All the leverage. None of the games. Today we're publishing the Saphyre Manifesto. In 48 hours, the waitlist opens for Saphyre Perps on web testnet. Here's what we're building 🧵

#CLARITY failed 49-50. Some "top of turban" thoughts from someone building in the space: This wasn't a small margin (11 votes short), with the bill dying as Republicans rejected the Dems' counter, and @Polymarket odds went from 35% to touching 10% intraday on this becoming law this year. What actually killed the bill? 1/ Ethics: Dems wanted conflict of interest rules that carried meat, and the final text lets state AGs sue the DOJ to ask it to enforce. The executive policing itself is not a strong buy. 2/ Stablecoin yield: Banks wanted an upfront ban on interest-like rewards (to preserve their own pie), whereas the bill offered the Treasury an 18 month circuit breaker that only kicks in after deposit fly out. Banks obviously pushed back and multiple Republicans voted against. 3/ Safe harbor for devs: Stripped from the final text, which lost a fair bit of goodwill, and meant no one was really willing to fight hard for this version. We're 7 weeks out from midterms, meaning realistically, not much is happening this Congress. If Dems take control, market structure likely goes to the back of the queue, and @Kalshi is pricing 22% for Clarity to become law pre-2028. Crypto majors sold off 3-5%, with nearly $700m liquidated over the last 24h and $COIN down 10% on the day. On top of this, the CME futures are pricing in a #FED rate hike with 92% probability for tomorrow, as Warsh indicated at Jackson Hole that inflation hasn't shown enough progress toward 2%. Is this a headwind to digital asset growth? For US-based players, perhaps. For the asset class as a whole? I'm not as bearish. Offshore venues don't need CLARITY, and tokenization pilots have been running on existing reg relief. What today embodied was a failure in the US's attempt to host/lead the digital assets market.