Arush (FTX Creditor)

@lex_node We should sit down and chat @lex_node . Alpaca would like to support metalex. x.com/arush/status/2…

Well written. Loan collateral liquidation path is key, superstate tokens bifurcate liquidity from public markets guaranteeing they will trade with different prices to NMS shares. Ironically this is the same deficiency that issuer sponsored token purists highlight as being the problem with the Linked Securities model

@brian_armstrong What about zk KYC

Major areas where the financial system still needs an update: 1. Tokenization of real-world assets - Real estate, stocks, bonds, funds, etc. onchain for instant settlement, fractional ownership & massive distribution. 2. 24/7 Global trading - Pooled global liquidity, every asset, every person, with great leverage and capital efficiency. 3. Next-gen payments - Near-instant, low-cost global transfers using stablecoins, including for Agentic payments. 4. AI-powered risk, credit, compliance, and advice - Better decisions, less fraud, and broader access to capital. Everyone gets access to a great financial advisor. 5. Innovation friendly regulation - Move from one-size-fits-all to risk-based rules that encourage innovation and competition instead of stifling it. 6. Expanded access - Open protocols that reduce middlemen and self-custodial wallets to expand access to everyone with a smartphone. 7. Capital formation - Low cost and turnkey for anyone to raise money for a good idea, increasing the number of startups. 8. Sound money - A refuge from inflation, when discipline is lost in fiat money. Jobs not done until we get these working for all. Will require lots of tech innovation and policy work to get there.

@HaileyLennonBTC @CaitlinLong_ Weak

🚨 Silicon Valley law firm Fenwick & West will pay $54 million to settle claims from FTX customers who allege the firm helped enable Sam Bankman-Fried’s fraud theblock.co/post/402425/ft…

@DrewDilligecko @johnbrda Good points. Great read

Good read @100y_eth @RwaLlama We solved the liquidity fragmentation problem you mention in #5

@kpolley Awesome work Kyle

The industry has seen an unprecedented wave of supply chain attacks over the past few months. That's why we built Bumblebee, a lightweight security scanner that continuously monitors endpoints and hunts for malicious packages. Bumblebee has been a critical asset in keeping @perplexity_ai secure, and we're thrilled to open source it for everyone. We're also using Perplexity Computer to monitor public threat intelligence feeds in real time and update the Bumblebee repo as new threats emerge. Excited to share this with the community!

@ThomasFarley @SBF_FTX I think 10 years would have been satisfactory And maybe 5 if the lawyers hadn’t instadumped the Anthropic position

Is it possible the @SBF_FTX prison sentence of 25 years is a touch extreme? I know I’m running the risk of getting ratio’ed to hell here… Full disclosure, my views are not soft on crime. My father is a Federal Judge. My mother spent five years in a cloistered convent preparing for life as a nun. In my house, if you broke the rules/law, you should be punished by God, the justice system or both. He stole. He cheated. He lied. But 25 years? I’m not sure we nailed that one as a society…

im leading the dtcc project for Alpaca, we're a clearing member and taking part in the July pilot. we have millions of KYC'd customers since we are one of the only brokers with an active crypto exchange since 2022. I'm interested in collaborating on a zk KYC solution for the industry, i've heard about xid, but what is the protocol or tech stack that we need to make this happen? we don't have a schelling point for the industry to form a coalition around this btw i was in your office last week nice views

My prediction is that @SECGov innovation exemption will provide a testing ground for KYCfi for US, mostly, @The_DTCC tokenized securities + directly onchain securities, while providing room to test AMMs. Will still need a broker-dealer to whitelist KYCed wallets. DeFi won't love it. TradFi might sue over it - but onchain brokers will have an opportunity to show PMF.

@x256xx mcap is $60B not $17B

HYPE trades at 20x earnings. cme 25x, ice 26x, nasdaq 29x, robinhood 36x, ibkr 38x Lowest P/E in the set, smallest market cap in the set, ~100% net margin, 14 employees doing $60m of revenue each. Unlike the tradfi names, it is also the only one actually building new product surface. Cheapest, leanest, most profitable, most innovative Hyperliquid

@quant_arb he has spoken. End of debate

I have seen some commentary about orderbook vs RFQ. Some thoughts of mine as someone who’s quoted both: 1. RFQ is inherently taker only and as such you hit a limit with costs and cannot ever reach ultra low cost execution required for higher turnover strategies via making into positions. 2. Orderbook will generally be better cost for anything that isn’t explicitly ultra large size 3. RFQ can outperform in situations where the net risk of the position is significantly different than the gross risk. This is multi leg positions and options structures (you pay for the gross of the Greeks when executing in the book but pay for the net of the Greeks when executing RFQ) 4. When trading large size, as long as fills are not public you can effectively have an execution arbitrage, where the OTC desk executes the position at their execution cost and charges you a lesser cost than if you had used your own inefficient execution algorithms (like a basic taker TWAP) to execute the position. Outside of cases where people are trying to take into large size or extremely large differences between gross and net risk RFQ does not compete with orderbooks and orderbooks should be preferred in regular cases.

@CaitlinLong_ @jaredkate Same people behind the FTX Bankruptcy that prevented the exchange from being sold and from creditors to receive the Anthropic and HOOD upside

THE REAL STORY of the Silvergate Bank “collapse” is finally starting to come out, due to the SEC lifting its “no-deny”/“no criticism” restriction on SEC settlements this week. @jaredkate, Silvergate’s then-COO, has started to talk👇 & more of Silvergate’s side of the story will come out, no doubt. As @nic_carter has reported, Silvergate didn’t actually collapse; rather, it was purposefully demolished as part of #OperationChokePoint2.0 — and it stands pretty much alone in banking history as a bank that paid out depositors amid a bank run without sticking the FDIC’s deposit insurance fund with losses. I’d already learned what happened from a different insider who was at the table back then: the insider witnessed the Fed ordering Silvergate to de facto liquidate by ceasing to service the crypto industry, the “voluntary” announcement of which started the bank run. The insider named names, and a senior Fed official later asked for that list of names (note: many of the people have since left the Fed or no longer in senior positions there). I can’t wait for the interviews of Silvergate executives who previously couldn’t talk but can now. I hope @MaxfieldOnBanks runs with this — he did a big analysis of the Silvergate story a few years ago and figured out that the mainstream narrative wasn’t correct. I look forward to hearing more from the execs, who successfully liquidated a bank under extreme bank run pressures. Are you ready to hear what they have to say???

@tmnxeq it was literally a hinge that stopped the launch x.com/elonmusk/statu…

how much of the IPO hinges on this launch?

Exactly what I said last week at sifma ops

@ltabb Yes Sounds like you were at my SIFMA Ops talk

For all you equity token folks. I publishing thoughts on US Equity tokens. Equity Tokens Need Netting Not Instant Settlement of Every Trade blinks.bloomberg.com/news/stories/T… Second one is here - Tokenizing Stocks Creates a More Efficient Wrapper blinks.bloomberg.com/news/stories/T…

@daaniyaan Don’t forget the red withdrawals halted banner at the top

Thinking about building an exchange using the FTX front‑end with Hyperliquid Builder code for the engine and back‑end.

@ringwraith10 lol

unbelievable spacex book unlocks from discovery bound 1 directly into discovery bound 2 at 216 at least no more 10m resting bids lol

@0xhyperfury @jdorman81 Unlocks increase circulating supply

@arush @jdorman81 Tokens are bought and burnt sir Fast disappearing

hyperliquid:native gained $2.2 bn today in outstanding market cap today (570mm tokens of outstanding supply x $4 gain). That's 15x the add'l ~$150mm of earnings HYPE will earn via the new USDC / Coinbase / Circle deal. The market is assigning a 15x multiple to the new income stream for HYPE, yet the business as a whole trades at 27x ($22 bn on $800mm revenue), and $CRCL somehow trades at 30x earnings, even though they are losing $150mm of earnings from this since they keep paying it all to Coinbase and now Hyperliquid. Wild stuff

@WuBlockchain Great move

Bullish to Acquire Equiniti in $4.2B Deal, Expanding Into Tokenized Securities Bullish has agreed to acquire Equiniti, a global transfer agent, for approximately $4.2 billion including debt, according to the Wall Street Journal. Following the deal, the companies plan to offer corporate issuers end-to-end tokenization services, including 24/7 trading of securities and stablecoin-based payment and settlement solutions. Equiniti currently serves nearly 3,000 public companies, including Berkshire Hathaway and Moody’s. The transaction is expected to close in January 2027, subject to regulatory approvals.