AI can't own property. AI can't sign contracts. AI can't start companies. (Unless it's onchain.) @sreeramkannan

On June 4, Hyperliquid reached a new all-time high in stablecoin market capitalization, surpassing $7.05B.

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Major areas where the financial system still needs an update: 1. Tokenization of real-world assets - Real estate, stocks, bonds, funds, etc. onchain for instant settlement, fractional ownership & massive distribution. 2. 24/7 Global trading - Pooled global liquidity, every asset, every person, with great leverage and capital efficiency. 3. Next-gen payments - Near-instant, low-cost global transfers using stablecoins, including for Agentic payments. 4. AI-powered risk, credit, compliance, and advice - Better decisions, less fraud, and broader access to capital. Everyone gets access to a great financial advisor. 5. Innovation friendly regulation - Move from one-size-fits-all to risk-based rules that encourage innovation and competition instead of stifling it. 6. Expanded access - Open protocols that reduce middlemen and self-custodial wallets to expand access to everyone with a smartphone. 7. Capital formation - Low cost and turnkey for anyone to raise money for a good idea, increasing the number of startups. 8. Sound money - A refuge from inflation, when discipline is lost in fiat money. Jobs not done until we get these working for all. Will require lots of tech innovation and policy work to get there.

Crypto regulation is getting serious and moving markets: > CLARITY is imminent > Banks lost to Coinbase > Hyperliquid scaring the TradFi incumbents > Kalshi/Polymarket fighting the states > The SEC may bless tokenized securities Must-watch deep dive with @RebeccaRettig1 ⤵️

bull thesis for hyperliquid is that it's a better trading platform than the existing tradfi alternatives: 24/7 perps on all markets a design that allows for extensibility & deeper liquidity as more exchanges are built on top for US: if they win w/ a USD-backed stablecoin then that extends USA dominance of the dollar globally

► Where Account Abstraction Actually Failed Last cycle, I used to expect account abstraction was the tech that could onboard the next billion users. Yet, I still just open rawdog EOAs everyday and click confirm like nothing changed. Looking at it cleanly, AA didn’t actually fail technically. By May 2026: – 62M smart accounts deployed – 2.4B cumulative UserOps – $180M gas sponsored by paymasters – 14M EIP-7702 delegations since Pectra Problem is users never cared. AA became middleware for developers instead of a real consumer narrative. Most users didn’t even know they were using it. Farcaster, games, embedded wallets, Polymarket quietly deployed smart accounts underneath while users just clicked buttons. There was never really a hyped AA narrative moment because better wallet UX is probably not a strong enough driver for behavior. The tech also started abstracting the abstraction itself with stuff like ERC-4337, ERC-6900, ERC-7579, EIP-7702, native AA, paymasters… Honestly, L2s accidentally reduced part of AA’s value prop too. When tx fees already cost fractions of a cent, ppl stopped caring as much about gas abstraction. Too early for humans, but AI agents might be the thing that finally forces it to matter tho. AA primitives by chance are basically the exact stack AI agents need to exist safely onchain. An AI economy running millions of autonomous microtransactions per day probably cannot exist on EOAs at all. The machine economy is accidentally reviving the entire AA thesis. – Active smart accounts going higher since agents started executing onchain – 100M x402 transactions happened within ~7 months – AWS launched AgentCore Payments – Coinbase pushing Agentic Wallets hard – @privy, @zerodev_app, @turnkeyhq, @pimlicoHQ pivoting toward agent infra now – @safe went from DAO multisig infra to AI-agent treasury tooling Unlike many crypto innovations, AA projects were always hard to drive speculative demand around. So AA got less retail attention and lived in the shadow of more tangible narratives.

CLARITY is closer than ever. The bill is strong. It will benefit the American people by making the US financial system faster, cheaper and more accessible. It will also ensure that the US leads in the global race to build the next generation of our financial system. Huge thank you to the Senate, their staff, and 3.7m @standwithcrypto advocates for helping to get this legislation to where it is today. Mark it up.

NEW: @jpmorgan files to launch a tokenized Treasury money market fund ($JLTXX) designed as GENIUS Act-compliant reserve assets for stablecoin issuers.

BREAKING: @coinbase EXCHANGE HAS BEEN DOWN FOR 5 HOURS SOURCE: exchange.coinbase.com/trade/