Mad about how Tornado Cash and crypto devs have been treated by prior administrations? The new CLARITY Act draft would prevent that from happening again with what’s called a “specific intent” standard. @kkirkbos, @TuongvyLe12, and @JoshR_GSR on why that matters — and where passage odds actually stand. @DEXintheCityPod Timestamps: ⚖️ 0:00 Intro — new CLARITY Act draft drops; why there’s still a lot of work to do 📜 5:27 Blockchain Regulatory Certainty Act developer protections and why the “specific intent” standard is so important 🏦 11:06 How TradFi actually feels about crypto market structure legislation 📊 14:45 What CLARITY must achieve: the US as the center for crypto innovation and the security/commodity line 🎰 18:11 Lightning round — passage odds: KK at 35%, Vy at 90%, Josh at 45% 🌸 21:32 Does the recent M&A wave, massive VC raises and Circle's Arc token presale mean it’s crypto spring? 💙 27:41 Coinbase: Get 20% off the first year of your Coinbase One annual plan at 📈 29:39 The least bearish bear market in history — RWA wave and institutional onchain demand ♀️ 33:41 The E11even controversy: ‘Maybe we should just not have strippers at official events.’ 🎤 34:56 SEC Chair Paul Atkins' speech recognizing that onchain infrastructure can achieve the same goals as TradFi rails 📚 43:00 The education gap: most legislators still at Bitcoin-level crypto knowledge 🤖 46:46 AI good news: Redmod AI system may detect pancreatic cancer early

okay so the hyperliquid announcement is omega giga bullish and there are enough tldr's around for you to read the basics but here are my favourite parts: - the core team clearly has high leverage even with the biggest players in the game as they secure a deal with extremely favourable terms - one of the biggest friction points (bridging to HL) will soon be direct through circle's cross-chain protocol - hard to describe how big of a win this is from a regulatory standpoint just before the clarity act is likely to pass. two of the most scrutinised and regulation-friendly teams just threw a massive amount of reputation and money at HL right before it goes through the senate. that timing isn't an accident - this deal reaffirms the HL team remains extremely aligned with the growth of the token and redistributing the wealth created on chain back to users - there are no 'leaks' in the HL team, in crypto it's very common to see tokens outperforming into unknown announcements, $HYPE has been bleeding coming into this announcement - there is no other chain where increasing TVL feeds directly into token increase, $HYPE now does this announcement really helps smooth over the bear cases and creates an even higher ceiling for the bull cases hyperliquid will be the house of all finance and all others will be competing through builder codes hyperliquid

hyperliquid:native gained $2.2 bn today in outstanding market cap today (570mm tokens of outstanding supply x $4 gain). That's 15x the add'l ~$150mm of earnings HYPE will earn via the new USDC / Coinbase / Circle deal. The market is assigning a 15x multiple to the new income stream for HYPE, yet the business as a whole trades at 27x ($22 bn on $800mm revenue), and $CRCL somehow trades at 30x earnings, even though they are losing $150mm of earnings from this since they keep paying it all to Coinbase and now Hyperliquid. Wild stuff

crypto is no longer one industry — it's at least 4: 1. stablecoins + payments 2. Bitcoin, crypto asset class 3. tokenization + onchain financial services (defi) 4. blockchain infrastructure they are of course inter-related. but increasingly divergent in context which is part of the mixed vibe right now

Perfect example of why you wouldn't want to depend on AI or inexperienced attorneys to do agreements between co-founders or other early personnel. These critical documents can be taken out of a box, but you get what you pay for, and could cause a huge project-threatening problem later.

The DeFi purists will hate this. On-chain repo doesn't need to live entirely in a smart contract. Sign the paper, then let smart contracts run the rest. That's the version that actually scales. "It doesn't all necessarily have to be done on a smart contract basis. You could have a pretty robust repo market that touches the on-chain ecosystem without being fully programmatic." 🔗

🚨 #BREAKING#: T3 Financial Crime Unit, the joint initiative from @tether, @trondao, and @trmlabs, has frozen more than $450M in illicit assets globally, with 2025 interceptions running 43.9% ahead of last year.

In today's @Unchained_pod Daily newsletter: 🏛️ The Warsh Era is officially here after a historic Senate showdown. ⚖️ Crypto’s legislative future faces a mountain of amendments. 🚨 A massive global crackdown intercepts hundreds of millions in illicit assets. 📉 BTC slides as the ETF "honeymoon" period ends. ⚡ Read today’s biggest crypto news… and subscribe for more!

Circle is the first public company to run a token presale, and its stock went up on the news. @ramahluwalia, @austincampbell, and @perkinscr97 ask the one question that matters: where does the value actually accrue? On @bitsandbips Timestamps: 🚀 0:00 Introduction and Iran ceasefire update 🛢️ 1:02 What Ram and Chris are watching in oil and Hormuz 📊 4:49 Why markets are shrugging off geopolitical noise 🤖 13:25 Ram on why the market is all one giant bet on AI 💬 16:03 Is the AI rally a bubble or a fundamental shift? 🏦 27:04 Circle launches Arc: could its token compete with its own stock? 📉 40:21 Coinbase: were the layoffs due to AI or the bear market? 🎭 48:26 What it says about the industry that Consensus’s afterparty was at E11even The Crypto Industry’s Maturity Problem

In today's @Unchained_pod Daily newsletter: 🏛️ The Warsh Era is officially here after a historic Senate showdown. ⚖️ Crypto’s legislative future faces a mountain of amendments. 🚨 A massive global crackdown intercepts hundreds of millions in illicit assets. 📉 BTC slides as the ETF "honeymoon" period ends. ⚡ Read today’s biggest crypto news… and subscribe for more!

🚨 #BREAKING#: T3 Financial Crime Unit, the joint initiative from @tether, @trondao, and @trmlabs, has frozen more than $450M in illicit assets globally, with 2025 interceptions running 43.9% ahead of last year.

"Why would you ever IPO? The only people doing it now are the ones forced to" Kain on why public markets have lost their purpose and why the world is sliding back to a 1800s style private wealth era "It is genuinely better to be illiquid. There is a premium for being illiquid. Your investors are always happy because the price always goes up. You do not have retail investors panic selling on a Tuesday" "It used to be that if you needed a billion dollars, public markets were the only place liquid enough. That is no longer true. So the entire incentive to IPO has disappeared" "You end up with giant private companies and no way for anyone to invest in them. It is a very weird situation that harkens back to the 1800s where everything was private wealth and normal people had zero access"