ACCESS: @RobinhoodApp CFO @ShivVerma makes the case for why everyday investors, not just VCs, should be able to get in on @YCombinator startups at the ground floor. Robinhood Ventures Fund II began trading today on NYSE

MARKETS: Prediction markets are becoming core financial infrastructure. @Austin_Federa joins Markets Outlook to break down @DoubleZero’s work with @Kalshi, why Wall Street-grade infrastructure is coming to new finance, and what it will take to build faster, more reliable and more accessible markets. Watch the full conversation with @jennsanasie below 👇 00:00 - Austin Federa Joins Markets Outlook 00:43 - DoubleZero x Kalshi: Inside the Announcement 02:30 - Why Wall Street Infrastructure Took So Long to Reach Crypto 04:36 - Brand New Rails: Tokenizing the $2 Trillion Shipping Industry 07:13 - Does Faster Data Hurt Retail Traders? 08:16 - Prediction Markets: More Than a Narrative 10:31 - Access, Disruption, and Federa's 2017 Thesis 12:13 - The Catalyst to Watch 13:11 - New Finance's Biggest Challenge

COINDESK DAILY: Kalshi is in talks to raise $750M at a $40B valuation, Delio CEO gets 15 years in prison for a $50 million fraud, and Metaplanet launches a new bitcoin-backed bond program. @JennSanasie has what you need to know.

JUST IN: Another top @OpenAI executive is out. CRO Denise Dresser is leaving after 8 months, joining Brad Lightcap (out Tuesday) and Fidji Simo (out last month) in a wave of senior exits ahead of the company's IPO.

INSIGHT: $BTC's 30-day price range is now just 5.6%, one of the narrowest on record. "It's too quiet," says analyst James Check @_checkonchain, noting the pattern historically shows up in late-stage bear and early bull markets.

HISTORY: One year ago today, $BTC printed a new all-time high of ~$124,025, up 30% YTD. $ETH also hit $4,750, just shy of its own ATH. The rally was fueled by ETF inflows, institutional adoption, and expected Fed rate cuts.

ALERT: @Trezor warns customer data was exposed in a breach at shipping provider ShipMonk, affecting orders in the US, UK and five other countries within 90 days of August 8. No devices or funds compromised, but phishing attempts expected.

ARTIFICIAL INTELLIGENCE: “It can’t be that we’re gonna give all the big AI companies all of our data and let them go and monetize it.” Deus X Capital CEO Tim Grant says concerns around data sovereignty are sinking in much faster than they did during the Web2 era.

NEW: The @SECGov's Division of Investment Management issues a no-action letter to @FTI_US, allowing its registered funds to use its on-chain money market fund $FOBXX to manage cash and collateral via blockchain rather than legacy custody rules.

POLICY: The @CFTC is warning prediction markets that their trader-incentive programs could enable wash-trading and market manipulation. Second advisory to the sector in as many months. Read more on CoinDesk