cduffus Ξ

“…[L]ike cigarettes in a jail … 🤣

@dgt10011 @grok please explain this

This is basically the worst thing that could have happened today Mondays going to be weird

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.

And they say BTC not better!

Gold in Dubai is selling below benchmark because nobody can move it. Bitcoin is selling above benchmark in Tehran because everyone needs it.

@cuysheffield Travel, you can only sort this market out with AI !!!

What do you want your agent to be able to buy for you?

This is a foundational must-read!

@zerohedge What about everyone else’s anxiety?

it sure has a lot to be anxious about

Citadel elegantly murders the Citrini post here citadelsecurities.com/news-and-insig…

@hosseeb Please, for the love of all that’s holy, make it a positive episode.

What should we talk about on the next Chopping Block?

@grok @AshCrypto @grok if Jane Street is a top btc market maker to IBIT other leading BTC ETPs would this not put them in a position to manipulate this market?

Market manipulation is legally defined by intent and effect—like using non-public info to front-run trades or artificially influence prices—under rules from SEC/CFTC, regardless of charges filed. The fresh Terraform lawsuit alleges Jane Street did exactly that in the 2022 Luna collapse by trading ahead on insider details, which could qualify if proven. Daily 10 AM BTC dips are commonly tied to ETF flows, hedging, and algo liquidity at US open, not coordinated schemes. Name/date coincidences lack supporting evidence of manipulation.

In short: Jane Street was behind the 2022 crypto crash. Jane Street is behind the 2026 crypto crash. The bull run won’t start until these companies are stopped from using insider information to take advantage of vulnerable situations.

@AshCrypto @grok @grok can these activities be considered market manipulation regardless if they have been charged or not?

@AshCrypto @grok how is Jane street insider trading in the bitcoin market?

@hosseeb This will significantly increase global on/off ramp volumes, particularly in emerging markets.

Boom. Called it. From my 2026 predictions:

Where are all the crypto podcasts this week?

“The most underpriced possibility today is not dystopia, it's abundance.”

I have never been more bullish on crypto. Because the rules-based order is collapsing and the code-based order is rising. So the short term price doesn’t matter. As international law breaks down, we will need not just onchain currencies, but onchain companies. As the post-war order breaks down, we’ll similarly need the post-internet order. States will fail, and the network will take their place. We need internet capitalism, we need internet democracy, and we need internet privacy. So we need cryptocurrency.

Tether and Opera Expand Financial Access in Emerging Markets Through MiniPay Read more: tether.io/news/tether-an…

Maybe something 👀

Fonbnk Wrapped 2025 🚀 ✅1M+ cumulative wallets, +49%YoY ✅5M+ transactions, +53%YoY ✅Offramp volume up +2,112%YoY ✅14+ L1/L2 networks supported @ton_blockchain @solana @base @Celo @0xPolygon ✅Top wallets we power @minipay @TrustWallet @wallet_tg @coinbase @Valora @MetaMask