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The Senate in the U.S. approved a stopgap funding measure that will fund the Federal Government's operations until November 17th. While this serves as a short-term relief, it is only a matter of 45 days or less before another impasse occurs, so hardly anything will change the sentiment on the heavy spending and debt burden the U.S. is facing. Labor Market Still Resilient Meanwhile, the labor market continues to display remarkable strength, as evidenced by the latest of the August Job Openings and Labor Turnover Survey (JOLTS) report. In August, job openings surged by 690,000, bringing the total to 9.61 million. release Rates: “Higher for Longer” With this resilience, it should be very unlikely that the Fed will derail from its “higher rates for longer” policy. Market futures currently indicate we are unlikely to see any rate cuts until at least June 2024. Mortgage Rates Approach 8% The average interest rate on a 30-year mortgage in the U.S. is at a high of 7.88%; this rate has tripled over the past three years from 2.6% at the height of the COVID-19 pandemic. Ramifications of that surge can be hard to grasp, but imagine a household used to pay around 1300 USD in mortgage per month on an 800.000 USD house. This same household will now need to be more than 5,000 USD per month, assuming they are not locked in on lower rates. Interestingly, despite these high rates, mortgage delinquency rates remain at historic lows. This is largely because many current mortgages were secured at the previously lower rates. VC Funding in Crypto at Multi-Year Lows The is reeling from the effects of the bear market, with the total market capitalization hovering around $1 trillion, which is only a third of what it was when the market peaked in November 2021. crypto market At the same time, investors are shying away from allocating funds toward Web3 projects. A recent by Messari revealed that Q3 2022 marked a 36% quarter-over-quarter decline in funding and the number of deals closed, with only $2.1 billion invested in 297 deals. report However, on the brighter side, when looking at a longer-term horizon, the crypto market has grown significantly over the past five years. Follow me on X! I’ve become a lot more active on Twitter/X. If you want to follow my day-to-day blurbs, give me a follow. Industry Shakers Founder of FTX, SBF’s trial has started The much-awaited criminal trial for Sam Bankman-Fried, the former CEO of the now-defunct cryptocurrency exchange FTX, commenced on Tuesday. The trial aims to ascertain his culpability in relation to seven counts of fraud and conspiracy. In January, Bankman-Fried formally pleaded not guilty to all of these charges, which encompass wire fraud, conspiracy to commit money laundering, and conspiracy to misappropriate customer funds. In the event of a conviction on all counts, he potentially faces a maximum prison sentence of 115 years. Ethereum Futures ETFs Start Trading in the US Several Ethereum futures exchange-traded funds (ETFs) have recently launched in the United States. Investment firms ProShares, VanEck, Bitwise, Valkyrie, Kelly, and Volshares collectively introduced nine ETFs on the Chicago Board Options Exchange (CBOE) on Monday. However, these ETFs had a slow start, trading under $2 million in total as of 11:25 a.m. ET October 2nd. In contrast, when the first Bitcoin futures ETF debuted on the New York Stock Exchange in 2021, the ProShares Bitcoin Strategy ETF saw almost $1 billion in shares traded on its first day. UBS launches tokenized money market fund Leading Swiss bank UBS has initiated a live pilot of a tokenized Variable Capital Company (VCC) fund as part of Project Guardian, an effort led by Singapore's central bank. UBS Asset Management introduced this fund within a broader VCC framework designed to digitize various on the blockchain. The pilot carried out via UBS Tokenize, the bank's in-house tokenization service, leverages Ethereum smart contracts for activities like redemptions and fund subscriptions. real-world assets Also published . here

Crypto Winter Continues: Senate's Stopgap Funding, Job Market Strength, Mortgage Rates, and More

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2021 Virtual Assets-Related Financial News Crypto marched into the physical world in February 2021 when Tesla filed with the SEC regarding its purchase of bitcoin worth $1.5 billion USD and accepted Bitcoin (then stopped the Bitcoin payment in May). as a method of payment in March As a new member of S&P 500 in December 2020, Tesla connected the traditional financial index to the crypto world, followed by Coinbase’s IPO in April 2021 and ProShares’ first Bitcoin exchange-traded fund (ticker BITO) in October 2021. What is more visible is that Crypto.com spent $700 million buying the naming rights to Lakers Staples Center, now renamed Crypto.com Arena. These days, everyone can expect to see more crypto in their daily lives. What will it mean to regulators and Wall Street/Main Street investors when crypto assets meet the physical economy in the form of commodity, currency, or financial products in 2022? This article highlights the legal implication of virtual assets from the government and industry perspectives. As explained below, because a government has multiple policy goals, different regulators (even within one country) will treat crypto assets and users differently. From the industry perspective, the accounting rule on crypto assets significantly influences corporations’ decisions on crypto investment in general. It is worth noting the development of relevant accounting rules. Similarly, as financial institutions become more interested in crypto assets, risk management and banks’ participation in the crypto industry sheds light on how they view crypto assets. Government Perspectives: Financial Stability, Investor Protection, and Business Promotion If we want to figure out what crypto assets are in the eyes of regulators, we have to understand their goals. We may tend to think that a government is a uniform and harmonized actor, but it is not. A government has many policy goals attempted by various regulators, let alone dealing with financial and economic differences between countries and jurisdictions. Because financial stability, investor protection, and business development are the three main goals most governments strive to achieve, we can obtain a preview of crypto regulation in 2022 from these policy goals: i. Financial stability –– Crypto assets are not currency -- at least not yet (except El Salvador) Except for El Salvador which designated Bitcoin as its legal tender, no central government regards crypto assets as legal tender. A few governments such as consider most private cryptocurrencies a threat to the financial system. For example, from main Chinese authorities, including People's Bank of China, Supreme People's Procuratorate, and Supreme People's Court, allege that all crypto activities are “illegal and against public policy.” Similarly, the Indian government has resisted cryptocurrencies. Although the Supreme Court of India struck down the crypto ban issued by the Reserve Bank of India (RBI), RBI has because it has “serious concerns,” and a “partial ban won’t work.” India and China a joint statement advocated a complete ban on crypto Most governments view crypto assets as a mix of opportunity as well as a threat. For example, the published by the South African Reserve Bank and other agencies stated that South Africa remains neither hostile nor friendly to crypto assets because crypto assets are not “money,” but merchants and consumers can still accept crypto assets as a method of payment. On the other hand, South Africa officials have become aware of the high volume of crypto trading in South Africa and the potential challenge to its foreign exchange regulation. Thus, to serve its Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) policies and control cross-border financial flows, South Africa officials plan to regulate entities that provide crypto services. position paper Despite many regulators’ disbelief in crypto assets, several government officials who disfavor crypto assets still believe that blockchain technology can benefit our financial system by using central bank digital currencies (CBDCs). Two major CBDC projects that attract the world’s eyeballs which are significant for future development are Project Dunbar and China’s CBDC multi-city program. The Dunbar project is conducted by the central banks of South Africa, Singapore, Australia, and Malaysia to see whether the CBDC can help cross-border payments and international settlement. Although there are potential financial-inclusion benefits, “[the] issuance of a retail CBDC is ultimately a socio-economic rather than a monetary consideration,” said , managing director of the Monetary Authority of Singapore. He pointed out that a digital Singapore dollar is not yet “compelling” because a supermajority of Singaporeans have bank accounts. Ravi Menon Likewise, China’s CBDC pilot program aims to provide financial inclusion for those without a bank account while mitigating Know Your Customer (KYC) risks, regardless of its strong enforcement against cryptocurrencies. The Chinese CBDC multi-city program is one of the most advanced CBDC market applications given its early start in 2019. Meanwhile, People’s Bank of China (PBoC) also uses this pilot program to test its cross-border payments between the Chinese mainland and Hong Kong via eCNY and eHKD exchange. Mu Changchun, Director General of China's central bank Digital Currency Research Institute, that after the COVID-19 pandemic, the CBDC will “facilitate the cross-border transactions between Hong Kong and the Mainland” when tourists from the Mainland visit Hong Kong. believes It seems that some central banks strongly oppose crypto assets not because the blockchain technology itself is not good for financial stability, but because “crypto assets may one day reduce demand for central bank money” and thus weaken the monetary policies of central banks, according to . the IMF warning Therefore, crypto assets have somehow created competitive pressure on central banks. Instead of banning crypto assets, the challenged central banks should provide faster and more efficient fiat payment solutions, while other regulators should hold crypto asset service providers accountable to protect investors and customers (as we will discuss below). ii. Investor protection –– Crypto assets bring another challenge to investor protection regulators Currently, most regulators have been regulating crypto-related investment as if they are traditional financial products. Both the US and Australian legal regimes are based on the presumption that the disclosure system protects investors from manipulation or fraud, and that the cost of disclosure and registration is outweighed by the benefit of protection bestowed to investors. For example, Gary Gensler, Chairman of the US Securities and Exchange Commission, the Howey Test, (a standard brought by the US supreme court in 1946 to determine whether there is an investment contract within the scope of securities regulation) should keep applying to the crypto market to protect investors. Similarly, the Australian Securities & Investments Commission published an information sheet ( ) to regulate crypto asset businesses under the existing legal regime. As a result, when a business is involved with crypto assets in Australia, the business owner likely has an obligation to register with the Australian Securities & Investment Commission to disclose relevant information. reiterated that INFO 225 On the other hand, a strong self-regulatory regime of the crypto industry is an alternative approach to better protect investors. The modern financial regulation system relies on the disclosure mechanism, a result of the Great Depression era from 1928-1939. Forcing the diverse crypto industry to act like traditional financial institutions as if they were in 1939 only imposes an undue burden on crypto exchanges and investors. According to “Our financial regulatory system is predicated on the ongoing existence of a series of separate financial market intermediaries — exchanges, transfer agents, clearing houses, custodians, and traditional brokers — because it never contemplated that distributed ledger and blockchain technology could exist.” Coinbase’s Digital Asset Policy proposal, On the other hand, crypto service providers should work together to make every effort to prevent financial crime, including fraud, tax evasion, and money-laundering activities. Such a strong self-regulatory regime will create a win-win-win situation between investors, regulators, and crypto service providers because it lowers regulatory and transactional costs. iii. Business promotion and crime prevention Governments compete with each other for capital and human resources when it comes to business promotion, including crypto policy. Such policy usually prefers to treat crypto assets like commodities and seeks private actors’ cooperation in taxation and anti-money laundering. For example, the newly-elected mayor of New York City, , said he would take his first three paychecks in Bitcoin and issue NYC cryptocurrency to wager “friendly competition” with the city of Miami, which has issued MiamiCoin. In contrast to the securities commission whose goal is to protect investors, Mayor Adams promised to remove red tape that prevents “the growth of Bitcoin and cryptocurrency in [New York City].” Eric Adams The public-private partnership is more likely to be established for the purpose of business promotion and crime prevention. Thailand officials, for example, are currently collaborating with crypto exchanges to provide crypto payment solutions for tourists. “If Thailand is looking to recover about 80% of its pre-pandemic tourism revenue in 2023 but with half the number of foreign tourist arrivals we saw in 2019, we can achieve that by getting someone like Russell Crowe or a crypto holder like Tim Cook to travel here,” Yuthasak Supasorn, tourism board governor . told Bloomberg Additionally, blockchain companies like are partnering with officials and regulators from governments and banks to help small and medium-sized enterprises utilize blockchain technology to promote and accelerate cross-border business. XREX By the same token, taxation and financial crime compliance agencies work closely to require the disclosure of crypto activities. Because their main goal is to collect taxes, detect and deter unlawful transactions, there is no need to impose an undue burden on individuals or entities in the crypto world. For example, since 2014 the has treated virtual currencies like Bitcoin as property and thus “taxable by law just like transactions on any other property.” Thus, public and private partnerships can significantly help achieve this goal. US Internal Revenue Service Wayne Huang,  CEO of XREX, has reiterated in a that “compliance is a long run…[and] XREX is not serving bad actors.” recent letter Industrial standards or proposals: The call for crypto accounting rule modification and Basel Committee While crypto assets gained more acceptance and exposure in 2021, the accounting rule is still silent. , Bitcoin and other cryptocurrencies are considered “indefinite-lived intangible assets.” That is, companies holding crypto assets have to reevaluate their crypto assets at least once a year; if the value falls, they should update it accordingly. However, if the value increases more than the purchase price, they have to wait until they sell crypto assets in order to reflect their increased value in financial statements. In practice For example, Tesla purchased its Bitcoin at the price of about $35,000 and took a profit loss of $23 million USD in the second quarter of 2021. However, even though the market value of Bitcoin bounced back to a record high of $69,000 in November 2021, Tesla could not reflect its value in the financial statement unless it sold its Bitcoins. This is just the tip of the crypto accounting iceberg. Such imprecise financial disclosures will likely remain a challenge in 2022 for accountants and the business world. The call for a change is becoming so loud that modification must be around the corner. In addition, banking regulations have been shaping crypto assets, and vice versa. Global standard setter for banking regulation Basel Committee on Banking Supervision (BCBS), issued its first in June 2021. This paper proposes three general principles: consultative paper (1) Risk-based treatment (same risk, same treatment) (2) Simplicity (prudential treatment should be simple) (3) Minimum standard (any committee-specified prudential treatment of crypto assets should be minimum so that specific jurisdiction can impose higher restrictions on banks as it sees appropriate) In detail, the paper sets up two groups: Group 1 — Tokenized traditional assets, including stablecoins Group 2 — All other crypto assets, including Bitcoin. BCBS has a more risk-tolerant view on Group 1, which can be addressed under Basel II with additional guidance, while Group 2 imposes a unique risk and is subject to a new conservative prudential treatment. Interestingly, although traditional banks often consider crypto assets scams or bubbles, most of them strongly oppose BCBS’s proposal to restrict banks’ exposure to crypto assets. For example, by officials from six global financial associations emphasized that banks’ involvement in the crypto asset market can “reduce operational risk and volatility and increase transparency.” Their comments show bankers’ interest in crypto assets and the crypto market’s potential. a joint comment Conclusion: The year 2021 was the pivotal year for rule-making in the crypto world because crypto came into our daily lives on a larger scale and likely will remain so in the year 2022. It is unlikely that there will be a definite rule governing all crypto assets or crypto investments in 2022 because not all tokens or coins are created equal — the BCBS’s proposal for two groups of crypto assets is too simple to be feasible. Regulators will seek a balance between investor protection, financial stability, and business promotion in the rule-making process. As a result, it is more likely to regulate crypto-related activities such as crypto assets custody business or specific crypto assets, based on the rights associated with such crypto assets. From the private actors’ perspective, it is time for accountants and banking officials to review their current regime. A tailored regime for crypto assets creates a better environment for everyone, including bankers, investors, corporates, and consumers. The first step we can take when crypto meets the physical world is to get rid of the crypto stigma. No matter if it's in the form of commodity, currency, or financial products, crypto assets have become an unavoidable part of our real lives, and will remain well into the next generation. Author: Jason Lai, Senior Compliance Operations Officer at XREX Inc. Disclaimer: XREX is not authorized to give tax or legal advice and this blog should not be viewed as such. For questions relating to your specific situation we strongly recommend speaking with a qualified professional in your jurisdiction. First Published here

Why do Government Bodies Treat Crypto the Way They Do?

Prerequisites: some familiarity with HTML, JavaScript, and CSS. A better introduction to React? Unfortunately, most of the React tutorials out there have no consideration for best practices and don’t always teach you the “right” way to do React. In this tutorial, I will go over the basics of React, and the most common bad practices that you might encounter. This tutorial is going to be long, so make sure to get yourself some coffee! Why choose React? Before we get started, let’s stop for a moment and see why React indeed is the best choice. Declarative In React, you describe what to render (instead of telling the browser how to do it). This also means that the amount of boilerplate is greatly reduced. In React you simply start coding, it has no boilerplate that you have to generate. There’s some setup involved, but when it comes to the components, you can express them as pure functions. component Clear syntax JSX in React feels just like HTML, there’s no special syntax to learn: Learning curve Learning curve is very important when picking a UI framework. React has the least abstractions. If you know JavaScript then you can probably start writing React code in a single day. Yes, it takes time to pick up best practices, but you will be able to start very fast. Functional In my opinion, React’s greatest strength comes from the fact that you aren’t even forced to use classes. Classes over-complicate codebase without providing any benefits. In React, all of the UI can be expressed as a set of pure functions, and using pure functions to render the UI feels like a breath of fresh air. Let’s start coding! “turned on MacBook Pro beside space gray iPhone 6s, black ballpoint pen, and black Asus cordless optical mouse on top of table” by on Fabian Grohs Unsplash Now that I’ve hopefully convinced you to go with React, let’s write some code! Node.js Node.js is a JavaScript runtime environment which enables us to compile cool React code! First of all, let’s make sure that you have Node.js installed. If not, you can download it from here: https://nodejs.org/en/download create-react-app We’ll be using create-react-app from Facebook to scaffold our application. This is the most popular way to set up your environment and start coding. It comes with many required tools built-in, which helps us to eliminate many decisions. To install create-react-app globally: npm i -g create-react-app Then to scaffold your first project run: create-react-app react-intro That’s all! Now, to start the application: cd react-intronpm start This will launch a development server and will allow you to open the new and shiny React application by going to in your browser. http://localhost:3000/ Under the hood Now, let’s see how things are working under the hood. Using your IDE of choice (I recommend ) open the newly-created project. Visual Studio Code index.html Within the project go to the file. This is what you’ll see: public/index.html The part that interests us is the . This is where our React application will go. The entire root div will simply be replaced with the contents of our React application. Everything else will remain unchanged. <div id="root"></div> index.js Now let’s open . This is the file that bootstraps the entire React application. And by the way, all of our React source code will go into the directory. src/index.js src The line that does the magic is: ReactDOM.render(<App />, document.getElementById('root')); This line is a way of telling React to take our App component (we’ll discuss it in a bit), and place it within the div that was defined above within the file. root index.html Let’s now focus on the part. This looks a lot like HTML, doesn’t it? This is called JSX, and is a special JavaScript syntax that React uses to do its magic. Note that it starts with a capital — it is , not . This is a convention used by React, which allows it to disambiguate between regular HTML tags and React components that we’ve created. If you don’t start your components with a capital letter, then React won’t be able to render your components. <App /> A <App /> <app /> Whenever using JSX, we always have to import React by adding the following line within our file: .js import React from 'react'; App.js Now we’re ready to take a look at our first component. Let’s open : src/app.js In order to create a React component, we have to create a class that inherits from . That is exactly what the line does. All React components should implement a method — as you may have guessed, all of the rendering is happening within this method. The method has to return the markup to be rendered. React.Component class App extends Component render render A small side-note: the attribute is equivalent to the attribute in HTML, and is used to assign CSS classes for styling. is a reserved keyword in JavaScript, and cannot be used for an attribute name. className class class Let’s recap: The component is named App (capital A) It extends the class React.Component It has to implement the method, which returns the markup. render Bad practice #1 — Class Components everywhere There are two ways to create components in React — Class Components and Functional Components. As you may have noticed, the example above uses a Class Component. And, unfortunately, most beginner React tutorials encourage the use of Class Components. What’s wrong with Class Components? They are hard to test, tend to grow really big, prone to poor separation of concerns, couple logic with presentation (which makes debugging and testing harder). In general, you will shoot yourself in the foot by using Class Components. Especially if you’re a beginner, I would recommend staying away from them altogether. Ok, Class Components are bad, I get it. But what are the alternatives? Functional Components. If a component has nothing but the method, then it is a great candidate for refactoring into a functional component. Let’s see how the App component created by create-react-app can be improved: render See what we have done here? We’ve removed the class and replaced the method with . And if we make use of ES6 arrow functions, it is going to look even better: render function App() {...} We’ve turned the class component into a function that returns the markup to be rendered. Think about it for a moment… A function that returns the markup, there’s no unnecessary boilerplate code, just pure markup! Isn’t it beautiful? The functional component reads much better and has a higher signal-to-noise ratio. In this article, we’ll stick with Class Components, because they involve fewer abstractions, and are easier to demonstrate the core React concepts. Once you’re comfortable with React basics, I strongly recommend you to read my more in-depth article — . Mastering React Functional Components with Recompose Introducing props Props is a concept central to React. What props are exactly? Think for a second about parameters passed to a function. Props are just that — parameters passed down to a component. Here we have created a component, and we’re using it to greet John Smith from within the component. This will result in the following markup: Greetings App <div><div>Hey you! John Smith!</div></div> The curly brackets in denote JavaScript code. The component was passed and as parameters, and we simply retrieve them by accessing the object. {props.name} Greetings firstName lastName props Note that the component got passed a single object, not two values for and . props firstName lastName We can further simplify the code by making use of the ES6 object destructuring syntax: Note that was replaced with . This means that we’re only interested in those two properties of the object. And this, in turn, allows us accessing the and values directly, without having to explicitly specify . (props) ({ firstName, lastName }) props firstName lastName props.firstName What if we’ve been using instead? class components I don’t know about you, but to me, this looks much more bloated! We always have to explicitly use . this.props Single Responsibility Principle “black camera, round silver-colored analog watch, black Swiss Gear pocketknife, and black flashlight” by on Alexander Andrews Unsplash Single-Responsibility Principle is the most important programming principle to follow. It states that a module should do one thing, and it should do it well. Not following this principle alone can turn any codebase into a nightmare that is impossible to maintain. How can we violate this principle? The most common way is placing unrelated things in the same file. I’ll refer to the Single Responsibility Principle multiple times in this tutorial. Beginners usually place multiple components in the same file. Here we’ve placed the Greetings and App components within the same file. This is a bad practice because this violates the Single Responsibility Principle. Even the smallest components (like the Greetings component above) should be placed in a separate file. Let’s place the Greetings component into its own file: And then to use it within the component: App import Greetings from "./Greetings"; const App = () => (...); Make sure that the filename matches the component name. component should be placed in , component should be placed in , and so on. App App.js Greetings Greetings.js Introducing state State is another concept central to React. This is where you want to keep your data — things that may change. Storing the value typed into a form element? Use state. Keeping track of score within your game? Use state. Let’s build a simple form that takes in user’s first name. Note that I’m purposefully using a to demonstrate the concept. I demonstrate refactoring of a class component into a functional component in my other article . class component Mastering React Functional Components with Recompose Ok, the user can type his email into the form, which is great! If you’ve been paying attention, then you’ve noticed that no matter what, the name John will be used in the greeting. What if not all of our users’ names are John? We’d place ourselves in a very uncomfortable situation. How can we use the value typed into the input? In React we aren’t supposed to query the DOM directly. This is where input handlers and state come in. State is basically a plain JavaScript object that is stored as a property within the class component. Here we’re adding value to the class. SimpleForm firstName Our input now has the event handler. It fires every time when the user types a key into the input. And the property in our class handles the onChange events. firstName onChange this.onFirstNameChange Let’s take a look at the property: onFirstNameChange this.setState(...) This is how we update the state of our components. We’re not supposed to update the component state directly, only via the method. And to update the value of the state value we simply pass an object with the updated values to the method: setState firstName setState { firstName: event.target.value } In this case, is the value that was typed into the form input. In this case, this is the user’s name. event.target.value A side note: we haven’t defined as a method. This is extremely important to define it as an arrow function property on the class, and not a method. If we had defined it as a method instead, then would be bound to the form input that called the method, not to the class as we would have expected. This small detail often trips up beginners. This is another reason to avoid classes in JavaScript. onFirstNameChange this Form validation “silver iMac turned on” by on Brennan Burling Unsplash Now let’s implement simple form validation using regular expressions — let’s ensure that the first name is at least three characters long, and contains only letters. We will add another event handler for the event —it will fire whenever the user leaves the input. We will also add another property to the state — . And then we’ll display the validation error right under the input (if errors are present). onBlur firstNameError State First, we’ve added a property to the state: firstNameError state = {...firstNameError: "",}; Validation function The validation itself is happening in the arrow function above. It simply tests the input name against the regular expression: validateName validateName = name => {const regex = /[A-Za-z]{3,}/;return !regex.test(name)? "The name must contain at least three letters...": "";} If the validation fails, we return the validation error. If the validation succeeds, then we return an empty string (which signifies lack of error). We’re using JavaScript ternary expressions here to make the code terser. onBlur event handler Let’s take a look at the event handler (fires whenever the user leaves the input): onBlur onFirstNameBlur = () => {const { firstName } = this.state; const firstNameError = this.validateName( firstName ); return this.setState({ firstNameError });}; Here we extract the from the state by using ES6 object destructuring syntax. The first line is equivalent to: firstName const firstName = this.state.firstName; Then we run the validation function defined above with the , and then we set the state property with the error returned. If the validation failed, the will be set. If it succeeds, then it will be set to an empty string. firstName firstNameError firstNameError method render And now let’s take a look at the method: render() render() {const { firstNameError, firstName} = this.state;...} Here we’re once again using ES6 object destructuring to extract values from the state. <input...onBlur={this.onFirstNameBlur}/> This line assigns the function as the event handler for the event. onFirstNameBlur onBlur {firstNameError && <div>{firstNameError}</div>} Here we’re using short circuit evaluation feature of JavaScript. The div containing the will be rendered only if the value itself is truthy. firstNameError Styling “empty spiral stairs on low-angle photograph” by on Maxime Lebrun Unsplash If you’ve been following along, then you might have noticed that our form isn’t particularly pretty… Let’s change that by adding some inline styling! Styles in React are added simply by passing the styles in the attribute. style I will admit that I’m not a designer, but my programmer art is looking much better now. Here’s the form with validation error: Bad practice #3 — styling within the component Here we’ve encountered another bad practice, that unfortunately is too common — placing the styles within the method of our components. Why is this bad? This violates the Single Responsibility Principle. It also clutters our component with styles, which significantly impairs readability. render What are the remedies? Create a special object that will contain all of our styles. It is considered a good practice to place the in a separate file: style styles And then to use it within our component: SimpleForm This looks much cleaner! Takeaway: place your styles in a separate file. Adding more form fields Let’s make the form a little more interesting by adding a field to enter the last name: Not much has changed here — we’ve simply duplicated the code for the input, and also duplicated its event handlers. firstName Did I just say ? Duplicate code is a big NO in software development and should be avoided at all costs. duplicated Bad practice #4 — not splitting your components. This bad practice once again comes back to the violation of Single-Responsibility Principle. Good written code should read like a poem, and I bet that the render method of our component doesn’t read like a poem. Let’s change that. The inputs are almost identical, and both require some sort of validation. Let’s apply some refactor-fu to our component, and create a reusable component: TextField I’ve simply extracted one of the components from the method, converted it into a functional component, and passed it things that change as props: render Nice, this reads much better now! We can even go one step further, and create dedicated components for the first and last name: TextField Here we’re simply returning a pre-made component to display the first name. The is the new Object Rest syntax — this means that whatever is passed as props will be saved into the object. Then to pass the props down to the we’re using the Object Spread syntax . This takes the object, spreads its properties, and passes them down to the component. ({...rest}) rest TextField {...rest} rest TextField In other words: we take whatever was passed into , and pass it unchanged to . FirstNameField TextField And similarly, the : LastNameField This is what our form is looking like now: Much better! Why are class components so bad anyways? Class components are hard to test (unlike functional components). Poor separation of concerns: If we’re being lazy, then we’ll keep putting everything into one single class, which may grow into a 1000-line monstrosity over time (I’ve seen this happen, multiple times). Class components tend to put logic and presentation together in one single class. Which is once again bad for separation of concerns. Class components are not pure, and are hard to reason about. Functional components, on the other hand, are pure — they will always result in the same markup being rendered for the same input props. Functional components enforce good design. You’re forced to think about design. No need for the keyword, which has always been a major source of confusion. this Source code The accompanying source code can be found at GitHub What’s next? This tutorial has gotten a little longer than I was expecting. There’s still a lot to cover, especially relating to code organization, and a few other best practices. Let me know if you’re interested in hearing more in the comments. If you truly want to master React, I would strongly recommend you to check out my other article: . Mastering React Functional Components with Recompose Make sure to follow me for more articles on React and JavaScript!

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