So after all of that, what is the point? It is not that every short seller is bad, McCabe even said so on yesterday's call and I completely agree. It is not that every regulator is corrupt. It is not that every journalist is bought. It is not that every anonymous account is part of some coordinated operation. And it is certainly not that every disagreement proves wrongdoing. The point is much simpler... Markets only work when people trust the record. Investors need to know that ownership can be reconciled. Issuers need to know that the market around their securities can be understood. Regulators need enough visibility to identify anomalies before they become multi-year forensic exercises. And when something does go wrong, the documentary record has to survive long enough for somebody to reconstruct what happened. That should not be controversial. For more than 65,000 families, #MMTLP stopped being an abstract market-structure debate a long time ago. It became personal. And for me, helping bring some resolution to those families has become very personal too. But the bigger issue now extends beyond MMTLP. Because the next generation of markets will be much faster. More automated. More fragmented. More international. More tokenized. More AI-driven...and increasingly 24/7. If the existing plumbing has blind spots, adding speed does not eliminate them, it will magnify them. That is why Congress should care. Not because Congress needs to choose a side in an internet argument. Congress has to ask whether the infrastructure governing modern markets is capable of protecting confidence in those markets as they evolve. The American Dream depends on something surprisingly basic: -An entrepreneur should be able to build a company. -An investor should be able to invest in it. And both should have confidence that the rules, the records and the referees work the SAME way regardless of who is on the other side of the trade. That is the gold standard. Nothing more exotic than that. So after four years of arguments, FAQs, FOIAs, hearings, research, litigation and now discovery, my view is simple: Follow the documents and reconcile the records. Separate allegation from fact and let the evidence lead wherever it leads. In the NWBO case the market makers and trying everything to keep things under a seal, same thing happened with MMAT... Assuming each of these defendants have a story, the record has to reconcile them. Documents don’t care who you know. Metadata doesn’t recognize the velvet rope. Discovery doesn’t care which entrance you used. It just wants the passenger manifest. Markets can survive short sellers. They can survive bad trades. They can survive bad companies. What they cannot afford to lose is confidence that the same rules apply to everybody. Read the MMAT/NWBO/QNTM etc filings... and please tune in on Friday's podcast, share it with colleagues, friends, family, as well as your congress representatives & staffers... and i would like to thank media investigative reporters like @laralogan and @annvandersteel who cared enough to dig, and continue to uncover how this all went down. The rest is commentary.

Big news: Quant is partnering with @TCHtweets to bring on-chain, #programmablemoney to the US. We will provide the interoperability layer that lets #tokeniseddeposits move freely within the regulated banking system. This builds on our work in the UK, Europe and beyond. Read the press release here: quant.network/press-releases… or the blog here: quant.network/news/quant-pow… #OnChainMoneyInitiative