Austin Campbell

If you had to tell a new institutional investor the most investable companies in the digital assets space, what would you answer?

If there's actual evidence of deposit flight, those suffering from it should be demanding that this report be released immediately. That they aren't tells you everything.

The Cari announcement sparked a debate about institutional blockchain infrastructure. Much of it focuses on technical architecture. But first, consider the business case of proprietary vs. open standard. Governance of proprietary networks like Canton or Tempo is going to be controlled by a small group with disproportionate voting weight. It's "permissionless", but to join you have to submit a Google Form with opaque admission criteria. It's unclear who decides. Over time, the most influential participants will set the terms of access and pricing. If you're a bank evaluating this today, you recognize the pattern from SWIFT and Visa: early incumbents locking in structural advantages while late joiners absorb the cost. This is what we hear from banks. Everyone wants to build their own SWIFT-killer. Nobody wants join someone else's SWIFT-killer. Ethereum is the only settlement layer where that dynamic can't take hold, because no single entity can capture it. It's the only place where every participant can permanently trust that no future coalition will rewrite the rules against them. That's what makes Ethereum the only game-theoretical equilibrium as a global settlement layer for institutional finance that works long term.

The case should have never gone to trial, the judge tried his hardest to steer the verdict, and still the case was so bad the Adams County cop plaintiffs somehow found a way to take embarrassingly bad Ls on every possible dimension of losing.

Former bond trader here: not financial advice but I would not be a buyer of NY muni debt here. This is not markets punishing Mamdani, it is them predicting the future. Market knows NYC is losing jobs, seeing outmigration of the wealthy and families, and spending too much on stuff that doesn’t grow the pie. Therefore it expects less ability to repay in the future. Bond prices go down, yields go up. This is all rational. The response from the mayor actually will make it worse because he is showing he doesn’t intend to change course. The danger with bonds is they don’t move linearly. A huge fight to raise taxes and spend way more might move borrowing costs up a bit… or it might double or triple them and cause a bankruptcy. There is no way to know precisely where the cliff is until you are over it. The wise decision is to keep your distance. NYC does not appear to be doing that.

🚨JUST IN: Texas just passed its first major test. A shareholder with 100 shares (0.00002% of Southwest Airlines) sued the board. A federal court just dismissed the case with prejudice under Texas's SB 29. In Delaware, 9 shares nullified a $55.8 billion compensation package. Texas built a system to stop opportunistic litigation. Yesterday, it proved it works.