The internets rise, fall, and eventual resurgence hold an important lesson for todays skeptics of cryptocurrency: tech innovation often follows a predictable pattern, and cryptos golden days may just be ahead.

The publics response to new technology often follows a predictable hype cycle, defined decades ago by the Gartner consulting firm. It starts with a pop of inflated expectationsthe hype that new technology will transform everything. But when the new technology is inevitably abused by bad or marginal actors, public opinion quickly declines into a trough of disillusionment.

Eventually, innovators and policymakers work together to promote the good uses of technology and restrict the abuses and excesses, reaching a plateau of productivity.

Working at the company Lime, I watched policymakers struggle with this cycle only a few years ago with the introduction of e-scooters across cities. After initial hype around their introduction, I saw many local legislators jump to ban them after the first accident or first scooters tossed into the local river. Its a tempting reactionbut its unwise if you consider the cycle of technological innovation. What policymakers failed to see was that the adoption of new technology is never linear and that the inevitable small number of bad actors is manageable. 

Similarly, the early days of Internet policy were littered with bad ideas that were the precursor to better ones. Kozmo.com flopped but led to the more durable Doordash and Grubhub model. Napster and Kazaa violated copyright laws but showed that consumers wanted a better way to consume music, so iTunes and Spotify were born.

Crypto is no different. While clear regulation is needed, policymakers must be cautious not to overreact to the recent downturn, or risk missing out on the next Doordash, iTunes, or Spotify.

A year ago, crypto ads dominated the Super Bowl and Web3 was the frothy buzzword du jour. Proponents of a decentralized banking system proclaimed that the up-and-coming industry was going to solve every problem under the sun, from bridging global wealth disparities to unifying the Internet of Things. Optimism about the growing digital assets industry even spurred a rare bipartisan crypto caucus in Congress.

That was the peak of inflated expectations. And thats OKtechno-optimists should get excited about the potential of the next new thing.

But now its clear the industry has entered a rough patch. Bitcoin has slumped in value, the industry has undergone large layoffs, and the arrest of FTX founder Sam Bankman-Fried has captured global attention.

However, that doesnt mean we should throw in the towel.

The crypto industry, too, can rebound and emerge better than before. Like Facebooks rise after the dot-com bubble burst, the killer app for Web3 may not have even been invented yet. Mastodon, which was created in 2016 as a decentralized alternative to Twitter, only recently gained traction.

In the case of scooters, cities that stuck it out through the trough of disillusionment and eventually learned ways to regulate the use of these vehicles, built scooter parking areas to clear sidewalks, and found an equilibrium where e-scooters now provide essential transportation for residents and negative effects are mitigated.

Similarly, we shouldnt be conducting a postmortem on the crypto industry just yet. We should focus on developing needed regulations while avoiding policy overcorrection. Some policymakers are already gearing up to crack down on the crypto industry, and they need to be careful not to overregulate to the point of preventing cryptos maturation.

So, lets punish the bad actorsharshly. Lets enact new regulations to promote responsibility. And lets retain a sense of optimism about the new services that decentralized technologies will eventually bring.

Adam Kovacevich is the founder and CEO of Chamber of Progress.

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.

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I can tell you right now, we have zero leads, James Smith, the FBI special agent in charge, told reporters while again asking the public for tips in the rural town of Cleveland, where the shooting took place just before midnight Friday.

The search for the gunman near Houston has grown in scale: Authorities said that by Sunday evening more than 200 police from multiple jurisdictions were searching for Francisco Oropeza, many of them going door to door in hopes of any clues that would lead to the 38-year-old suspect. Local officials and the FBI also chipped in reward money, bringing the total to $80,000 for any information about Oropezas whereabouts.

Oropeza is considered armed and dangerous after fleeing the area Friday night, likely on foot. San Jacinto County Sheriff Greg Capers said authorities had widened the search area beyond the scene of the shooting, which occurred after the suspects neighbors asked him to stop firing off rounds in his yard late at night because a baby was trying to sleep.

At a Sunday vigil in Cleveland, Wilson Garcia, the father of the 1-month-old, described the terrifying efforts inside his home by friends and family that night to escape, hide and shield themselves and children after Oropeza walked up to the home and began firing, killing his wife first at the front door.

Another of Garcias children, 9-year-old Daniel Enrique Laso, was also killed. Garcia said he and two other people had gone to respectfully ask Oropeza to shoot his gun farther away from the house, which is on a street where residents say it is not uncommon for neighbors to unwind by firing off guns.

Garcia said he walked away and called the police when Oropeza refused. It was 10 to 20 minutes later when he said he saw Oropeza loading his AR-style rifle while running toward the house.

I told my wife, Get inside. This man has loaded his weapon, Garcia said. My wife told me to go inside because, He wont fire at me. Im a woman.

Authorities have said at least five other people who were in the house at the time were uninjured.

During the early hours of the search, investigators found clothes and a phone while combing an area that includes dense layers of forest, but tracking dogs lost the scent, Capers said.

Authorities were able to identify Oropeza by an identity card issued by Mexican authorities to citizens who reside outside the country, as well as the doorbell camera footage. He said police have also interviewed the suspects wife multiple times.

Police recovered the AR-15-style rifle that they said Oropeza used in the shootings. Authorities were not sure if Oropeza was carrying another weapon after others were found in his home.

Capers said he hoped the reward money would motivate people to provide information and that there were plans to put up billboards in Spanish to spread the word.

Were looking for closure for this family, Capers said.

By Sunday, police crime scene tape was removed from around the victims home, where some people stopped by to leave flowers.

In the neighborhood, an FBI agent, Texas Department of Public Safety troopers and other officers were seen going door to door.One trooper stopped a red truck and asked to look inside before letting the driver continue on his way.

Veronica Pineda, 34, who lives across the street from the suspects home, said authorities asked if they could search her property to see if he might be hiding there. She said she was fearful that the gunman had not yet been captured.

It is kind of scary, she said. You never know where he can be.

Pineda said she didnt know Oropeza well but occasionally saw him, his wife and son ride their horses on the street. She said the family had lived there about five or six years and that neighbors have called authorities in the past to complain about people firing guns.

The victims were between the ages of 9 and 31 years old and all were believed to have been shot from the neck up, according to authorities. All were believed to be from Hondurus.

Enrique Reina, Honduras secretary of foreign affairs and international cooperation, said on Twitter that the Honduran Consulate in Houston was contacting the families in connection with the repatriation of remains as well as U.S. authorities to keep apprised of the investigation.

The FBI in Houston said in a tweet on Sunday that it was referring to the suspect as Oropesa, not Oropeza, to better reflect his identity in law enforcement systems. His family lists their name as Oropeza on a sign outside their yard, as well as in public records. Authorities had also previously stated that Garcias son was 8 years old, but the father and school officials said Sunday that the third grader was 9.

A total of three children found covered in blood in the home were taken to a hospital but found to be uninjured, Capers said. He said they were staying with family members.

FBI spokesperson Christina Garza said investigators do not believe those at the home were members of a single family. In addition to the young boy, the other victims were identified as Sonia Argentina Guzman, 25; Diana Velazquez Alvarado, 21; Julisa Molina Rivera, 31; and Jose Jonathan Casarez, 18.

Garcia said they had called police five times between the time they asked Oropeza to shoot farther away and when the gunman entered their home. Capers said police got there as fast as they could and that he had three officers covering 700 square miles (1,800 square kilometers).

___

Associated Press Writer Susan Haigh in Norwich, Connecticut, contributed to this report.

Youre probably asking your younger staff members for ideas. But are you actually listening to them?

Recent EY research found that by excelling in six key areas that address psychological and emotional pressures, CFOs can help increase the likelihood of a successful company transformation from a 28% chance of success, up to 73%. EY and the University of Oxfords Saïd Business School surveyed 935 senior leaders and direct reports, and 1,127 workforce members from 23 countries and 16 industry sectors.

One of the six recommended actions for CFOs is to create a vision and define a compelling why for the transformation, or else it will be misunderstood. Another key finding: 46% of finance leaders say they accept ideas from junior personnel, but only 31% of finance workers felt leaders listen to them, according to the report. The highest performing CFOs have emotional intelligence, listen to their teams, and understand their needs, says Myles Corson, EY global strategy and markets leader for financial accounting advisory services.

I felt like sharing my opinion was not needed

I decided to ask the perspective of a young finance professional just starting in her career whom I previously met on LinkedIn. She graduated from college with a degree in finance about 18 months ago. Her first job in finance is as a financial planning and analysis (FP&A) analyst for a health care startup that went through a transformation process. She reports to a director but has regular contact with the CFO.

Are you comfortable sharing your ideas with the CFO? Since I joined very fresh out of college, at first, I was holding back a little bit, explains the young professional who chose to remain anonymous. At the time, the company was working on raising capital. Some of the times when we were discussing topics with the CEO or other high-level executives, I felt like sharing my opinion was not needed when my opinion was very contradictory to what was being said at the table.

But over time, her perspective changed. Eventually, when I was talking to the CFO, as well as my other team member who was a senior FP&A analyst, they encouraged me to share my opinions no matter whos at the table.

The companys tech transformation and automation of processes also helped in her FP&A role, she says. When I joined, initially, I worked 10-plus hours per day, and sometimes, even over the weekend, she says. But when we had the system up and running, I was able to cut back on my time, normally working eight hours, and fully not working on the weekends. And now, Im able to be a strategic partner of other departments, like sales or marketing. We werent able to do that while we were just so bogged down with just doing the day-to-day finance.

It seems the CFO was impressed with the young FP&A professionals talents. When he recently took a job at a different health care startup, he asked her to join the team. Ive just joined; I have to update my LinkedIn profile, she told me.

I asked her what she expects from leadership, and it may be what her peers expect as well: I think the main thing that I look for is that theyre open and transparent with their decision-making process for the organization as well as for the team. Im also looking for a leader whos going to invest in me to help me learn all the processes that are happening at the company as well as to grow my career.

Sheryl Estrada
This email address is being protected from spambots. You need JavaScript enabled to view it.

Big deal

Every quarter, Udemy (Nasdaq: UDMY), an education technology company, analyzes and shares trends based on what the employees of its customers are learning. As the race to understand and effectively implement generative A.I. within the workforce continues, courses published on ChatGPT saw growth of 4,419% from Q4 2022 to Q1 2023, according to the report. Nearly 470 new courses about ChatGPT were added to Udemys platform over the quarter, with more than 420,000 course enrollments as of March 31. The findings are based on the data of 14,000 Udemy Business customers, globally. 

Going deeper

The Federal Deposit Insurance Corporation (FDIC) announced in a press release this morning that First Republic Bank headquartered in San Francisco, Calif., was closed today by the California Department of Financial Protection and Innovation. In order to protect depositors, the FDIC entered into a purchase agreement with JPMorgan Chase to assume all of the deposits and substantially all of the assets of First Republic, according to the announcement. JPMorgan submitted a bid for all of First Republic Banks deposits. Today, First Republic Banks 84 offices in eight states will reopen as branches of JPMorgan Chase during normal business hours.

Leaderboard

Mark Lawrence was appointed CFO at Aptive Environmental, a pest control company, effective May 1. Lawrence recently served as CFO at Nu Skin Enterprises, Inc., a beauty and wellness company. During his six years at Nu Skin, Lawrence played an integral role in the companys transformation strategy. Before that, Lawrence served as the head of finance for Amazon's Lab126. He also held senior leadership roles covering finance and operations at industry-leading companies such as 3Com, Brocade, Polycom, and Vivint Smart Home.

Alpana Wegner was named CFO at Secureworks (Nasdaq: SCWX), a global cybersecurity company, effective June 9. Wegner most recently served as CFO at Benefitfocus, a cloud-based benefits administration technology company, where she led the company's finance organization as well as strategy, internal information technology, real estate, and legal. Previously, Wegner served in several leadership positions at Blackbaud, including CFO of the Enterprise Customer Business Unit and VP of sales operations. She also served as director of external reporting and compliance at Allied Waste Industries, Inc.

Overheard

"Its not nearly as bad as it was in 2008. But trouble happens to banking just like trouble happens everywhere else. In the good times you get into bad habitsWhen bad times come they lose too much."

Berkshire Hathaway vice chairman Charlie Munger told the Financial Times in an interview published Sunday.

This is the web version of CFO Daily, a newsletter on the trends and individuals shaping corporate finance. Sign up to get CFO Daily delivered free to your inbox.

Francisco Oropeza, 38, fled after the shooting Friday night that left five people dead, including an 8-year-old boy. San Jacinto County Sheriff Greg Capers said Saturday evening that authorities had widened the search to as far as 20 miles (32 kilometers) from the scene of the shooting.

Investigators found clothes and a phone while combing a rural area that includes dense layers of forest, but tracking dogs lost the scent, Capers said.

Police recovered the AR-15-style rifle that Oropeza allegedly used in the shootings but authorities were not sure if he was carrying another weapon, the sheriff said.

He could be anywhere now, Capers said.

The attack happened near the town of Cleveland, north of Houston, on a street where some residents say neighbors often unwind by firing off guns.

Capers said the victims were between the ages of 8 and 31 years old and that all were believed to be from Honduras. All were shot from the neck up, he said.

The attack was the latest act of gun violence in what has been a record pace of mass shootings in the U.S. so far this year, some of which have also involved semiautomatic rifles.

The mass killings have played out in a variety of places  a Nashville school, a Kentucky bank, a Southern California dance hall, and now a rural Texas neighborhood inside a single-story home.

Capers said there were 10 people in the house some of whom had just moved there earlier in the week but that that no one else was injured. He said two of the victims were found in a bedroom laying over two children in an apparent attempt to shield them.

A total of three children found covered in blood in the home were taken to a hospital but found to be uninjured, Capers said.

FBI spokesperson Christina Garza said investigators do not believe everyone at the home were members of a single family. The victims were identified as Sonia Argentina Guzman, 25; Diana Velazquez Alvarado, 21; Julisa Molina Rivera, 31; Jose Jonathan Casarez, 18; and Daniel Enrique Laso, 8.

The confrontation followed the neighbors walking up to the fence and asking the suspect to stop shooting rounds, Capers said. The suspect responded by telling them that it was his property, Capers said, and one person in the house got a video of the suspect walking up to the front door with the rifle.

The shooting took place on a rural pothole-riddled street where single-story homes sit on wide 1-acre lots and are surrounded by a thick canopy of trees. A horse could be seen behind the victims home, while in the front yard of Oropezas house a dog and chickens wandered.

Rene Arevalo Sr., who lives a few houses down, said he heard gunshots around midnight but didnt think anything of it.

Its a normal thing people do around here, especially on Fridays after work, Arevalo said. They get home and start drinking in their backyards and shooting out there.

Capers said his deputies had been to Oropezas home at least once before and spoken with him about shooting his gun in the yard. It was not clear whether any action was taken at the time. At a news conference Saturday evening, the sheriff said firing a gun on your own property can be illegal, but he did not say whether Oropeza had previously broken the law.

Capers said the new arrivals in the home had moved from Houston earlier in the week, but he said he did not know whether they were planning to stay there.

Across the U.S. since Jan. 1, there have been at least 18 shootings that left four or more people dead, according to a database maintained by The Associated Press and USA Today, in partnership with Northeastern University. The violence is sparked by a range of motives: murder-suicides and domestic violence; gang retaliation; school shootings; and workplace vendettas.

Texas has confronted multiple mass shootings in recent years, including last years attack at Robb Elementary School in Uvalde; a racist attack at an El Paso Walmart in 2019; and a gunman opening fire at a church in the tiny town of Sutherland Springs in 2017.

Republican leaders in Texas have continually rejected calls for new firearm restrictions, including this year over the protests of several families whose children were killed in Uvalde.

A few months ago, Arevalo said Oropeza threatened to kill his dog after it got loose in the neighborhood and chased the pit bull in his truck.

I tell my wife all the time, Stay away from the neighbors. Dont argue with them. You never know how theyre going to react, Arevalo said. I tell her that because Texas is a state where you dont know who has a gun and who is going to react that way.

_____

Weber reported from Austin, Texas. Associated Press writer Ken Miller contributed to this report.