Tim Hite

@ThomasFarley x.com/i/status/20347…

I spent a lot of time (wasted) with the prior Chairman/SEC and heard “only Congress can provide clarity.” This Chairman and SEC proves that was a lie. Thanks for a level of decency and humanity that didnt exist in the prior SEC…

Agency guidance may signal how an agency will pursue enforcement actions. It doesnt necessarily protect from investor or state agency lawsuits. Legislation still matters.

Pete Rose is looking up at this in disbelief

This becomes a standard for professional sports leagues now, no?

Once the media starts running with the term "spy powers," its tough to overcome that

A token taxonomy that was a decade in the making came out from the SEC/CFTC. Its significance cant be understated. However, theres barely a change in odds on market structure legislation passing. Interesting.

After more than a decade of uncertainty, this interpretation will provide market participants with a clear understanding of how the SEC treats crypto assets under federal securities laws. This is what regulatory agencies are supposed to do: draw clear lines in clear terms.

Working my way through the new SEC and CFTC interpretive guidance and I'm loving footnote 96. Why? In many ways FN96 explains the core approach: earlier in the guidance we are told that tokens whose value comes from functionality and supply/demand rather than essential managerial efforts of a promoter are not securities. But how do you define functionality and a lack of managerial efforts (i.e. decentralization) post ICO...? Not by some technocratic general standard! But rather by the actual promises of the original promoters (and whether they've been satisfied or otherwise extinguished). A very Hayekian approach that avoids regulatory hubris and metaphysical wrangling over the nature of "functionality" or "decentralization." Well done.

The scary part is that you cant argue with this, even if you disagree. Its a self-fulfilling prophecy. The moment people expect prices to rise, they demand higher wages and lenders charge more. The expectation alone rewires and shapes the economy.

Banks span a larger geographic footprint, where they have an established presence and longstanding relationships with policymakers in all districts/states. Crypto's interactions with policymakers is largely concentrated in DC. Its ironic. As things currently stand, bank lobbying is more decentralized than crypto lobbying.

@austincampbell There's a lesson to be learned from Polymarket's impact (or lackthereof) on the price of the Polygon token

Tokens in crypto are priced as though there will be insane adoption and revenue. When platforms actually get that adoption, the token collapses? If you want to understand what real products people will use look like, or why altcoin valuations are unsustainable, read this.

tokenized stocks have product-market fit: xStocks crossed $25b in volume with 85k+ holders who want 24/7, wallet-native equity exposure. what they're not getting is actual ownership: no voting rights, dividends, or legal claim to underlying assets. That gap doesn't affect returns in normal mkts, which is why few are pricing it. it becomes material the moment a corporate action, a liquidation, or a governance dispute forces the legal question into the open. @ that point wrapper holders discover their position has no standing & the product that had $25b in volume has a credibility problem that spreads to the entire asset class

@NotFifthGear "Overtaking." Its position swapping.

I can tolerate the FIA director not following the rules and porpoising that break drivers' backs but I draw the line at F1 cars that overtake

@wtf1official I get the same excitement out of this as when I was an "exhibition" race. Yes, it can be entertaining, but at no time am I emotionally invested nor does it get my heart rate up.

Russell, Hamilton and Leclerc shutting down the allegations that this was going to be a boring Sprint Race... these three have been swapping positions left and right 😱 #ChineseGP #F1 #Formula1

From a viewer's perspective, what makes it almost unwatchable is that its impossible to know what's actually going on. As if the battery management isnt bad enough, we cant even see driver's battery levels most of the time. So two drivers can have the same gap at the same point of the track, and its impossible to anticipate what the outcome will be because battery levels are hidden.

🇨🇳 Sprint Race - Initial Thoughts (These are my unabashed thoughts - a little spirited discussion is great, but if you’ve pre-decided you don’t want to hear it, gleefully move along) Watching the cars go so slow for energy starvation vs what an F1 car can actually do… is still really disorienting and jarring to the brain. Is it for you? My brain can’t help it, you see cars on a race lap going around a corner and you think “is it a VSC, did I miss something?” No, we’re just taking the high speed corners at 60%. 🙂‍↕️ But I’m trying to find the silver linings. It still feels tarnished, but some little glimpses of improvement compared to week 1… with other things equally bad. Ultimately, some teams have simply dropped the ball on the start procedures for their cars. Ferrari have nailed that part of it. I feel no sympathies based on how that whole dynamic has gone with the teams and the FIA, who had ample warning and chance to solve this issue with regulatory change or car design. Some chose neither, now let them sleep in that bed. Most of the “excitement” we are seeing in race trim will subside once teams get the deployment debacles sorted out, as being able to use the “overtake” button will disappear. Ironically, the poor adaptation to the regs is temporarily keeping the casual observer or those that don’t really get what is actually happening with the energy back and forth, “engaged”. It’s an easier sell for F1 to spin the yo-yo racing as “look at all the overtaking!” A little timidness from Russell kept the Ferraris in play here, but there’s still pace in the Merc to stay at arm’s length when given 4-5 laps to get position and steady themselves. SC made an otherwise easy outcome more labored. And the elephant in the room… Kimi has, thus far, not shown why he’s in a Mercedes seat. It’s not like an emergency situation for some radical in-season change, but Toto has to have some sort of timeline in his mind to see progression, before a hard decision regarding the lineup in 2027/2028. Tight racing from the Ferraris, good to see them race hard without colliding. Lewis looking racey again is very good. I didn’t expect it, but Leclerc was a little quicker, in China of all places. Not sure if that will hold up for the GP or not. But if they’re going to let the two cars race each other (which is not always the right call), they need to decide that quicker than they often do. The racing all still feels a bit hollow considering the non-human randomness of much of it. you’ve still got cars doing different electrical harvesting and deployment lap to lap while the driver is doing the exact same thing… so it’s not too fun for adaptive software to matter in racing outcomes without driver control. I’m never going to like that. But the inherent track traits of Shanghai aren’t as poor as Albert Park was. I realized that I’m not able to watch this current iteration of F1 as a fan that’s invested in outcomes. Right now it feels more distant, like an exercise of observation and reflection. I’m aware of the reduction of the human input into the outcome, so it feels disingenuous to treat it otherwise. I hope I don’t feel that way forever, because that’s a bummer. but that’s just where I’m at with it. The sport has lost some luster. I am genuinely hopeful for some adjustments inbound after Shanghai that begin to directly address these exact issues of energy starvation and how it’s led to an algorithmically driven product - if they don’t make some tweaks, it will lead further in that direction as the regs mature. What were your thoughts on the Sprint? On to GP Quali and the Feature Race.

The "52 million people own crypto" pitch has be used since 2023. Either its 3 years outdated, or that number hasn't changed despite the significant growth in market cap. Both pose messaging issues.

@jenn_rosenthal This is excellent! Well done to you and the @fund_defi team!

Agree totally. Some newer IPSOS research DEF did for industry about Americans’ evolving feelings / trust in the financial system. TLDR, trust is lukewarm, very few Americans think our financial system is secure, and majority want greater control over their finances and data. defieducationfund.org/demystifying-d…

@TheMikeBagley @SiriusXMNASCAR I want to say the Daytona night race couldve been in that at one point in time. Not now though

We consider NASCAR's crown jewels the Daytona 500, Coca-Cola 600, Brickyard 400, & Southern 500. What would be the 5th? 866-PIT-LANE @SiriusXMNASCAR #TMDNASCAR