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Zach Pandl
@LowBeta
Head of Research @grayscale. Formerly economist and macro strategist @goldmansachs. Opinions are my own. Disclosure:
856 Following    10.4K Followers
Vote on CLARITY Act when Senate gets back from recess (although still long odds imo)
Tokenized equities are taking off, but the ultimate market structure is still TBD. Quick blog post from my colleague @willhamilogden:
In my personal view, ongoing changes at the Ethereum Foundation (EF) are long-term positive for $ETH because 1. More development work will take place at commercial organizations Fiat analogy => lower government share of GDP may result in higher productivity 2. Narrowly-focused EF may be best way to ensure adherence to CROPS, which is required to build sound digital money Fiat analogy => independent central banks are best way to ensure price stability
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Not sure people appreciate how fast major securities markets are heading toward full tokenization… Everyone now involved. Regulators. Exchanges like NYSE & Nasdaq. DTCC. Everyone. SEC expected to release innovation exemption for tokenized stocks as soon as *this week*.
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“I regard Vitalik as one of the nicest and smartest people I know. He’s eccentric but a true genius, focused on advancing society through technical progress. He always seems to have a mathematical equation in mind.” - @cz_binance (from his new book)
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$ETH scarcity gud Blog post on changing Ethereum's staking model:
Memecoins and memecoin enthusiasts chose Solana $SOL because it is fast and cheap and permissionless, transaction demand can be isolated into pockets, and it has good supporting infrastructure (eg wallets and DEXs) Other users will use Solana for same reasons
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@WalkDog1984 @toly Nobody chose anything. They chose us. That’s the beauty of a network anyone can build on.
Vitalik is right about animal consciousness I think AI and greater use of meditation will drive social change on this issue 🐶🐸🐼
Sent another 64 ETH to the Animal Welfare Fund. I encourage others to think and act more in support of our non-human cousins too! The extreme suffering we're imposing on them in the billions is not something we talk about often, but it continues to be one of the larger blights on humanity. And I'm getting optimistic that this century we can finally end it. Farming practices are improving, synthetic alternatives are improving. Also, in my recent experience, good old low-tech vegetarian and vegan food has improved massively worldwide over the last ten years; I encourage anyone who has tried it long before and given up to take second look; there are far more healthier and tastier options today than the "pasta and salad" you would often get ten years ago.
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TIL the @binance logo shows the corners of two overlapping squares (the black lines over yellow background) This is meant to represent the bid and ask sides of the market Making my way through @cz_binance's book ...
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CLARITY Act needs at least 7 Dem votes in the Senate (assuming all 53 Reps vote in favor). GENIUS Act got 18 Dem votes last year. Prediction mkt odds are ~70%. Let's do this! More detail in our latest blog post:
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$COIN & $CRCL ♥️ $HYPE
Excited to see everyone come together for this historic moment. AQAv2 brings the protocol-aligned stablecoin model that @Nativemarkets trail-blazed to USDC with @Coinbase and @Circle's commitment to Hyperliquid. The community no longer has to choose between liquidity and
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Every +25bp increase in short-term rates adds ~$190mn to Circle's reserve revenue Our quick take on the crypto implications of higher-for-longer rates:
This is an incredible chart from @Re7Capital showing risk and return across DeFi strategies They find that AMM liquidity provision is uniquely attractive risk/reward
What if I told you Core DeFi assets are trading *below* June 2025 levels, when US Senate passed GENIUS Act
Crypto beta looking good here $ETH $SOL $LINK
Crypto beta looking good here $ETH $SOL $LINK
Grayscale welcomes the Senate Banking Committee’s advancement of the Clarity Act, an important milestone in the effort to modernize the regulatory framework for digital assets. For investors and market participants, clear market structure rules can help reduce uncertainty, improve accountability, and support more durable participation in the asset class. Congratulations to all the Senators and staffers who have worked tirelessly to get to this critical milestone. We appreciate the bipartisan work that helped bring the legislation to this point and look forward to continued progress toward a framework that gives digital assets a stronger foundation in U.S. markets.
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CLARITY moving forward ➡️➡️➡️ 🇺🇸🇺🇸🇺🇸
Full vote on the CLARITY ACT advancing in the Senate Banking Committee by 15-9 margin: Tim Scott (R) - Y Mike Crapo (R) - Y Mike Rounds (R) - Y Thom Tillis (R) - Y John Kennedy (R) - Y Bill Hagerty (R) - Y Cynthia Lummis (R) - Y Katie Britt (R) - Y Pete Ricketts (R) - Y Jim Banks (R) - Y Kevin Cramer (R) - Y Bernie Moreno (R) - Y Dave McCormick (R) - Y Ruben Gallego (D) - Y Angela Alsobrooks (D) - Y Elizabeth Warren (D) - N Jack Reed (D) - N Mark Warner (D) - N Chris Van Hollen (D) - N Catherine Cortez Masto (D) - N Tina Smith (D) - N Raphael Warnock (D) - N Andy Kim (D) - N Lisa Blunt Rochester (D) - N Final vote: 15-9
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Zcash is an idea whose time has come $ZEC
zcash is on the wall street journal today probably nothing
Proud of our impressive presence at @CoinDesk’s @consensus2026 Miami last week The @Grayscale team spent time with the partners, protocols, and innovators actively building the digital asset economy Coming together from across the ecosystem is what drives our industry forward
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