The SEC just set the bar for tokenized stocks, and Robinhood's version doesn't clear it "This is what I was talking about before, the innovation exemption from the SEC, and it took all of two days after the Clarity Act for it to happen. I took some notes because there's a lot here. I don't usually use notes, but I wanted to get this right." "Everybody's reporting this as tokenized stocks are coming legally to the United States, but there's a lot of nuance. There's a lot of rules." "First of all, these tokenized stocks need to actually be backed one for one with full dividends and voting rights and all those things. Which means that right now at this exact moment, a lot of the products being offered do not comply, especially the ones in Europe." "For example, Robinhood's tokenized stocks right now would not qualify for this. But this does give them a very obvious path on how to do it and what to do by the time this gets done. I'm sure they will, and they've already made comments that they will be doing it."

WARREN BUFFETT STEPS DOWN AFTER 56 YEARS, LEAVING BEHIND A WARNING ON CURRENCY DEBASEMENT “Father Time always wins.” Warren Buffett has stepped down as chairman of Berkshire Hathaway, ending a 56-year run at the helm of the company. The 96-year-old will remain on the board as chairman emeritus, with his son Howard Buffett taking over as chairman. In one of Buffett’s final years running Berkshire, he warned that the biggest long-term threat investors face is something they cannot escape, currency debasement. “The tendency of a government to want to debase its currency over time… there’s no system that beats that.” “The natural course of government is to make the currency worthless over time.”

Tokenization is a mega trend. Today, issuance is more or less solved. A token that represents an asset is now routine. The unfinished work, and where the value is, is making that token the operational source of truth and value across its full asset lifecycle. Tokens today basically end at issuance. All the things that come after need to be built. Automated yet legally enforceable corporate actions. Oracles institutions will trust. Clean redemptions. Reporting that doesn’t require a second set of books. Real interoperability with custody and settlement rails. DeFi composability that is compliant. The platforms that matter in 2026 are stitching legal wrappers, transfer agent functions, compliance engines, and servicing logic together so the token is the asset, not some loose IOU wrapper. Today’s SEC exemption cleared some blockers. The operational layer is wide open, and there’s a ton left to build! 🔥

Tokenization is a mega trend. Just today, the SEC created a pathway for tokenized stocks to trade in the US, S&P acquired @OpenZeppelin, and DeFi assets are ripping. If you had doubts before, today should put them to rest. The world is moving onchain. The thing about investing in mega trends is that they go on longer than you think. ChatGPT launched in November 2022. NVDA was trading for $16. A year later, it was obvious AI was a megatrend and NVDA was up 176% to $46. The right thing to do at that point was not to kick yourself for missing the move. It was to buy in size. Today, NVDA is $219. You probably wish you bought into DeFi and tokenization in June when prices were lower. But this is a multi-year transformation of how finance works. If it plays out as I think it will, there is plenty of upside ahead.

NEW: @VitalikButerin argues AI-assisted formal verification could be the "final form of software development". AI writes the code, formal proofs verify it's correct, and together they could make Ethereum and other secure systems genuinely bug-proof.

Legendary evening, one for the books! ✨