The Senate Banking Committee (SBC) will markup CLARITY Act this week (Thursday, May 14). If Democrats vote for the bill in markup, likelihood of ultimate passage on the Senate floor increases significantly. Here’s our overview of SBC Democrats and their views on crypto.

6 of 34 papers at SBC this year are co-authored by Category Labs researchers. We're at Stanford all week, presenting across the main program, the MEV Workshop, and the Whitepaper Reading Club. Schedule below. Come say hi!

Thanks to everyone who joined us yesterday at Stablecoin Sessions during SBC in Stanford. Great conversations with founders, builders, investors, and operators working on the next generation of stablecoin infrastructure.

🌙 What a room at Build N Build Night! On the sidelines of SBC, YZi Labs & @BNBChain brought researchers, founders, and investors under one roof to explore how technical breakthroughs become products, companies, and new markets. Thank you to everyone who joined us in Palo Alto. We can’t wait to do it again! 🤝 @BNBChain @CBRStanford @initc3org @theBBFund @StanfordSBA

Tokenization got the assets on-chain. Most of them still sit idle. We’re changing that. @PeiChen01 joins the Institutions and Tokenized Markets panel at @StanfordSBA BASS SBC 2026, alongside @Anchorage, @FTDA_US, and @krakenfx. 📌 Thurs. 7/30, 11:45am PT, Stanford Faculty Club

Stock based comp only matters for valuation when the perceived enterprise value has shifted to the next 5-7 years FCF instead of end state terminal value. The shift from one to the other is the major consideration. Not the SBC itself.

Use Hermes Agent however you want. Modify it, extend it, share it, fork it. Use it locally or in the cloud. Use the desktop app or the TUI or text it or talk to it from your smart fridge. Set up your great-aunt with it or run a Fortune 500 on it. Give it your own keys, use it through Nous Portal, or use local models on your own stack. Use one model or fifteen or blend them with MoA. Use it to plan an elopement, debug an EVM event, summarize a lease, troubleshoot that pesky issue with your car, reverse a DataFrame, or autorespond to your boss's emails. Run it on a Mac Studio, a $35 SBC, a hand-me-down ThinkPad, a Docker container, a Hermes Cloud VPS that costs as much as a cup of coffee, or eight of each at once. Create a shared bot that answers questions no one on your team can. Ask it to modify itself. Use it to parse a WhatsApp backup, answer your mother's questions about a power bill, or set a cron to scan the group chat and notify you when someone mentions that deadline you're avoiding. Put it in charge of remembering why you named the branch that. Put it in charge of filing your email into folders or cleaning up all the files named report_final_draft1.pdf. Have it scan the news weekly to settle that stupid bet you made with your brother that one time. Ask it to send your wife an article about cats every morning which she will pretend to be annoyed by even though it really makes her day.

Waitlist now open for our Science of Blockchain Conference reception, Build N Build Night! Come hear from @ellazhang516 and our partners from @BNBCHAIN, and connect with the broader YZi Labs, BNB, and SBC community. 📅 July 28, 6pm-9pm 🍔🍷 Food and drinks provided Last chance to register 👇

EQUITY SUPPLY from stock-based comp a growing source of incremental dilution ($AVGO, $NVDA, others...) "While companies may be able to manage their workforce by adopting AI, Enablers continue to see rising labor costs due to large equity grants used to recruit critical talent. Companies with the highest SBC expense have been offering growing SBC packages over time, exceeding employee headcount growth" (MS)