Zillennial-fave footwear company Hey Dude, which Crocs bought for $2.5B in 2021, moved up to #7. 

Holey

__Functional is *still* fashionable…__ because the comfy life is hard to leave. Pandemic thrivers like __[Peloton](https://robinhood.com/stocks/PTON/)__ and __[Zoom](https://robinhood.com/stocks/ZM/)__ experienced a boom thanks to necessity (think: no gym, closed office). But their stocks have plunged from those highs as demand for their products cooled. Meanwhile, Crocs stock is up 48% over the past year because people aren’t willing to give up the sweats-and-clogs life. As workers’ tight grip on remote work shows, it’s hard to sacrifice strides made in comfort.

Crocs is still thriving with comfy clogs, proving not all pandemic trends have fizzled

Uber Eats chops thousands of “virtual brands” as delivery apps crack down on menu dupes

Heard on the Block: "CFTC"

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