America is sitting on nearly $40 trillion in debt, the crypto markets are searching for their next catalyst, and the financial system is changing faster than Washington can keep up. @novogratz, @DenelleDixon, and @Scaramucci break down what could trigger the next big move in Bitcoin, and why the convergence of AI, blockchain, and tokenization could completely reshape the future of money. This episode of All Things Markets (@AllThingsMkts) was taped LIVE from the SALT Wyoming Blockchain Symposium. Timestamps 0:00 Mooch and Novo are joined by Denelle Dixon LIVE on stage 1:35 What is the latest on the CLARITY Act? 5:41 Wall Street is moving onto the blockchain 8:41 America’s $40 trillion debt problem 11:29 Why Bitcoin still matters & the future of tokenization 15:24 Wall Street’s massive shift to tokenized assets 17:55 Will AI agents use crypto? 20:32 The brutal reality of the crypto bear market 22:46 What could trigger Bitcoin’s next big move? 28:24 The convergence of AI and blockchain 29:38 What made you happy this week?

1/ @SummerMersinger led BA through the most consequential stretch in crypto policy history, and she left it a stronger industry voice on the Hill than ever. Thank you, Summer, for your leadership. 🧵

Always a pleasure speaking with @HeatherZuma at @ApexGlobalGroup - this discussion was a great snapshot of year-over-year progress for the Frontier Stable Token. Looking forward to our conversations becoming an annual tradition at @SALTConference!

Today's the day. ALL THE WRONG MOVES is officially out in the world. I'm about to head out on the US tour and do a lot of press in the coming weeks, and before the whirlwind really kicks off, I wanted to take a moment to say something simple: I will never forget what it took to write this book. The blood, sweat, tears, and time that went into it - the early mornings, the rewrites, the moments of doubt - it's all in these pages now. Writing a book is a strange kind of vulnerability. You spend months, sometimes years, wrestling with ideas in private, and then one day you just release it. It's out of your hands. I'm beyond grateful for everyone who has supported me along the way, the people who read early drafts, and everyone who's already pre-ordered or shown up for this launch. You made this possible. If you've been thinking about it, it would mean the world to me if you considered picking up a copy today. Whether you get the hardcover, audiobook (read by me), or ebook, every order on launch day makes a real difference. Thank you from the bottom of my heart. ❤️

BREAKING: NYSE plans to bring 24/7 trading on chain with their in-development ATS platform “As we’ve evaluated different platforms, Avalanche checks a lot of those boxes for us, so we’re very engaged with the team” - Michael Blaugrund of Intercontinental Exchange/NYSE

For too long, regulatory uncertainty has prevented responsible, yet critical innovation from taking root in the United States. It has been a priority of my chairmanship to reverse this trend. Though temporary, the Innovation Exemption is a principled, structured grant of relief designed to resolve genuine legal uncertainty, while providing investor protections and upholding market integrity standards. Through this order and a number of ongoing initiatives, we will ensure that America remains the world’s premier destination to build the next generation of financial infrastructure.

🚨NEW: @Scaramucci called it. Before the Senate vote, he predicted the Clarity Act would not pass and told us exactly why. We sat down at his Wyoming @SALTConference for a candid conversation about Trump’s crypto record, donor fatigue, the limits of agency rulemaking and what comes next for the markets. Plus, why everyone in crypto needs to moisturize.🧴

Proud of my longtime staffer, Chris Land, for being named one of The Hill's 25 Most Notable Hill Staffers of 2026. He has led our digital assets efforts and served as the lead policy staffer on the GENIUS Act and Clarity Act negotiations. Congrats, Chris! thehill.com/the-hill-notable…

All The Wrong Moves is officially out in the UK!! 🇬🇧 I'm hopping between London bookstores today signing copies; swing by @WaterstonesPicc and grab one while you're there. This week on tour through London, Brighton, and Manchester has been a lot to take in. The response has genuinely overwhelmed me, and I've met so many of you in person for the first time. Tonight I'm in Guildford in front of a sold-out crowd (!!), then Richmond tomorrow, and Bath and Bristol on Saturday. Thank you for showing up the way you have. See you stateside next week for the US release. If you haven't already, pick up a copy of the book using the link below 👇🏼

Another step for the evolution of @Payward, parent of @krakenfx building towards a MORE open, global, and permissionless world by building and partnering with best in class. HIP-3*

NEW: Kraken’s parent company Payward confirmed our scoop earlier that it is bringing Hyperliquid’s perps to the US, first starting with a permissioned HIP-3 market

There’s no sense in sugarcoating it: today’s vote was a major disappointment—and, I believe, a failure of American leadership. The full cost of today’s result may not be known for years to come, but this much is clear: it increases the risk that the standards that global financial markets adhere to in the future will be those of Brussels or Beijing, rather than Washington and New York. I want to thank @POTUS for the opportunity to work on this important legislation and for the remarkable concessions he was willing to make to give this bill a chance; @DavidSacks for his wise leadership on not only crypto but all frontier tech policy; and all the Senators and their staffs who devoted countless hours to working on this bill, chief among them @SenLummis who deserved much better than this. Lastly, I also want to thank my colleagues across the administration at Treasury, SEC, and the CFTC. Their partnership helped us find creative solutions to challenging issues throughout this process, and their patience made it possible for us to see it all the way through to a vote. On that last point: @SECPaulSAtkins and @ChairmanSelig, you’re up!

The Korean won is now onchain. Rain is adding support for KRW1: the first won-backed stablecoin, issued by BDACS on Avalanche. The partnership will make KRW1 spendable anywhere Visa is accepted. Creating a new way for the won to reach the world.

🚨Ahead of today’s 2:15 CLARITY vote, the White House @CEA47 has some inconvenient math for the bank lobby — and even built an interactive model for those for whom math isn’t their strong suit (like, apparently, said bank lobby). The banks want Congress to go further than GENIUS’s *existing ban on issuer-paid yield* and *also ban all stablecoin rewards from other intermediaries too,* a compromise which was carefully negotiated in CLARITY already. The shrill calls by the bank lobby that mass deposit flight will allegedly happen absent congressional action was modeled and unambiguously disproven by CEA earlier this year, and this examines the counterfactual. (And lest we forget, if CLARITY fails, the GENIUS status quo, which they claim is intolerable, will remain.) So, let’s play this out — What happens if the banks get their way, and ban rewards, and kneecap stablecoins? 1) Bank lending rises … 0.02%. 😂 That’s $2.1B in CEA’s baseline. Community banks get $500M—a whopping 0.026% increase. (For reference, current community banks deposit base is $2.3T.) **Large banks, meanwhile get 76% of the additional lending.** So much for the community bank rescue mission — community banks are the unwitting stooges here for the very big banks who are *actually* squeezing their margins and gobbling them up. And those big banks just want to maintain their hegemony against any and all competitors (while they issue their very own stablecoins!) 2) Consumers pay for it. CEA estimates a net welfare loss of $800M/year. Costs exceed benefits 6.6 to 1. What a great deal! Thank you banks! 3) “But what if stablecoins get MUCH bigger?” CEA ran that too. A $3.7T stablecoin market, holding reserve composition and the Fed’s framework constant: roughly $20B in additional lending. Still under 0.2%. 4) “But deposits disappear!” Buying a stablecoin doesn’t make money evaporate. When an issuer buys a Treasury bill, the seller gets the deposit. It changes hands. The only way money leaves the deposit system is if you’re sticking it under your mattress. Don’t believe me? Use the interactive model to find out for yourself. Congress should probably check the math before taking away Americans’ rewards. And market participants should focus on competing, not lobbying for monopolies. whitehouse.gov/research/2026…

Algorithmic trading has run without a human clicking every trade for years. AI agents change the scale of that activity, and how much of it happens after hours. @YuvalRooz at SALT on why 24/7 markets need risk monitoring built for continuous activity.

Melrose PR teamed up with @AshurstPerkins to co-host an afternoon hike at the top of Jackson Hole Mountain Resort during @SALTConference week. We were taking in the views and catching up when we rounded a bend and came face to face with a mama black bear and her three cubs. Bear spray was ready, but nobody needed it. We gave them plenty of room and got to watch for a few minutes before heading on. Here's hoping this bear hike marks the end of the bear market. Old friends, new friends, and a story none of us saw coming. Already looking forward to next year in Jackson.

🚨NEWS: Senate Republicans have released new Clarity Act text featuring a revised ethics proposal agreed to by President Trump. The text also contains changes to the sections on the Blockchain Regulatory Certainty Act (BRCA), stablecoin yield, and the so-called “Ag title.” Republicans are calling it their “last, best and final” offer to Democrats ahead of Tuesday’s cloture vote. Some high-level details.👇🏼 On BRCA: The provision has been narrowed to the Bank Secrecy Act and civil enforcement. Specific language extending its protections to criminal cases, including prosecutions under Section 1960, has been removed. On ethics: Trump has agreed to what a GOP aide describes as “80%” of the Tillis-Gallego ethics proposal including to either divest “substantial” crypto-related financial interests or place them in a blind trust. It would also allow a role for state attorneys general to enforce ethics provisions, something which the White House had previously balked at. On yield: Added “circuit breaker” language (floated by Tillis in July) that would effectively act as a backstop by allowing federal regulators to intervene if there was evidence of widespread deposit flight from community banks to stablecoins. The federal regulator that will be the arbiter of this: Treasury Secretary Scott Bessent. On Ag: The updated text adds tighter guardrails around vertical integration, including affiliate trading and conflicts of interest involving digital commodity exchanges, brokers and dealers. It also clarifies that state consumer protection laws still apply and that developer protections do not create exemptions from derivatives laws or impact prediction markets. More to come in the @CryptoAmerica_ newsletter tomorrow AM.

Big things are coming👀

Bad day to be a Clarity Act doomer.

🚨NEW: Do the banks actually want the Clarity Act to pass? @a16zcrypto’s Head of Policy and General Counsel @milesjennings says he’s seen “no evidence” of the deposit flight banks have warned could result from stablecoin rewards and argues some banks just “don’t want this bill to pass at all.” Jennings joined us at @SALTConference Wyoming to break down the path to 60 votes, the banking battle, why SEC action alone can’t give founders long-term certainty and whether the scars of the Gensler era are still driving crypto entrepreneurs away. Full conversation and links.👇🏼