Today is a big day for crypto In the next few hours Trump will be signing the GENIUS act into law. People think this just a stablecoin bill. It's not. This is the most significant step in crypto adoption in our 16 year history. This is the almighty U.S. Empire, the master of the world's banking system and capital markets, declaring that the future of global finance is crypto. GENIUS is a gas pipeline from the world's banking system to crypto rails. The pipe will only get bigger. In blessing the tokenized of dollars and treasuries the U.S. has just guaranteed every asset in the world will be tokenized. Dollars are the world reserve currency. Treasuries are the world reserve asset. An asset gravity well. We're now on a path toward full conversion of all banking infrastructure to crypto rails both in the U.S. and around the world. The only question: years or decades? In the fullness of time: - All bank accounts will be stablecoins - All bank ledgers will be chains There will be many ledgers, but the odds are strong that Ethereum has cemented its place as the world ledger - a ledger of ledgers. The things that are most clear in this new world: Dollars = stablecoins Banks = chains Ethereum = world ledger ETH = world reserve asset BTC = store of value Still, media attention is on crypto grifts and memecoins. They still think crypto is useless and have no idea the tectonic shift that's just been signed into law. I expect they won't see any of this until it's here. So if you show them this post i expect they'll say it's fantasy land. But here's the reality. The crazy idea we started with - that someday crypto will eat finance - GENIUS makes that all but inevitable. July 18, 2025. Today is a big day for crypto. I can't believe we're here.

Crypto currencies are currencies. Valuing currencies on discounted cash flow and REV is not the way. Instead @_Jonahw presents a new metric for valuing BTC, ETH, TON, TRON, SOL, SUI and all L1 assets. RSOV RSOV = Realized value of L1 assets Staked and in DeFi Watch the ep.