The stock market closes 💤 But your thesis doesn’t have to wait until morning anymore. You can trade stocks overnight directly inside Mass. Wall Street sleeps but Mass doesn’t.

MiCA isn’t reducing leverage demand in Europe, it’s just forcing it to relocate. Traders don’t stop using leverage because of regulation, they route to wherever execution is still efficient. That’s the part people are underestimating. Hyperliquid already sitting at 9.4% of aggregate CEX open interest isn’t a narrative stat, it’s evidence that meaningful risk is already migrating on-chain. At that point, this stops being a demand question and becomes a venue competition problem. CEXs introduce more friction, while on chain perps remove it. Flow follows execution. I think people still treat Hyperliquid as an alternative infrastructure, but it’s increasingly looking like the primary liquidity sink for displaced leverage. In 2026, the real chart isn’t price, it’s OI share dominance.

📄 The CLARITY Act was supposed to pass "in a few weeks." That was months ago. What's blocking it? Ethics. The Senate can't agree on one thing: rules for politicians who personally hold crypto. The Trump family holds billions in it. And the senator negotiating those rules, Kirsten Gillibrand, just watched her own son launch a derivatives exchange backed by a Ripple co-founder. To pass, the bill needs 60 votes. That means at least 7 Democrats. Two of them already said: no strong ethics rules, no vote. Now the calendar 📆: The Senate returns July 13 and leaves again August 8. That's about 20 working days to get everything done. Two Senate committees each passed their own version of the bill, and those still need to be merged into one. And those 20 days are already crowded: the SAVE Act (election law) and the housing package are eating the agenda. Analysts say the bill needs to clear the Senate by late July, or its chances collapse. The market agrees. Galaxy Digital puts 2026 passage around 50%. Polymarket prices it near 49%, down from 74% just a month ago. If it doesn't pass by August, it's 2027 at best. Midterms will freeze everything.

To conclude, the market drew its conclusions in a day. Reality takes longer. Look at the board: a decade of duopoly, and the consortium coins still sit under $3B. Good luck catching that network effect while arguing in a 140-seat committee. We'll drop an article going deep on Circle and the potential of stablecoins in the years to come. One that you don't wanna miss so make sure you're subscribed to @massdotmoney 🤝

And there it is. $MSTR lost its support, and Strategy just approved selling bitcoin:native. Probably painful short term but it's the cleanest move to avoid a blowup in $STRC and $MSTR, and protect Bitcoin later on. We highlighted this scenario last week as the rational thing to do 👇

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