Jana Hlistova

Episode #132 with @amydiehl is now live! We talk about: -Gender bias at work -How this holds women back -And why this hurts businesses -More+ Please enjoy! Listen on Apple and Spotify+ (links below)

Bad character can only lead to bad behaviour. That much has always been true.

The age of ego-driven men who confuse impulsiveness with strength and call zero reflection a virtue is over.

"You think you're immune from these things and you laugh. I want to tell you that you aren't." Charlie Munger

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.

It's really simple: leaders who lack emotional intelligence are not fit to lead.

Very nice-EU says it's nearing a free-trade agreement with Australia 👏 #bloomberg

Trust is a very delicate thing. It is very difficult to build, and sustain, and so very easy to break.

Groupthink thrives in homogeneous teams. No one challenges the dominant approach or narrative. Which is exactly what leads to incompetence and underperformance. And often long term, negative consequences.

Episode #132 with @amydiehl is now live! We talk about: -Gender bias at work -How this holds women back -And why this hurts businesses -More+ Please enjoy! Listen on Apple and Spotify+ (links below)

The Magnificent Seven fell into a correction Friday as investors flee risk assets amid concerns about the health of the artificial intelligence trade and tension stemming from the war.

Very nice-BlackRock’s iShares Staked Ethereum Trust ETF (ETHB) began trading on Nasdaq yesterday 👏

This is extremely smart: Rachel Reeves to make new push for greater single-market access #FT

Based on their annual report published in March 2026, Deutsche Bank AG has highlighted a €26 billion ($30 billion) exposure to private credit, amid growing concerns regarding loan quality, underwriting standards, and the impact of AI on borrowers. #Bloomberg

The $1.8 trillion private credit market is witnessing an exodus of investors after some high-profile corporate meltdowns led to mounting concerns over loan quality and exposure to software firms. #Bloomberg

Jefferies hasn’t changed its outlook “at all,” and expects the Iran war to trigger a new wave of investment in renewables as governments race to “increase energy independence,”...#Bloomberg

When women control 50%+ capital, the world will be a very different place.

UK wholesale gas prices jumped around 70% in a week; gas accounts for around 30% of Britain’s electricity generation and is used to heat more than 70% of homes. #Reuters

1973: The Arab oil embargo showed how a shock to energy supplies can spiral into an “everything crisis.” What began as a Middle East war soon rippled through global economies, strained alliances and reshaped daily life far from the battlefield. #Bloomberg

Australia’s largest gas companies are striking deals at more than double recent rates as conflict in the Middle East disrupts global supply chains. eg Santos (the country’s second-largest oil and gas producer) finalised a sale worth $70 million more than it would have been last week. #AFR

Love this 👏