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The CLARITY Act didn't advance in the Senate today, which was a disappointment. While it's possible bi-partisan conversations continue and it lives to fight another day, we can't wait on Congress anymore. The SEC and CFTC have the tools they need to create clear rules under existing authority, and I expect will begin working on this in earnest. So clarity is coming to crypto regardless. And of course GENIUS is already the law of the land for stablecoins, which is even more permissive on rewards. There were some concessions we made on CLARITY that were tough to swallow, so perhaps it's for the best. Crypto can't be uninvented. With clarity emerging through the regulators, we'll continue updating the financial system.

the math behind propellant constraints for 1,000 or 10,000 Starship launches a year creates a lot of clarity around SpaceX's recent Starbase, Louisiana purchase. Today's analysis was all about that: Here is what i found most interesting... The story really isn't about Natural Gas molecules its about proximity access to those molecules and the ability to liquify oxygen on site. we estimate a fully loaded starship needs about ~389 truckloads of cryogenic fuel and oxygen. If buying that fuel commercially you'd need about 1,000 truckloads per day to hit 1,000 launches per year. That translates to a truck every 86 seconds. Trucking is the first wall. Removing the cryogenic truck bottleneck with pipelines (starpipe) or deep water transport is important. Next is air separation. Having an "Air Liquide Secunda" world class air separation unit capable of 5,000 tonnes of oxygen a day, gives you enough Liquid Oxygen for ~420 launches a year. You'd need to 2.35 of those plants to get to 1,000 annual launches... they need the land and electricity to build those units. Speaking of electricity, it surprisingly would only take about 1.4GWs to provide enough electricity for all this propellant production for up to 10,000 flights a year. That's a lot of power but, in context, SpaceXAI has already set up 1.4GWs today for their data centers, and expect to have close to ~10GWs by the end of 2027. So while it is a constraint, it's not really the most the most interesting hurdle. Finally, the actual natural gas itself. the molecules. given all the drama about propellant production, you'd think that 10,000 flights a year might create a demand shock for the US LNG supply right? in fact, based on our math, even at 10,000 flights a year SpaceX would only need 1.43% of the total US natural gas production to make that happen. all in all, the biggest propellant constraints are trucks and oxygen liquefaction units. It also helps that bringing all this propellant in house saves up to 90% of the total variable cost of propellant when compared to buying and trucking it in, as you scale to 10,000 launches a year. SpaceX's Starbase Louisiana will be an industrial powerhouse with massive infrastructure to support never before seen propellant production and internal transport, most of it paid for within a few years from fuel transport savings.