Navra (BD), Fmr CSFB, BLK, COIN, One River, RONE Olympian (2000 Silver USA Rowing), Zwift B. Posts are personal, not financial advice.
Joined July 2009
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What's next for Washington DC & digital assets? Tokenization & The Future of Securities...hearings are 3/25 in DC!
Last week I sat down with Chairman @RepBryanSteil (WI), Chairman of the House subcommittee on Digital Assets, at the @DigitalChamber DC Blockchain Summit.
Why is Chairman Steil's committee is crucial?
All digital asset legislation starts here:
1) Stablecoin (STABLE, now GENIUS), and
2) Market Structure (CLARITY).
So what's next? Tokenization. Why? It is strategic to the USA.
Watch the full conversation: lnkd.in/edctzzfc
Watch the tokenization hearings on 3/25: lnkd.in/eWPgymDk
The Horse Has Left The Barn, Equities Will Be Onchain.
So what's your plan?
bloomberg.com/news/videos/20…
PIIGS? Now we have FROGS: French Oversized Government and Social Security
Both @WSJ and @business ran stories on France's debt, spending...noting prolifacgy and spreads blowing out last week (especially "le spread" vs Bunds).
In the early 80s it was Ed Yardeni who coined the term Bond Vigilantes.
They are back, and are global.
Robinhood enabling Agentic Trading and External Agents (you own the decisions your agent makes, of course).
This could matter on multiple dimensions (liquidity, regulation, returns, etc).
Every asset will be digital and programmable...but proceed carefully as truly free markets don't have the protections and curation you expect (yet).
Example: Take Uniswap, where you might see 5 different tokenized versions of SanDisk (issued by different protocols), trading at 5 different prices.
Who/what is backing each of these tokens?
What is the right price for each token? How do they differ? What does liquidity look like for each?
These are questions (and more) are what offshore investors should consider if they engage.
Learn more about Uniswap and tokenized securities, go here: blog.uniswap.org/tokenized-s…
Agentic Commerce will become crucial for Dollar Dominance. Needed: the right policy, legislation, and regulation.
1/ Agentic Commerce has a lot of hype these days, and for good reason. Will it matter for crypto blockspace soon? Probably not. But eventually? Yes. Not financial advice.
2/ Actual traction/transactions are limited today. x402 (by @coinbase) is promising, but look at the numbers: x402scan.com/.
3/ So its early...should you care? Yes! The US government partially supported Genius/stablecoins due to the potential demand for T-Bills. To accelerate that stablecoin bid, we need to support agentic commerce. More legal robots using USD stables = more USD stables = bigger bid for Tbills = re-assert USD Dominance.
4/ Is legislation needed here? Or could it hurt? These are questions to discuss NOW! Note: Senator U.S. Senator Mark Warner recently introduced introduced a discussion draft of legislation on agentic commerce, focusing on protections (link below). What are the risks? How can they be mitigated? Will these protections accelerate agentic commerce? Or hamstring it in the US?
5/ The International Monetary Fund published an in depth look into agentic commerce. They highlight some tensions, including the risk of using a probabilistic infrastructure (LLMs) in a deterministic industry (finance)....GOOD POINT. You can't afford for your LLM to hallucinate that your rate was too high, so it didn't pay your mortgage, on time, every time.
Links for further reading
1. lnkd.in/e7QZbGCM
2. lnkd.in/e8zQFzSh
3. x402.org/
4. ap2-protocol.org/
5. mpp.dev/
Hi @AravSrinivas, when can we expect @perplexity_ai in the setup for BUZZ? Thank you.
Vaults could drive onchain finance to grow 100-1000x (onchain finance, not crypto). This is not hyperbole. But if a vault has a service that sounds like an investment, the "curator" might be providing a security. If it looks like a duck, sounds like a duck...YOU SHOULD LISTEN TO THE SEC!
Five Points:
1/ Vaults are fascinating market infrastructure, and the momentum has been piling up for awhile at @Morpho (go here: lnkd.in/gkPTz9Tu), nice work @dennisbree .
2/ New things are good, generally, but the RIA/security rules don't change just because you are onchain. If you are considering providing a vault service, you *must* read the SEC's recent letter on the topic (bottom).
3/ The SEC's Hester Peirce, a balanced and thoughtful regulator, highlights the risk clearly: "A vault, for example, could be a common enterprise in which users invest money with a reasonable expectation of profits to be derived from the vault deployer’s and curator’s entrepreneurial or managerial efforts."
4/ Sound familiar? "Common enterprise with a reasonable expectation of profit"...well that is right out of the Howey Test. If you forgot, read here:
lnkd.in/ggFhVSpK
5/ Take this seriously, do the research, act, and it will be OK. Ignore this risk at your peril. My take: structured properly, Curators **could** be akin to "model portfolios" that RIAs can choose to follow or not (at their discretion). In this more kind view, a curator still needs to register as an Investment Advisor, even if the provision of that service is not a security. And you need to follow strict performance/marketing disclosures, conflict of interest disclosures, amongst other things (this is not investment or legal advice - but you probably need the later!)
A Statement on Crypto Vaults and Lending Strategies (SEC July 2026)
lnkd.in/g3gReumv
Will 24 hour markets help capital formation for US equities? I do not know. US markets tend to concentrate volumes into the close (see image, from @Nasdaq ). What happens when we don't have a close? Or an open?
The SEC is hosting a DC roundtable on 9/17/26 to discuss moving towards 24 hour trading in the US equity markets.
What do you think? Tell the SEC: send an email to [email protected] with “File Number 4-913” included in the subject line.
More reading:
0/ SEC PR: sec.gov/newsroom/press-relea…
1/ Nasdaq in-depth article on this same topic from 2025 by Phil Mackintosh, a fmr CSFB colleague:
nasdaq.com/articles/looking-…
@Nasdaq @phil_mackintosh
Will El Nino rain on your portfolio this summer?
See the image below for "widespread, significantly above-average subsurface temperatures across the equatorial Pacific"... hard to miss! And the forecast is hot!
cpc.ncep.noaa.gov/products/a…
How could this matter in the US? ⬇️
1) Hotter than normal temps in Texas/ERCOT could drive higher power prices in Texas (and power price volatility).
2) This could cause curtailment for flexible consumers (Bitcoin miners) which could actually net benefit from this dynamic in some situations.
3) AI workloads are less flexible and may see some margin compression depending on their contracts.
4) More rain on the East Coast. It could literally rain on your parade... it did last weekend.
5) Hotter & drier in Pacific Northwest are expected & higher chance of wildfire.
Want another take on this? Listen to @friedberg (@theallinpod):
instagram.com/reel/DYh3sZ1xY…
Not financial advice. Disclaimer: na2.hubs.ly/H05cTbJ0
The upgrade of financial services approaches... but who is in front?
Right now, @HyperliquidX and @galaxyhq, based on 6 month returns.
Why do you think that is?
Source: Bloomberg
Not financial advice. Disclaimer: na2.hubs.ly/H05cTbJ0
Stablecoins are increasingly a North American (NA) story. We expect this momentum to accelerate as the stablecoin law (Genius) becomes effective (no later than Jan. 18, 2027).
Per @artemis, we see that NA stablecoin relative volumes have grown dramatically since the lows of Q2/Q3 2024 (blue).
Prior NA dominance in 2021 was a crypto volume story... but we believe the resurgence pictured is increasingly explained by economic activity in the traditional economy.
When we monitor things like x402 (x402.org), it's still early days, but the rails are getting used (and tested).
Source: Artemis as of 5/19/26
Not financial advice.
Disclaimer: na2.hubs.ly/H05cTbJ0
Digital assets are an endurance sport... and the miles are better with friends!
@realstlchris and I discussed lessons learned from sports at the AIMA Digital Assets Conference 2026.
TLDR: Being an Olympian or setting multiple Guinness World Records is, it turns out, a good primer for investing in the digital asset ecosystem (pain and volatility).
Did you know? Chris and his team hold the world record for the most bars visited in 24 hours on foot! The prior record was 102 bars... and his team printed 250 bars in NYC's East Village.
Here's the story:
amny.com/news/crawl-crew-dri….
And here's my Olympic race (ancient history at this point!):
youtube.com/watch?v=aSCIg7sV…
The American Bitcoin Rally looks to be slowing down near term.
We believe 1) Bitcoin’s recent rally was helped by the return of the US bitcoin buyer, and that 2) the latest pullback suggests US bitcoin selling is impacting BTC price, for now.
We see that most clearly in the Coinbase Bitcoin Premium Index, which flipped from deeply negative in late March to strongly positive through April, and as of April 27, dropped back below zero as BTC has retreated from the high-$70Ks.
TLDR:
When the CB Premium turns negative (red) and bitcoin is cheaper on CB vs. international exchanges, this likely indicates more relative selling from US holders.
Not financial advice.
Disclaimer: na2.hubs.ly/H05cTbJ0
No one really cares, until everybody cares.
It's 2026 and asset managers should care about Tokenized Gold.
There is now over $5.6B in just 2 tokenized gold products (@tether and @paxos highlighted below). This is despite ~$230B AUM across GLD and IAU (~$73B). So, that begs the question: why?
We believe these tokenized products are breaking because they deliver 3 key elements:
1) Solve a real distribution problem (region, and/or divisibility).
2) Deliver better access with 24/7 trading.
3) Enable increased usefulness through DeFi integration (enable an asset for collateral/lend/borrow).
Not financial advice.
Full disclaimer: na2.hubs.ly/H056W950
