DISCUSSED IN TODAY'S VIDEO:CLARITY ACT MOMENTUM SLOWED: Senate Banking Committee markup was delayed, pushing timelines out and reducing near-term confidence, even though longer-term passage remains more likely than not.THE MAIN CONCERNS: Restrictions on stablecoin rewards and potential de facto barriers to tokenized equities are central industry objections, echoed by Coinbase leadership.LEGISLATIVE ODDS REMAIN CONSTRUCTIVE: While some in the industry see an 80–90% chance of passage, a more realistic (unscientific) probability is closer to 60–70% by Q2, with meaningful work still required on bill...

DISCUSSED IN TODAY'S VIDEO:BTC BREAKS $94K: Today’s move was catalyzed by a cooler-than-expected CPI print, reinforced by strong spot demand, and amplified by a short squeeze after repeated failures at this level, with incremental support from improving regulatory sentiment following the release of the Clarity Act draft.ADDED CLARITY BOOST: The Clarity Act draft meaningfully improves visibility around self-custody, DeFi, wallet developers, and SEC vs. CFTC jurisdiction. While the stablecoin yield restrictions are not ideal from a product and ecosystem perspective, the overall...

DISCUSSED IN TODAY'S VIDEO:THE BAD: Large incremental BTC demand failed to move price, with Strategy’s $1.2bn purchase largely absorbed near ~$92k, signaling persistent overhead supply and explaining recent choppy price action.THE GOOD: U.S. flows into crypto re-emerged today, with a strong Coinbase premium and premium-to-NAV expansion across digital asset treasury companies.MY VIEW ON POWELL’S STATEMENT: Powell’s response reasserted Fed independence rather than signaling a tighter policy bias, preserving a data-dependent reaction function and reducing the risk that future cuts are perceived as politically...