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Some quick thoughts on the acquisition vehicle meta: It seems like we've found the 2025 equivalent of GBTC. I have no idea if these vehicles will achieve that level of scale and destructive potential, but make no mistake, this is leverage getting injected into the system. To

It's not clear to me that TradFi will prefer "the most decentralized L1" as they move their business onchain. These institutions aren't in it for decentralization. Their products will likely be centralized in some way anyway. High speed and low cost seem to be their priorities.

The 2022 crypto credit crisis raised big concerns in DC about contagion risk — if overleveraged crypto companies could harm the traditional banking system. They couldn't — the crypto economy was pretty disconnected from tradfi. Now this playbook is about to get run on NASDAQ?

x.com/i/article/1927…

I said yesterday it's not obvious to me that TradFi institutions will choose "the most decentralized L1" as they move their businesses onchain. A common response was "then why not use AWS/SQL." This is cute, but it wrongly casts decentralization as a binary rather than a

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Shout out to House Financial Services and House Agriculture staff. You may not like every change they made (or didn’t make) in this bill, but they listened to feedback and worked their asses off while most were grilling burgers this weekend. Now read and send more feedback.

Co-sign! Market structure is the white whale of crypto legislation, and while many people (including me) bemoan the difficulty of getting it done, House members and their staff work long hours to give us all the best shot possible. Much respect 🙇‍♂️

I have never been more confident that, in the next few years, we'll finally see what crypto can really do. Everything is coming together at once — the tech, the talent, the investment, the law — for this whole thing to seriously rip. If you believe in this space, strap in.

I've read every version of market structure legislation that Congress has produced in the last seven or so years and DAMCA — the new House draft published Thursday — is the best by far. There are still problems that need to be fixed, but I'm surprised how close this is to ready.

self-sovereignty is at the core of bitcoin but there are political forces who don’t want you to hold your own keys forces who want non-custodial software developers to be regulated like banks forces that want you dependent on intermediaries we’re winning now, but they aren’t