🐝 *If bees ditched their queen and voted on what to do with all the honey…*

A decentralized autonomous organization, or DAO, is a semi-leaderless crypto org that makes governance decisions based on token holders' votes. So if a bunch of strangers wanted to pool their $$ to [buy a golf course](https://www.coindesk.com/web3/2023/02/22/linksdao-to-bid-on-scottish-golf-course-following-vote/) or run a fast-food franchise, they could create a DAO to do just that (no IRL handshakes required). 

DEFI(NE)

Heard on the Block: "DAO"

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__IOU on the hill…__ SCOTUS started [hearing](https://www.wsj.com/articles/supreme-court-signals-skepticism-on-bidens-effort-to-forgive-student-debt-68af1d27?mod=us_more_pos1) arguments challenging President Biden's student loan forgiveness plan yesterday, putting the financial future of 40M+ indebted Americans in the (judicial) balance. Last year, Biden announced plans to cancel up to $20K in federal student loan debt for qualified borrowers. But the program was [halted](https://snacks.robinhood.com/newsletters/5Jm3FdQqXA4zIHXfPN2Skx/) in November after six GOP-led states brought a case against it — and it’s still on pause. Now the US’s highest court must decide whether the forgiveness policy is an overreach of executive power, and if it causes harm to plaintiffs.

- __Behind the bench:__ Conservative justices seemed skeptical, with some saying it would be unfair for Americans who already paid off their loans or never took on debt.
- __Biden’s camp said__ that the debt-relief plan was legal under the Heroes Act, which gives the Department of Education extra power during national emergencies. 
- __State attorneys said__ the plan could strip Missouri (a key player in the case) out of revenue earned from its state’s loan servicer.

__Repayment woes…__ the court’s forgiveness decision isn’t the only challenge borrowers are facing. The pause on loan repayments has been extended eight times through two presidencies, saving borrowers $5B/month. But if the legal disputes aren’t resolved by June, then payments will restart in August. If the court issues a ruling in March, they could restart as early as May.

Busy day in DC (Robert Nickelsberg/Getty Images)

__Americans might not be prepared…__ Some recent college grads have *never* had to make a student loan payment, since the pause has lasted nearly three years. The extra costs could weigh on millions of US families already grappling with record household debt and stubborn inflation. The average loan payment is nearly $400/month.

Biden's student loan forgiveness plan faces the ultimate test at the Supreme Court


__TikTok-ban saga, reloaded…__ The US government’s been talking about banning __TikTok__ [for years](https://snacks.robinhood.com/newsletters/2woouVpp3T4E9DyQs4RPPc/articles/5Upme1v5FQZ3p9BaoiZdul/) over national-security concerns with the Chinese-owned app. The possibility just got more real: yesterday a bill that would give Biden the power to ban TikTok was on track to [pass](https://www.cnbc.com/2023/02/28/new-tiktok-ban-is-poised-to-advance-in-congress-.html) a key House committee vote. If it is greenlighted by Congress, it could lead to a Tok-less life for the 100M Americans using the app. 

- __Tok nerdy to me:__ The bill, memorably named “H.R. 1153,” would change rules that’ve shielded TikTok from US sanctions on China. Those rules exempt “informational materials” like news and magazines from sanctions-related bans. Now…
- __UnStitched:__ The bill could strip protections from companies that share Americans’ personal data with China-affiliated entities. 
- __Tick tock:__ It’s expected to pass in the Republican-controlled House, but its outlook is iffy-er in the Dem-majority Senate. 

__For You-page tunnel vision…__ Supporters of the ban say that TikTok is a tool that the Chinese Communist Party can use to monitor and manipulate Americans (think: weaponizing data, spreading misinfo). Critics like the ACLU argue that a broad ban would amount to censorship of free speech, violating the First Amendment. Meanwhile: 

- __The US, Canada, and the EU__ have already barred federal employees from having TikTok on government-issued devices. India full-on banned TikTok for all its citizens. 

TikBan

__It’s a messy Tok situation…__ The US has criticized China for being a censorship state (__[Google](https://robinhood.com/stocks/GOOG/)__, __Twitter__, __[Facebook](https://robinhood.com/stocks/META/)__, and even TikTok itself are banned there). Now the US wants to ban a social-media app… but for national-security reasons. If TikTok actually poses a serious security threat, there’s a lot at stake: over two-thirds of American teens use TikTok, and a third of US TikTok users say they regularly get their news on the app.

A broad TikTok ban could be in the cards as the US stresses national-security concerns

Heard on the Block: "DAO"

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