FrankSchuil

On the @theallinpod this week, @chamath asked @nvidia CEO Jensen Huang about decentralized AI training, calling our Covenant-72B run "a pretty crazy technical accomplishment." One correction: it's 72 billion parameters, not four. Trained permissionlessly across 70+ contributors on commodity internet. The largest model ever pre-trained on fully decentralized infrastructure. Jensen's answer is worth hearing too.

@pizzainvestera @FrankSchuil @Nasdaq We post annualized staking yield + averages in the factsheets on a monthly basis. Most current figures are: 6.74% annualized, 5.64% average since launch

THEY DID IT. The SEC and CFTC just dropped a landmark document that officially classifies crypto assets. They're actually telling us which crypto assets are securities and which ones aren't - by name! THIS IS SOMETHING GENSLER REFUSED TO DO (he focused on prosecuting crypto out of existence) This rule doc gives crypto many of the benefits of the clarity bill - it lifts us out of the gray market - it gives every asset a path. It's almost like the Clarity act just passed by way of regulator. (of course, the actual clarity act will harden all this into legislation and make it irreversible in the event we get another Gensler, we still want it) This rule says there's 5 categories for crypto assets: 1) Digital Commodities - assets tied to a functional, decentralized crypto system (e.g., BTC, ETH, SOL, XRP, ADA, DOGE). Not securities. (yes, they name them on page 14) 2) Digital Collectibles - NFTs, meme coins, artwork tokens, in-game items. Not securities (fractionalized collectibles may be an exception). 3) Digital Tools - membership tokens, credentials, domain names (e.g., ENS). Not securities. 4) Stablecoins - payment stablecoins under the GENIUS Act are not securities. Other stablecoins, it depends. 5) Digital Securities - tokenized versions of traditional securities. Like tokenized stocks. Always securities. Amazing! This makes so much sense I can't believe it's coming from a regulator. No more enforcement threats to Ethereum developers and crypto exchanges. How about the Howey test? More common sense! If an issuer makes specific promises of managerial efforts from which buyers expect profits, the offering is a security until those promises are fulfilled. Then it's a commodity. The asset itself was never the security, the deal around it was. (E.g. XRP was a security pre launch, became a commodity after). How about stuff like staking and mining? Mining? Not a securities transaction. Staking? Also not a securities transaction, that includes custodial and liquid staking even with LSTs! How about wrapping BTC? Not a securities transaction. Airdrops? NOT SECURITIES. NO MORE GEO BANS PROTECTING AMERICANS from free airdrops. Remember this is a joint doc from the SEC and CFTC, They're actually cooperating on this, no internal strife, this is binding to both. SEC regulates $80-100 trillion assets CFTC regulates $5-10 trillion assets Both of the world's largest capital markets are showing us that crypto assets are here to stay and they're welcome alongside traditional assets. Every country will follow. This is the biggest move toward legitimacy I've seen in all my time in crypto. Maybe bigger than the genius act since is covers all crypto assets. Well done @MichaelSelig and @SECPaulSAtkins. And especially well done to the indefatigable @HesterPeirce. Her fingerprints are all over this, couldn't have happened without her eight years of principles-based curiosity.

Nvidia is worth $4.4 trillion. OpenAI just raised $110 billion in a single round. More than all of crypto VC since 2022. Combined. And the #1 AI blockchain is sitting at $2.3 billion. Nobody is paying attention. Bittensor just ripped 30% in a week. Not on hype. On a real technical milestone. A team on Subnet 3 just trained a 72 billion parameter language model. Fully decentralized. No central cluster. Anyone with GPUs could join. That's never been done before. Anywhere. Here's what most people are missing about Bittensor: • 21 million max supply. Same as Bitcoin. 4-year halving cycle. No pre-mine. • First halving already happened December 2025. Daily emissions cut 50%. • Grayscale filed for a TAO ETF (ticker: GTAO) on NYSE Arca. Bitwise is right behind them. • Founder stepped down February 2026. Fully headless protocol now. No CEO. • 129+ active subnets producing real AI products. Not roadmap promises. • Subnet market cap hit $822 million. Record 27% of TAO's total value. The subnets are what make this different from every other AI token. Chutes (Subnet 64) is the #1 inference provider on OpenRouter. Beating centralized players. 85% cheaper than AWS. First subnet to $100M market cap. Ridges (Subnet 62) builds autonomous coding agents. Outperformed Claude 4 on benchmarks. Backed by Stillcore Capital. $10K+ daily prize pool for miners. Bitcast (Subnet 93) is building a decentralized creator network. Brands pay for results. Creators earn TAO. No contracts. No middlemen. Up 50% this week alone. While most of crypto chases memecoins, capital is quietly rotating into AI. AI tokens led the entire market last week. +7% sector-wide. Bitcoin did 2.5%. The ETF filing is the part nobody is talking about. Think about what the Bitcoin ETF did. $42K to $73K in three months. TAO is at $2.3 billion market cap right now. Imagine institutional money pouring into that. AI is not a trend. It's the infrastructure of the next 20 years. And the largest AI blockchain is still early.

@StaniKulechov