Shutdown Nears Resolution, Crypto Shrugs, UNI Adds Itself to the List of Investable Tokens

Discussed in today’s video:

• Shutdown Resolution Nearing: The Senate advanced its funding bill, with a House vote expected midweek and Polymarket implying a resolution by Thursday. Ending the shutdown would remove a major drag on liquidity and growth, improving the backdrop for crypto.
• Muted Follow-Through in Crypto: Despite a strong Sunday rally and firm equity gains Monday, BTC -0.68% and ETH -1.36% showed limited upside and a persistent Coinbase discount, signaling weak U.S. spot participation. We’d like to see that shift sooner rather than later.
• Regulatory and Market Structure Progress: Coinbase launched a new token issuance platform, the Treasury and IRS issued favorable ETP and staking guidance, and the Senate released a draft market structure bill. Together, these mark meaningful progress for crypto regulation/market structure.
• Uniswap Governance Catalyst: Uniswap Labs proposed the “UNIfication” plan to activate protocol fees, burn UNI N/A% tokens, and cut supply by 100 million. Applying the proposed fee to trailing 12-month volumes implies $422 million in annual UNI buybacks. UNI rallied nearly 50%, and while positioning is crowded, our initial view is that it deserves a spot on the short list of investable tokens.

Tickers in this video: BTC -0.68% ETH -1.36% UNI N/A%