🪙 __Coins…__ __[Bitcoin](https://robinhood.com/us/en/crypto/BTC/)__'s price climbed past $30K as four institutional investors including __[BlackRock](https://robinhood.com/us/en/stocks/BLK/)__ filed applications with the SEC to launch [bitcoin ETFs](https://www.bloomberg.com/news/articles/2023-06-22/bitcoin-btc-surge-sparked-by-etf-optimism-pauses-around-30-000-mark). If approved, the spot ETFs would give investors crypto exposure without having to own coins. 

📜 __Policy…__ Fed Chair Powell said stablecoins (picture: __USDC__, __tether__) are a "form of money" and that the central bank should have a role in [regulating](https://decrypt.co/145703/fed-chair-powell-says-bitcoin-has-staying-power-as-an-asset-class) them. A House committee is set to vote on a bill detailing stablecoin regs next month. 

🤹‍♀️ __Quirky…__ An NYC crypto miner's in hot water and loving it. Bathhouse, a Brooklyn spa, said it's using heat generated by its __bitcoin__ mining rigs to warm its pools, and cooler water from tubs to chill its mining setup. Talk about a crypto dip.

The Crypto Catch-Up…

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__Tastes just like chicken…__ The USDA [approved](https://www.nytimes.com/2023/06/21/us/lab-grown-meat-sale-approval.html) two companies to sell the US’s first lab-grown meat: chicken cultivated from animal cells in a lab. With previously granted FDA approvals in hand, __Upside Foods__ and __Eat Just__ plan to debut the experimental meat at two high-end restaurants in DC and San Francisco. There the Anton Egos of the world will decide whether science chicken tastes good or gives them the ick, and the companies can take any feedback into consideration as they expand production.

- __Foodie nation:__ The US is the second country to approve the sale of lab-grown meat, after Singapore, and experts say other countries tend to follow the USDA’s lead.

- __Cell-grown’s sell:__ Cell-grown is slaughter-free, and companies say it’s good for biodiversity and could reduce emissions, though critics debate some of the benefits.

- __Growing portions:__ 150+ companies have raised $3B to cultivate meat and seafood. The industry was worth about $250M in 2022 and is projected to hit $25B by 2030.

__Overcooked plant patties…__ Cell-grown companies are trying to enter the market as plant-based options wilt. As consumers questioned the healthfulness of the “meat” and its high price, __[Beyond Meat](https://robinhood.com/us/en/stocks/BYND/)__ and other plant-based products have seen sales flattening or falling. Cell-grown companies say the problem is in the patty, arguing their product is *real* meat “that preserves life,” Upside Foods’ CEO said. Big Meat disagrees and is lobbying to strip the “meat” label from cell-grown (like Big Dairy vs. alt-milks).

Homemade look, lab-made interior (Good Meat)

Experimeat

__Warming up a new product takes time…__ Getting approvals to sell cell-grown meat was slow going, and it may just be the first lap in a marathon of getting consumers to put it on their plates. As a never-been-done product, cell-grown meat has an ick factor to overcome. And if companies *can* conquer consumers’ taste buds, affordability will be the next challenge before cell-grown can transition from Michelin-starred restaurants to Walmart.

The USDA clears cell-grown meat for sale as labs try to do what plant-based couldn’t

__Rocky Mountain high…__ What’s being billed as the largest psychedelics conference ever is [underway](https://www.axios.com/local/denver/2023/06/20/psychedelics-conference-denver-mushrooms-spotlight) in Denver this week with 10K attendees, including music artist Jaden Smith and __Whole Foods__ cofounder John Mackey. NFL star Aaron Rodgers, speaking at the conference, credited ayahuasca with his back-to-back MVP awards. The event is a Colorado housewarming for the psychedelics industry, after the state voted last year to decriminalize psilocybin mushrooms.

- __Not for sale:__ Colorado law regulates the supervised use of psychedelic plants (think: in therapeutic treatments) but stops short of allowing recreational sales. First, experts say, more studies are needed.

- __Buddy system:__ Colorful Colorado is the second state to decriminalize psilocybin after Oregon. Oregon’s law went into effect this year and allows each city and county in the state to ban the practice if they choose (many have).

__Getting a foot in the ’shroom…__ Psychedelics like magic mushrooms, MDMA, and ketamine have become pharma darlings, as clinical trials show their potential as a treatment for mental-health conditions like PTSD. Investors are racing to tap into a market that analysts say could grow to $8B by 2027. This week, __Toms Shoes__ founder Blake Mycoskie pledged $100M to support research, and NY Mets owner Steve Cohen pledged $5M to the nonprofit hosting the Mile High conference.

Dose

__Hopes of returns are beating legal concerns…__ Despite still being early on the journey to FDA approval and recreational sale, investors hope that psychedelics can one day bring them the returns seen in cannabis legalization. VC bucks have poured into the space, with companies like __Transcend Therapeutics__, __Gilgamesh Pharmaceuticals__, and __Lusaris Therapeutics__ raising tens of millions this year alone. But even weed hasn’t yet been able to shake its federal classification as a [Schedule 1](https://www.dea.gov/drug-information/drug-scheduling) drug.

The Crypto Catch-Up…

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