Larry Tabb

@LDrogen IDK about you, but taking notes is how I retain info, even if I never look at them again (which I mostly don't). I retain so much more in the act of taking notes via pen/paper, than typing.

Banning laptops is basically admitting that note taking is a thing of the past because no one is writing down notes by hand anymore And frankly I agree, education should not be about note taking and memorization anymore So get rid of that entire concept

The Wall Street bank has warned employees to limit their betting to sports and entertainment categories, as it confronts compliance risks posed by wagers on everything from elections to interest rates. ft.trib.al/OUUP4mw

@TripleDTrader Just like everything was an ESG trade or a software trade, or an internet trade before that. You've been doing this for a long time too, everyone glams on to the next hot idea to get their mojo running.

I concur.

@CFTC blocks @CMEGroup from trading $oil 24x7 I don't really understand the logic here given @Kalshi already trades oil 24x7 and so does Hyperliquid, OKX and maybe a few others. Now while these perps don't trading in US (w/o using a VPN), Kraken does. reuters.com/legal/governme…

@JSeyff @elonmusk That is so funny. The I love the S&P but hate Elon ETF

Couple of ETFs filed that will track the S&P 500 and Nasdaq 100 but will exclude @elonmusk's companies...

@SummerMersinger hate em, love em - who cares? it would be nice just to have a bi-partisan SEC and CFTC again.

I served with Christy Goldsmith Romero at the CFTC. I saw her character, judgment, and commitment to public service up close. Calling Christy unqualified or untrustworthy is simply false – and it is especially hard to square with the fact that Better Markets itself previously called her “uniquely highly qualified” and praised her experience across banking, securities, derivatives, and law enforcement in a July 2024 statement. They were right then. Christy is a serious regulator, a principled Democrat, and a dedicated public servant. You can disagree with a vote or a policy position without tearing down someone’s integrity. But this attack is not really about Christy. It is about trying to slow the momentum behind Clarity. Rather than having a serious policy debate on the merits of the legislation, Better Markets has inexplicably decided to launch a character attack. While Better Markets spends their time commenting on rumors in a veiled attempt to prevent legislative progress, the crypto industry will stay focused on passing durable rules that protect consumers, support responsible innovation, and keep the future of financial markets in the United States.

@sonalibasak @EricBalchunas Now it may not be the Fed, but I think doing it through the US Treasury may be easier.

@sonalibasak @EricBalchunas This would be highly unlikely. I do believe the Fed is precluded from buying stock. That said, crazier things have happened in the past.

This is a must read. via @EricBalchunas

@nathandeanDC Nice. I’ve only been there in winter.

Hello Banff.

@DennisKelleher @JSeyff @EleanorTerrett @BetterMarkets The level of conflict going on is, I would say, absurd, but given what is going on now, I guess its just SOP. For an old timer like me, its pretty disgusting.

Well @JSeyff @ltabb @EleanorTerrett trying to stand on principal against Trump & sons from profiteering on crypto just made a little harder given the investors in Sen. Gillibrand's 22-year-old son's new venture, as @BetterMarkets pointed out here: bettermarkets.org/newsroom/is-se…

@JSeyff Hadn't thought of Clarity in terms of the recent news cycle, but more in terms of Congress' schedule. But you are 100%. If you are a Dem, can you greenlight Clarity in the current news cycle? Will take an even longer Hail Mary

Headlines like this likely mean that Clarity isn’t getting done without serious ethics language for trump/politicians. The optics are just so objectively terrible. I have to imagine that even pro-crypto dems are having a hard time ignoring this

@TheStalwart Joe, agree 100%. Early days there was an active market structure chat, that really isn't here now. Those insightful folks mostly don't post. I have shifted most of my thoughts to the @business market structure chat, where 2000 real pros are and I don't get in fights with trolls

In the newsletter today, I wrote about our prediction markets episode, and one of the big ways the internet's changed in the last 10 years. There are so many more avenues for people with domain expertise to make money, and much less reason to post free alpha online.

@AgustinLebron3 @GZuckerman @aosipovich @matt_levine @TheStalwart @RobinWigg @izakaminska @ByrneHobart Don’t forget @KatLeighDoherty

The fraction of finance journalists who actually understand trading is small. A nearly-exhaustive list: WSJ: @GZuckerman @aosipovich BBG: @matt_levine @TheStalwart FT: @RobinWigg @izakaminska @ByrneHobart isn't exactly a journalist but close enough. Who's missing?

@SIFMA put out a piece today. What our industry does is important and given the 250th we should spend a few minutes thinking about how critical the finance industry is to Americans & the world. America at 250: The Enduring Strength of US Capital Markets sifma.org/news/blog/amer…?

Software is now trading at its cheapest relative valuation versus the broader market in years. Source: Apollo

@BrianQuintenz @FT IDK Brian. Yes Kalshi got something for its equity, but not sure the sons are doing 9to5, or even 1 day a week. And CFTC direction has certainly changed since last admin and has been way more amenable to prediction markets. Quid pro quo? Don't know. But certainly easier.

The @FT got so many things wrong (deliberately?) in this article. 1) Companies don’t “give” away equity. It’s a comp arrangement for services and priced at the co’s valuation at the time of the arrangement. And when that company grows/does well afterward, guess what? So does the equity. 2) Misrepresenting that fact to then imply it somehow translated into a “light touch” regulatory environment is despicable. There is nothing light touch about the significant rules that fully registered US derivative exchanges have to follow (which is what US prediction markets are). The CFTC HAS NOT, IN ANY WAY, EASED REGULATORY OBLIGATIONS ON LICENSED PREDICTION MARKETS.

Predictions market Kalshi in talks to raise funds at $40bn valuation ft.com/content/b6ef5e…

@DefiantNews @Strategy So wait..., they didn't create a perpetual money machine? Damn. I guess it isn't different this time... I guess I will have to go back to looking for the elusive money tree.

🚨 STRATEGY MELTDOWN @Strategy's common stock $MSTR fell below $100 today for the first time since March 2024. Its market cap now trades at a discount to the Bitcoin it holds. The premium was how it managed to keep selling stock at favorable terms to buy BTC. That scheme has now collapsed. Preferred stock $STRC also continues its slide and now sits at a record low of $80.85 "There's no analysis where owning MSTR instead of owning Bitcoin is a smart play today," says Arca CIO @jdorman81 Full breakdown here: thedefiant.io/news/markets/s…

@TripleDTrader forget screws, you need new spikes

Fixed the golf shoes too!

You know times are tough when I have to screw my shoes together.

@cryptoreine IMHO, if a machine routes an order and takes a fee, its a broker. What differentiates that from a broker algo that takes a buyside order and routes it to an exchange? Esp a DMA router, where there is no discretion Either they are both brokers, or neither of them are brokers.

SEC is thinking about what "broker" means in an onchain context, and the answer could reshape the tokenized securities stack. Commissioner Peirce flagged it as a live priority: staff put out a temporary statement on user interfaces because they "needed time to think about how broker-dealer regulation interacts with this area." The question underneath it: if a smart contract routes an order, is it a broker? If a front-end surfaces tokenized securities, does it need to register? These are the questions that will determine whether DEX-adjacent tokenized equity infrastructure can exist in the US at all. The broker definition is to tokenized equities what the exchange definition was to crypto spot markets...