Gallego signs letter proposing legislation that is far worse than Gensler ever could have accomplished, attacking an industry that backed him in his Senate run in a R+6 swing state in a red sweep year. Is the industry supposed to take it lying down? This is what an abusive

Sorry, if your position is that you should get to negotiate in the dark without public criticism... you're the bad guy.

"This prohibition that Congress clearly said ... not paying interest on these things" So we're fine with the text in the bill? If it's so clearly inline with your view, why the meltdown?

Glad people like Rebecca are leading on policy. Efforts to ringfence through traditional top-down permissioned structures is a ban in all but name. Forcing intermediation and assigning liability via mealy-mouthed concepts like "sufficient influence" is incompatible.

The most important thing right now for market structure is that we get Dems on board with negotiating transparently in public. So much is downstream of that dynamic. I do think they want to play ball, but they hurt their cause by trying to avoid accountability. Bad incentives.

S-tier level pick in Mike Selig. Or whatever is above that level tbh. True believer in the mission.

Greg puts it better than I could.

Bitwise amending their SOL ETF 8-A to swap out the listing exchange.

There are always signs

OK, how did we go from Gov Shutdown (probably) means no ETFs to ETFs coming tomorrow? A break it down thread. First, Bitwise now has all five green check marks ✅ below.

The pearl clutching is incredible. Are prediction market participants prevented from pricing in meta mentions?

It's going to be extremely difficult to see overperformance until there is positive momentum on market structure legislation. The rules haven't changed. The story of the past two years of overperformance has been a principal result of moderated political risk. On assets of the

"Hey, can you guys interpret the words to mean something completely different?" - Interest should pick up third party distributions costs - "No issuer shall pay" should pick up payments by people other than issuers -"Solely" should be "not solely" I think I hit BINGO on my

Terms like “protocol level compliance” or “programmatic risk management” are just euphemisms for regulating DeFi developers. No thanks! These ideas are nonstarters antithetical to DeFi. The term to know and love is “base layer neutrality.” Anything less is an abject failure.

Market structure legislation is insanely important at this point in time. And is likely going to be defining in terms of how the community approaches the midterms. Following the most recent election, the seat margin in the House stood at Rep+5. A razor thin margin that is almost

Not sure how this gets passed, but the signal heading into next year is pretty clear.