Today in Crypto: Goldman Says Crypto Crash Won't Seriously Damage US Economy

A Goldman Sachs report has said the fall in crypto prices because of recent turmoil likely won’t impact the U.S. economy that much.

It cites the fact that algorithmic stablecoins have been vulnerable to speculative attacks and have faced various threats from public and private money.

The report said stablecoins can possibly perform a useful service within the ecosystem for digital assets, though the current designs could be risky, and more stability might come through various kinds of regulation.

The report notes that in their simplest form the coins are “virtually identical” to money market fund shares, with tradable claims for low-risk and short-dated securities — almost the same as cash, from an economic standpoint.

Meanwhile, Social Life Network and its division Decentral Life have rolled out a new QR code add-on application to help mobile retailers accept crypto payments more easily, a press release says.

This will be used in its digital wallet and payment platform and the crypto payments will be able to be tracked in users’ accounting software, including places like QuickBooks or NetSuite.

Ken Tapp, CEO of Social Life Network, said this would ease up accounting for crypto purchases, and that the QR codes would be “critical” for various kinds of crypto payments at events and retail settings.

In other news, Samuel Bankman-Fried, the crypto billionaire, has put $16 billion into super PACs in April to become one of the biggest donors to outside groups, Bloomberg writes.

This comes as the primaries are getting underway.

Bloomberg writes that Bankman-Fried’s donations included $10 million for Protect Our Future, a super PAC supporting candidates that can fight the next pandemic.

The Protect Our Future group has spent $19 million, all in Democratic House races, to influence candidates so far, the report says.

Finally, the family office of the Winklevoss brothers, who are both billionaires, is going to be something of a test case for how crypto startups will work in the wake of the UST collapse, Yahoo wrote.

The twins, both aged 40, have investments in various crypto startups, totaling around 50 overall, according to online portfolios.

But the recent trouble with crypto, including a decline in tech startups earlier this year, could be something of an endurance test for these kinds of investments, including warnings from venture capitalists to start cutting costs. Younger businesspeople have likely never heard this kind of thing before, the report notes.