- __📜🖊️ Policy…__ Fed Chair Jerome Powell said it's time for stricter DeFi [regulations](https://techcrunch.com/2022/09/27/feds-powell-says-real-need-for-defi-regulation-because-of-significant-structural-issues/). While this year's "crypto winter" hasn’t damaged the traditional financial (TradFi) system, Powell said next time could be different.
- __🤔 Sus……__ South Korea tried to [freeze](https://www.bloomberg.com/news/articles/2022-09-28/bitcoin-reserve-linked-to-fugitive-do-kwon-denies-moving-tokens) $67M in __[BTC](https://robinhood.com/crypto/btc/)__ it said is tied to TerraUSD stablecoin founder Do Kwon. Kwon said Terra's collapse (think: $40B investor loss) took his $$ with it, and called reports that he tried to cash out "misinformation." 
- __🤹‍♀️ Quirky…__ The Mouse House wants a piece of NFT cheese. __[Disney's](https://robinhood.com/stocks/DIS/)__ looking to hire web3 (think: DeFi, metaverse) [legal counsel](https://www.coindesk.com/business/2022/09/26/disneys-latest-job-posting-hints-at-big-plans-for-nft-and-crypto-adoption/) to explore the rules and regs surrounding NFT sales. Non-fungible Yodas, anyone?

Cryptic

The Crypto Catchup…

__Prime time…__ for a raise. __[Amazon](https://robinhood.com/stocks/AMZN/)__ will [bump](https://www.cnbc.com/2022/09/28/amazon-hikes-pay-for-warehouse-and-delivery-workers.html) average starting pay for delivery and warehouse workers from $18/hour to more than $19/hour. The Zon says the hike will cost nearly $1B over the next year. Though small, the boost could help attract workers ahead of the holidays (which, FYI, are expected to be less frantic than last year as demand softens). It’s not the only one:

- __[Target](https://robinhood.com/stocks/TGT/):__ In February, Target announced it would set a new starting range of $15/hour to $24/hour. It’s trying to hire 100K workers this holiday season (less than last year).
- __[Walmart](https://robinhood.com/stocks/WMT/):__ Last September, Walmart lifted its minimum store wage from $11/hour to $12/hour. This season, Walmart wants to hire just 40K workers (vs. *150K* last year).
- __In context:__ Real hourly earnings (adjusted for inflation) have fallen 2.8%, and an estimated 70% of surveyed workers are looking for extra gigs to afford high prices. 

__Pay to keep unions away…__ Tensions have been rising between Amazon and its front-line workers. In April, Amazon’s Staten Island warehouse became its first US facility to unionize. Amazon tried to reverse the vote and has actively fought union organization efforts, but pumping pay could be a more subtle approach.

Preparing the pay package (Johannes Eisele/Getty Images)

Waged

__America’s retailers set the standard…__ of America’s wages. After the federal government, Walmart is the country's largest employer with 2.3M global workers, followed by Amazon with 1.5M. With a federal minimum wage of just $7.25, retail behemoths boast major influence over America’s paychecks. A boost from Amazon could pressure other employers to keep up. But this pay hike won't come close to matching inflation, with prices up [8.3%](https://www.usinflationcalculator.com/inflation/current-inflation-rates/#:~:text=The%20annual%20inflation%20rate%20for,ET.) in August from a year earlier.

Amazon boosts worker pay ahead of the holidays, but it’s not enough to beat the inflation Grinch

__Shifting gears…__ __[Peloton](https://robinhood.com/stocks/PTON/)__ is taking a new strategy for a spin: yesterday the home fitness biz [said](https://www.cnbc.com/2022/09/29/peloton-to-sell-bikes-treads-at-dicks-sporting-goods-stores-.html) it’ll sell its products at __[Dick’s Sporting Goods](https://robinhood.com/stocks/DKS/)__, its first brick-and-mortar partnership. Peloton aims to have its $1.4K Bikes and $3.5K Treads in 100+ Dick’s stores in time for the holidays. It’s in line with Peloton’s strategy to do less by itself:

- __Outsource sales:__ Originally, Peloton only sold products directly to customers. But after sales slumped as gyms reopened, Peloton began selling on Amazon in August. 
- __Outsource production:__ In July, Peloton [said](https://snacks.robinhood.com/newsletters/iw2tCwjTCvnTryUaqDDzb/articles/3CSchWJYP4rfiMdi0AGrzJ/) it would stop making its own hardware to save $$ on pricey US production. 
- __Cut costs:__ Peloton cut 800 jobs in August in an effort to slash expenses as its quarterly loss nearly quadrupled to $1.2B
- __Weird timing:__ Despite plunging sales, Peloton unveiled a $3.2K rowing machine this month.

__Mirror, mirror (off the wall)…__ Peloton isn’t the only fit-tech company suffering as pandemic-era home sweat sessions decline: fitness mirror company __Tonal__ laid off a third of its staff in July to ease its losses. __[Lululemon](https://robinhood.com/stocks/LULU/)__ slashed its annual outlook for Mirror hardware sales in December. And this week Bowflex treadmill-maker __[Nautilus](https://robinhood.com/stocks/NLS/)__ said it’s considering selling itself.

Rotate

__Luxury hardware is a hard sell…__ *Especially* during a recession. Even Apple, which is outperforming the broader market, got a rare downgrade yesterday on worries of waning demand. Peloton has been called “the Apple of fitness,” but its products are less integral to daily life than smartphones and laptops. Now it’s hoping that big-name retail partnerships will revive demand for its fancy fitness products.

Peloton starts selling bikes at Dick’s, hoping brick-and-mortar will spin its fortunes around

Amazon boosts pay ahead of the holidays, but not enough to beat the inflation Grinch

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The pivot to remote work fueled 60% of the pandemic housing price boom, according to a new Fed study

The Crypto Catchup…

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