What's next for Washington DC & digital assets? Tokenization & The Future of Securities...hearings are 3/25 in DC! Last week I sat down with Chairman @RepBryanSteil (WI), Chairman of the House subcommittee on Digital Assets, at the @DigitalChamber DC Blockchain Summit. Why is Chairman Steil's committee is crucial? All digital asset legislation starts here: 1) Stablecoin (STABLE, now GENIUS), and 2) Market Structure (CLARITY). So what's next? Tokenization. Why? It is strategic to the USA. Watch the full conversation: lnkd.in/edctzzfc Watch the tokenization hearings on 3/25: lnkd.in/eWPgymDk

The upgrade of financial services approaches... but who is in front? Right now, @HyperliquidX and @galaxyhq, based on 6 month returns. Why do you think that is? Source: Bloomberg Not financial advice. Disclaimer: na2.hubs.ly/H05cTbJ0

Stablecoins are increasingly a North American (NA) story. We expect this momentum to accelerate as the stablecoin law (Genius) becomes effective (no later than Jan. 18, 2027). Per @artemis, we see that NA stablecoin relative volumes have grown dramatically since the lows of Q2/Q3 2024 (blue). Prior NA dominance in 2021 was a crypto volume story... but we believe the resurgence pictured is increasingly explained by economic activity in the traditional economy. When we monitor things like x402 (x402.org), it's still early days, but the rails are getting used (and tested). Source: Artemis as of 5/19/26 Not financial advice. Disclaimer: na2.hubs.ly/H05cTbJ0

Digital assets are an endurance sport... and the miles are better with friends! @realstlchris and I discussed lessons learned from sports at the AIMA Digital Assets Conference 2026. TLDR: Being an Olympian or setting multiple Guinness World Records is, it turns out, a good primer for investing in the digital asset ecosystem (pain and volatility). Did you know? Chris and his team hold the world record for the most bars visited in 24 hours on foot! The prior record was 102 bars... and his team printed 250 bars in NYC's East Village. Here's the story: amny.com/news/crawl-crew-dri…. And here's my Olympic race (ancient history at this point!): youtube.com/watch?v=aSCIg7sV…

The American Bitcoin Rally looks to be slowing down near term. We believe 1) Bitcoin’s recent rally was helped by the return of the US bitcoin buyer, and that 2) the latest pullback suggests US bitcoin selling is impacting BTC price, for now. We see that most clearly in the Coinbase Bitcoin Premium Index, which flipped from deeply negative in late March to strongly positive through April, and as of April 27, dropped back below zero as BTC has retreated from the high-$70Ks. TLDR: When the CB Premium turns negative (red) and bitcoin is cheaper on CB vs. international exchanges, this likely indicates more relative selling from US holders. Not financial advice. Disclaimer: na2.hubs.ly/H05cTbJ0

Crypto innovation is coming for traditional assets... on @Hyperliquidx. Did you know? 1) 6 of the top-10 futures contracts on Hyperliquid are traditional assets. They are: WTI Crude, Brent Crude, S&P 500, Silver, Nasdaq 100, and Gold. Let's focus just on energy (oil futures): 1) Between WTI & Crude on Hyperliquid, we see ~$650M 24h volume. $500M in Open Interest (OI). 2) These are large numbers... and they are also small numbers, when looking at oil futures. The key markets are as such: WTI = NYMEX, Brent = ICE Futures Europe. 3) CME WTI futures ≈ $97B 24h volume / $180B OI 4) ICE Brent futures ≈ $90B 24h volume / $300–350B OI So Hyperliquid is <1% in volume and OI, and yet, the markets have emerged recently. Why? We suspect access (anyone can trade) and hours (24/7) are key reasons. We also suspect that the proliferation of stablecoins outside the US is part of the driver. If you are already in stablecoins and want to trade oil futures, or gold, or stocks...w ell, Hyperliquid is right there, open for business. What's the signal here? Watch what crypto markets enable, because they are a demand signal (and a signal where regulation needs to evolve). Not financial advice. Full disclaimer: na2.hubs.ly/H052XKC0

I find this hard to believe/understand. cc @Jason

What is that? How did you get it!? I had to ask my customer service agent at @Amtrak. This was her @Bulova. “So for every five years of service, you get to pick something from the catalogue. I’ve got this watch, and a Bulova date as well. And I’ve got the pots and pans set too, although this watch is my favorite.” The American flag seems more obvious on the dial, for some reason. What a nice moment. I’m curious if anyone has a list of high end corporate watches? @Hodinkee @baldassarreted ?

Offshore perpetual futures markets are paying you to be long #Bitcoin. Below is the aggregate funding rate on Bitcoin. Green = longs are paying shorts. Red = shorts are paying longs. Since February 4th, we have seen a notable period of negative funding rates. As you can see on the chart, this period stands out in the past 2 years. BItcoin appears to be finding a floor whilst shorts have been pressing their bets (and paying to do so). These are the types of conditions that can lead to fast moves to the upside. Not financial advice. Full disclaimer: na2.hubs.ly/H04N5T80