I’ve had a number of conversations with folks inside and outside government about the current situation with Anthropic, and here is what I believe to be true: — As we know, Anthropic publicly released its Mythos class models earlier this week under the commercial name Fable. — Fable is Mythos with guardrails. But if those guardrails fail, then you’ve exposed Mythos and its advanced cyber capabilities to people who shouldn’t have them. (Keep in mind that Anthropic itself widely promoted the idea that Mythos was a cyberweapon and needed to be regulated as such. They asked for government regulation of Mythos and championed the guardrails on Fable. If there is a vulnerability — big or small — it is Anthropic’s responsibility to patch.) — A highly credible trusted partner of both Anthropic and the USG who was testing Fable came forward with a jailbreak of those guardrails. The Admin asked Dario to fix the jailbreak or de-deploy the model. Dario refused. — In their blog post, Anthropic defended its decision by saying the jailbreak isn’t serious. That is not what the trusted partner and the USG believe; nor is that kind of minimizing language consistent with Anthropic’s brand as the AI safety company. It’s difficult to fathom how they could claim a jailbreak allowing operability of a cyber weapon could be defined as not “serious.” — In the past, Anthropic has always said that safety must be top priority and taken super seriously. In this case, Anthropic prioritized the continued offering of the consumer model over safety. — In reaction, the Admin issued the export control. The Admin did this reluctantly. It’s been very surprised that Anthropic hasn’t wanted to cooperate with a reasonable safety request (ie fixing the jailbreak issue). Anthropic’s reaction is very much at odds with their branding and ethos as a safe AI research community. — The Admin’s hope now is that Anthropic remediates the safety issue, the export control is lifted, and Fable goes back into general release. The Admin wants all of this to happen as soon as possible. It is frankly bewildered that Anthropic hasn’t wanted to comply with safety requests that it previously said were its highest priority. — Those trying to misdirect and tie this action to the prior DoW/Anthropic issues are wrong. The Admin values Anthropic’s technical capabilities and feels that this issue, while serious, should be easily resolved. The ball is in Anthropic’s court.

Imagine living in a narrative universe that somehow conditioned you to believe a dollar in the hands of Elizabeth Warren and Bernie Sanders would benefit humanity more than a dollar in the hands of Elon Musk. Unfathomable.

Wait since when do they take random water breaks in soccer matches?

Elon musk became a... Millionaire at 27. Billionaire at 41. Trillionaire at 54.

AI startup CFO, CEO, CMO, and CTO

The #FortuneCrypto100 list is here.💰 Top companies include: ➡️ @coinbase ➡️ @FTI_US ➡️ @RobinhoodApp ➡️ @HyperliquidX ➡️ @a16z ➡️ @tether ➡️ @chainalysis ➡️ @BlackRock ➡️ @MARA 🔗 See who made our new list with @inca_digital: fortune.com/ranking/crypto/2…

The World Cup begins tomorrow, and many will watch the matches. Soccer reminds us of something we must not forget: life is not a race to show off on our own, but a path we learn to walk together. Anyone who does not know how to pass the ball, even if they have talent, has not yet understood the game. Anyone who does not know how to live with and for others has not yet understood life. #ApostolicJourney

Something I shared at our offsite this week— The historical problem with capturing crypto alpha in a genuine multi-strat format has always been that each underlying strategy felt flimsy, fleeting, and fishy. Jargon like “recursive looping strategies” and “MEV arbitrage” sounds intriguing at first blush, but ultimately creates friction for what serious allocators care about most: 1) Is it durable, 2) is it scalable, and above all, 3) is it repeatable? In 2026, I’m convinced that crypto alpha has finally found permanence. But that permanence isn’t coming from crypto prices themselves (you don’t need me to tell you that!). It’s coming from crypto’s financial primitives, which have now seeped irreversibly into the institutional conscience. Just as pod shops have “index inclusion arbitrage” as one of twenty evergreen alpha engines, we will soon have “pre-IPO arbitrage” as a permanent fixture too. Just as “convertible arbitrage,” once considered recklessly exotic in the ‘80s, became a mainstay of the CSA toolkit, so too will the “perpetual preferreds arbitrage” pod inevitably take its seat at the table. Just as “futures basis trading” has been the dominant leveraged strategy in tradfi for decades, Wall Street will one day inaugurate the “perps basis trading” era. Despite years of reflexive skepticism, all of these will be enduring strategies worth deploying institutional IP against, strategies where, for the first time, domain expertise can outlast the cyclical opportunity set itself that has plagued crypto for so long. I share this because the industry’s collective mood disorder tends to mirror price action with exaggerated drama. But zoom out far enough and the picture sharpens to reveal that the market has structurally transformed to support what crypto has always done best: the hyperfinancialization of capital efficiency, duration, and distribution. We are entering the golden era of crypto alpha, where the technology enables a new frontier of financial experimentation that is, at long last, genuinely durable, scalable, and repeatable. This doesn’t render crypto ethos irrelevant either. Far from it, in fact. Most of the arbitrage enabled by these novel capital structures will still collide head-on with tradfi’s centralized, oligopolistic gatekeeping. Consider this: do you really believe that something as globally consequential as prediction markets, your gateway to the world’s distributed knowledge, will confine itself onshore? Just as the extraordinary reach of US dollarization was only possible through the offshore murkiness of eurodollar markets, so too will come the great eurodollarization of information, the great eurodollarization of retail access, the great eurodollarization of the longtail asset: all of it operating by empowering decentralized financial sovereignty outside the incumbent system. The prevailing narrative says tradfi is swallowing crypto—I’d argue the opposite is true: crypto is forcing traditional finance to adapt to borderless innovations that ultimately prevail by design by being open source. I know prices are brutal right now, and that kind of pain is genuinely demoralizing. But crypto cannot succeed as an industry built solely around pumping bags. It has to deliver durable value, and we have to develop the frameworks to identify, seize, and compound it. As a Riverian, there has never been a better time in history to be alive, where the current stands with us this moment of the turning.​​​​​​​​​​​​​​​​ And history has constantly shown that success accrues to the stoics who show up for the bad days with the same conviction as the good ones. So for those who are excited for the golden era of crypto alpha to finally begin: the calling is clear, and the time to row is now.​​​​​​​​​​​​​​​​ It’s time to pick up your oar.

Bitwise CEO: What makes Silicon Valley irreplaceable? Trust. "Some systems work on credit scores, other systems work on contracts. Silicon Valley works on people's reputations and trust." As a byproduct, things move very fast, and the person you need is usually just one hop away. It's not the weather or the offices - it's an invisible network that lets the right people find each other at speed. FT @HHorsley @KevinWSHPod @Bitwise.