Now that GENIUS is set to become law, I regret to inform the banking industry that this is going to be so much worse than you've originally feared. Trying to ban interest and preventing certain pubcos from issuing is a bandaid on a bullet wound (both will be structured around).

The irony of ironies is that these bills are very likely much more strict and w/ much less bipartisan support (if they pass at all) if Warren/Gensler had never engaged in their total warfare. We would be much closer to Clayton-level governance.

Standard addition generally matches filings by other issuers.

Record on single day, weekly and monthly frames. Beats BTC spot record as a % of total market cap. Pretty incredible reversal in fortunes for the asset.

This is why (sometimes) lawyers are worth it. They're right, you know. Given Grayscale was suggesting they had productive talks with the SEC prior to approval, and they had made extensive amendments to the rule proposal in line with those discussions, my guess is the Rule 431 application was a parting gift from Crenshaw acting unilaterally. SEC then had to deal with the mess. This is going to launch, its just a matter of when imo.

USDT is great to watch because chain distribution is a pretty good proxy for measuring the bifurcated nature of its demand. Tron issuance generally the mode for ex-US real world "save and send", while remainder (ETH, etc) representative of onchain/defi. @PlasmaFDN aiming for both but likely primed toward the former as exposure to the fastest growing segment of the fastest growing large issuer should be interesting. $1B pre-sale deposit to bootstrap helps, but derives from the latter segment (recall it came via Ethereum deposits). You're likely able to crudely measure its segment growth through viewing impact in USDT chain distribution post-launch.

The anti-Zohran mega effort is a complete failure to launch right now. And likely failed the second the Ackman's of the world thought they should lead the counter-movement. I know they love the sound of their own voice, but sometimes discretion is the better part of valor. Shame

This is really just a method to verify control over assets. It’s a spectrum and third party verification is simply more reliable for this purpose. That + repping ownership is the same process they’ll verify cash reserves held in a bank account, and will ignore “cash” you might rep to own under your mattress. “Maybe it’s yours/ maybe not… put it into a verified identified account in your name to demonstrate control and that’s good enough for us”. Once it’s counted toward reserves, it’s unlikely there’s any requirement to keep it there once the mortgage is issued.

I'm convinced much of our problems are the result of a generational wave of people through positions of authority with leaded brains. Probably worth giving the unleaded a shot.

Should be about 3 weeks away from the SEC laying out the playing field for crypto ETFs for the next several years. Expecting the universe of allowable strategies to begin expanding meaningfully.